7 July 2017
New York
Reporter: Mark Dugdale

Ivanhoé Cambridge refinances NY office tower with ‘green bond’

Ivanhoé Cambridge and Callahan Capital Properties have refinanced their New York office tower with Natixis’s first ever ‘green bond’.

The $72 million green-specific tranche commercial mortgage-backed securitisation (CMBS) was issued to refinance part of a $358.6 million fixed-rate, first mortgage loan provided by Natixis to Ivanhoé Cambridge for the acquisition of 85 Broad Street in New York.

Ivanhoé Cambridge bought the property in conjunction with Callahan Capital Properties earlier this year for approximately $650 million.

The office tower boasts a Leadership in Energy and Environmental Design (LEED) Platinum Certificate for Existing Buildings: Operation & Maintenance, and received a positive opinion from a rating agency in terms of its sustainability quality.

The green tranche CMBS received strong interest from the major green investors both in the US and overseas and was oversubscribed, according to Natixis.

Benjamin Sirgue, head of Natixis Global Finance Americas, said, “With nearly $20 billion of loans securitised since 1999, Natixis is a proven leader in the CMBS market. Natixis endeavours to bring real assets to investors and is pleased to bring to the CMBS market the opportunity to invest in recognised sustainable investments.”

Nathalie Palladitcheff, CFO at Ivanhoé Cambridge, added: “This financing is a great example of how like-minded global players are able to work together to bring new green initiatives to the market, which is right in line with Ivanhoé Cambridge’s commitment towards sustainability.”

More news
The latest news from Real Estate Investment Times
Join Our Newsletter

Sign up today and never
miss the latest news or an issue again

Subscribe now
EPIC warehouse acquisition in the pipeline
20 November 2017 | London | Reporter: Stephanie Palmer
Ediston Property Investment Company (EPIC) is set to acquire four retail warehouse parks in the UK from Stadium Group, for £144 million
HFF delivers $288.8 million loan for resi project
17 November 2017 | San Jose, California | Reporter: Theo Andrew
HFF has secured $288.8 million of construction financing for two luxury residential towers in San Jose, California
CBRE Capital Advisors chosen for £100 million fund
16 November 2017 | Belfast | Reporter: Theo Andrew
The Northern Ireland fund will provide debt finance for real estate, regeneration, low carbon and infrastructure projects. It has been appointed on a 15 year mandate
AXA IM - Real Assets hit final close on logistics club
15 November 2017 | London | Reporter: Theo Andrew
The fund, which seeks to invest in 1 million square metres of logistics developments across Europe, raised the equity commitments from four international institutional investors
LaSalle names European head in business restructure
14 November 2017 | Paris | Reporter: Theo Andrew
Karim Habra was previously head of France for LaSalle, and his appointment replaces the firm’s previous structure of naming country heads for Europe
L&G settles on UK retirement villages for £102 million
14 November 2017 | London | Reporter: Theo Andrew
The portfolio, not yet fully developed, will comprise of 694 units, located in Liphook in Hampshire; Faygate in West Sussex; Exeter in Devon; and Great Alne in Warwickshire
Patrizia acquires German-based Triuva
13 November 2017 | Berlin | Reporter: Theo Andrew
Triuva had AUM of approximately €9.8 billion, meaning the deal, for an undisclosed price, places Patrizia in the top 10 European investment managers