Posted by admin on Jul 15, 2019
C-III Capital Partners, in a joint venture with Transwestern, purchased Camelback Esplanade III for a total of $60.25 million. The 218,387 square foot office building in Phoenix, Arizona, is one of the five office buildings that make up the Camelback Esplanade. The building was previously owned by CH Realty VII/O Phoenix Esplanade LLC, a company formed by Crow Holdings Capital Partners LLC in Dallas, Texas.
Camelback Esplanade III is a ten-story office building at 2425 East Camelback Road. The surrounding Camelback Esplanade corridor offers a broad spectrum of amenities for tenants such as a hotel, a Starbucks, City Market Deli and Merc Bar, as well as an AMC dine-in movie theater. The development is located just across the road from Biltmore Fashion Park, a luxury shopping center with more than 60 high-end retailers and restaurants.
Barry Gabel, Chris Marchildon, and Will Mast of CBRE Capital Markets in Phoenix represented the seller while Jim Fijan and Jack Fijan of Transwestern represented the buyer. Bill Zurek and Jim Achen of Transwestern will oversee the leasing and management of the property.
Gabel comments that with its prime location and Energy Star-rated and LEED® Gold Certified Construction, the sale of Camelback Esplanade III indicates a bright future for the Phoenix metro area.
“With its combination of timeless trophy-quality construction and unmatched location at 24th and Camelback Road, Camelback Esplanade III is part of an exclusive group of true Class A office assets in Phoenix,” said Gabel. “This sale is a clear indicator of the long-term economic prospect of metro Phoenix.”
At the acquisition of Camelback Esplanade III, the building was around 50% occupied leaving room for more tenants to take advantage of the prime Class A office space.
C-III Capital Partners is one of the largest real estate investment firms in the United States, led by Andrew Farkas who is the CEO and Chairman.
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Posted by admin on Jun 12, 2019
The real-estate investment trust, Exantas Capital Corp., is turning the heads of investors and hedge funds alike going into the second quarter of 2019.
With the increase of industry-wide interest in Exantas Capital Corp., dominant hedge fund managers are investing in Exantas, and current stakeholders are upping their holdings. Notable Hedge Fund managers investing include Marshall Wace LLP and Caxton Associates LP. Current stakeholders that are raising their stake in Exantas Capital Corp. by a substantial amount include HBK investments, which held a stake worth $16.3 million at the end of the first quarter.
Exantas Capital Corp. is externally managed by Exantas Capital Manager Inc., which is a subsidiary of C-III Partners LLC. C-III is an investment management and commercial real estate services company of which Andrew Farkas is the CEO and Chairman. Exantas Capital Corp. leverages C-III by providing transitional commercial real estate loans and mortgage-backed securities.
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Posted by admin on May 27, 2019
On May 23, the wholly-owned subsidiary of C-III Capital Partners LLC, C-III Asset Management LLC, was assigned affirmation by Morningstar Credit Ratings, LLC for its MOR CS2 commercial mortgage primary-service ranking and its MOR CS1 commercial mortgage special-servicer ranking. Andrew Farkas is the founder, CEO, and chairman of commercial real estate services and asset management company C-III Capital partners.
Morningstar considers many factors when affirming primary-servicer rankings. C-III Asset Management, LLC earned Morningstar affirmation based on their operational resources and staff experience, procedures for proactive asset administration, integrated and effective loan administration platform, and internal-audit and compliance program.
Despite reducing its special-servicing workforce in 2018, C-III’s affirmed special-servicer ranking recognizes its ability to provide strong senior leadership, experienced asset managers with an extensive track record of results, and well-designed technology.
Looking back on 2018, as of December 31, C-III’s primary-servicing portfolio included 241 loans with an aggregate unpaid principal balance of approximately $4.88 billion. The company was also named a special servicer one Freddie Mac securitization and 117 CMBS transactions that totaled 1,597 loans with an estimated unpaid principal balance of $19.75 billion. The company also earned recognition as servicer and special servicer for one legacy commercial real estate collateralized debt obligation that included two remaining loans. Lastly, C-III was named servicer on two CLO transactions consisting of 39 loans, with one loan in this group earning special servicer status. The company’s active special-servicing portfolio contained 224 assets in total, 66 of which were loans and 158 REO properties with a total unpaid principal balance of $3.75 billion.
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