While many of the money center banks are sitting on the sidelines when it comes to providing mortgage financing, Chinese, German and European financial institutions and insurance companies are dipping their feet into the water to provide much needed financing for commercial real estate. Foreign and domestic lenders and insurance companies prefer to lend to real estate investment trusts. Later this month, a syndicate led by Westdeutsche ImmobilienBank is expected to close on a $135 million loan on the 25-story office tower at 300 Park Avenue. The 15 floors of the tower serve as the world headquarters for Colgate Palmolive. The borrowing entity is controlled by Tishman Speyer Properties. As reported in The Real Deal today, a syndicate of banks led by the Bank of China, provided SL Green Realty with a five-year, floating rate mortgage for $475 million for the landmark Times Square office tower at 1515 Broadway. The new mortgage replaces the former $625 million mortgage that was due to mature in November 2010.  More
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