A highlight was $973-million construction loan for for St. John’s Terminal in Manhattan
Industrial was a 2020 focus, despite several large office transactions
2020 was a difficult year to push debt deals over the finish line, and an almost impossible year to close large loans, but CBRE’s Tom Traynor and James Millon did just that. CBRE’s overall U.S. originations topped $43 billion last year, and the team led by Traynor and Millon closed 18 deals totaling more than $5 billion, averaging $279 million in deal size. The team has another $4.6 billion in signed term sheets or deals currently in the market.
Notable deals executed by the pair during the COVID-19 pandemic included a $973-million construction loan in May 2020 for St. John’s Terminal, Oxford Properties and CPPIB’s 1.3- million-square-foot redevelopment of the historic train terminal in Manhattan’s Hudson Square; a $575-million construction loan in June 2020 for WS Development and PSP Investments’ Seaport Labs life sciences project in Boston’s Seaport District, $250 million of which was syndicated to a foreign bank post-closing; and a $740-million CMBS loan for KKR’s acquisition of 96 industrial properties—one of the first sizable, floating-rate, CMBS SASB executions post-COVID.
In addition to new originations, CBRE tackled refinancings, loan sales/UCCs, and several strategic discussions with clients, hosting roundtables, and leveraging CBRE’s global intel to assist clients with critical decisions. Millon and Traynor also leveraged their experience as former Deutsche Bank bankers to guide clients through the difficult time, using a lender’s mindset.
These are some of the reasons we selected Tom Traynor and James Millon for inclusion in our first-ever Top Mortgage brokers and Lenders Awards. These awards recognize industry professionals who have demonstrated the highest standards in commercial real estate finance.
Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces.
Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications.
Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).