RALEIGH, NC-Struggling CMBS markets aside, Concord Hospitality Group and Kane Realty Corp. have secured a $47.5 million fixed-rate first mortgage on the Renaissance Raleigh North Hills Hotel. RBS Commercial Real Estate offered the loan on the four-star property in the heart of the North Hills Lifestyle Center.
Senior vice president Mark Fisher and senior analyst Rayna Karaivanov of CB Richard Ellis' Capital Markets Debt & Equity Finance Group in New York City, along with Bryan Kane of CBRE's Debt & Equity Finance Group in Raleigh and Bradley Burwell and Jonathan Rice of CBRE Hotels, placed the loan.
"Without question, the CMBS market is in turmoil," Fisher tells GlobeSt.com. "Over the six-week application to closing period, credit and SWAP spreads fluctuated over 150 basis points and 90 basis points, respectively."
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
