borrowers

The New York-based sponsor defaulted on a $70m CMBS loan on 25 West 45th Street, a historic office building near Grand Central. 

The firm launched Andover Storage Lending this year in response to banks pulling back from their lending activity. 

There was little movement among the firms occupying the top spots in the PERE Credit 50, demonstrating the difficulty smaller managers can face in scaling their platforms.

Andrew Allen was appointed global chief investment officer at the London-based manager following Kiran Patel’s retirement last month.

The manager has acquired performing loans from the German bank in a landmark transaction.

The refinancing came as a package of senior loan and mezzanine debt.

The loan comes as lenders see a niche to provide financing to help sponsors complete projects.

The Tokyo-based multinational bank provided the loan for a 25-asset industrial portfolio. 

It is taking longer for deals to get done – and market participants do not expect that to change anytime soon. 

Joseph Fingerman, a former executive at Signature Bank, will lead the business.