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NYC rental asset lands $484M loan; Lane Partners sells Calif. campus for $429M

Commercial real estate

* Property developer and manager TF Cornerstone Inc. secured a $484 million refinancing for its 44-story The Max luxury rental building in New York City, the Commercial Observer reported, citing property records. The New York State Housing Finance Agency provided the debt for the fully leased, 1,028-unit property at 606 W. 57th St., refinancing an earlier $380 million mortgage.

* Lane Partners LLC sold HQ @ First, a 600,400-square-foot campus in San Jose, Calif., to Japanese investment and development company Mori Trust Co. Ltd. for $429 million, the Silicon Valley Business Journal reported, citing Santa Clara County documents. The price of the three-building property translates to $714.52 per square foot, or about $44 million per acre.

Lane Partners paid $225.5 million to Brocade Communications Systems Inc. for the 9.72-acre campus in December 2017.

* The rising sea level in California puts $150 billion worth of property at risk of flooding by 2100, exceeding $127 billion in damages caused by Hurricane Katrina, one of the costliest disasters in U.S. history, the Los Angeles Times reported, citing a study by the U.S. Geological Survey. The damages estimated from these floods reflect 6% of California's gross domestic product, the report added.

* United Airlines Inc. extended its 850,000-square-foot lease at Blackstone Group LP's 110-story Willis Tower in Chicago after looking for 1.5 years for a new headquarters in the city, Chicago Tribune reported, citing Gavin Molloy, United's vice president of corporate real estate.

The airline will now occupy 16 floors in the city's tallest skyscraper until 2033, instead of until 2028, when its lease was originally slated to expire. Blackstone bought the former Sears Tower in 2015 for $1.3 billion. The private equity giant is in the middle of a $500 million renovation and expansion at the property.

* Vornado Realty Trust agreed to lease 90,000 square feet at its 1290 Sixth Ave. tower in Midtown Manhattan, N.Y., to Linklaters LLP, GlobeSt reported. The law firm will relocate its New York office to the building in 2020.

* HHHunt Corp. will invest $128.4 million to develop four new senior living communities across Maryland and Virginia. The company's Senior Living division will build Spring Arbor of Crofton, Spring Arbor of Frederick and Spring Arbor of Olney in Maryland. In Virginia, HHHunt will open Spring Arbor Cottage of Fredericksburg that will focus on memory care needs.

* Sterling Bay Cos. LLC received the final approval from the Chicago City Council for its $6 billion Lincoln Yards development along the Chicago River, The Real Deal reported, citing Sterling Bay spokesperson Sarah Hamilton.

The developer will begin construction on the 10-year project, slated to offer 14.5 million square feet of office, retail and residential space, following eight months of debate, public protests and internal negotiations.

* Developer Heatherwood Luxury Rentals landed a $215 million refinancing for its 58-story luxury rental Tower 28 in the Long Island City neighborhood of Queens, N.Y., The Real Deal reported. Morgan Stanley provided the loan, which replaces a $154 million construction loan that PNC Bank extended in 2015 for the development of the 451-unit building.

The day ahead

Early morning futures indicators pointed to a lower opening for the U.S. market.

In Asia, the Hang Seng was up 0.15% to 28,851.39. The Nikkei 225 fell 0.02% to 21,287.02.

In Europe, around midday, the FTSE 100 was up 0.48% to 7,193.54, and the Euronext 100 was 0.53% higher at 1,033.03.

On the macro front

The jobless claims report, the import and export prices report, the new home sales report, the EIA natural gas report, the Fed balance sheet and the money supply report are due out today.

Click here to read about today's financial markets, setting out the factors driving stocks, bonds and currencies around the world ahead of the New York open.

Now featured on S&P Global Market Intelligence

Data Dispatch: 31 US, Canada, Bermuda-based real estate companies raise dividends in February: Year-to-date, five industrial-focused real estate companies announced increases to their regular dividend payments, representing 26.3% of the total industrial sector, while no self-storage real estate companies have increased dividends.

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