In June, we will merge with our European affiliate, Real Estate Capital Europe, to provide global coverage of real estate private credit.
Tenant demand for a decreasing amount of space is leading bank and non-bank lenders to be more willing to finance developments, redevelopments and refinancings.
PERE Credit reveals global purview expansion plans; Accolades for the US commercial real estate credit market go live this week with the reveal of PERE Credit’s 2025 awards; JPMorgan Asset Management makes the case for asset selection over aggregation as alternative sectors further institutionalize; Real estate credit managers look for a reputational split with broader private credit markets during a volatile period; and more in today’s Term Sheet, exclusively for our valued subscribers.
Apollo Global Management is adding to New York City’s office-to-residential conversion queue with a $420m loan for RXR’s reconfiguration of 61 Broadway; Brevet Capital is building up Philadelphia with the addition of a residential tower backed by debt funding from Banco Inbursa; Zenith IOS has more grounds and a $130m credit facility for its industrial outdoor storage expansion alongside JPMorgan Asset Management; and more in our round-up of stateside loan deals from the past week.Â
The planned developments of 2 World Trade Center and 350 Park Avenue in New York represent grail opportunities for private debt markets to participate.
Institutional financiers are getting an early look at New York’s next trophy office capital stacks with fresh details around 2 World Trade Center and a Ken Griffin-led venture behind 350 Park Avenue; Montana Board of Investments and LACERS ink fresh commitments to commercial real estate credit funds to spur allocation activity; The self-storage sector is gearing up for a bigger mainstream moment as lenders anticipate increased transaction and financing flow; and more in today’s Term Sheet, exclusively for our valued subscribers.
Loans in focus: RXR’s Midtown refi; Marathon’s Lone Star lending; Apollo’s acquisition backing
High-quality office continues attracting institutional capital with an RXR Realty-led venture securing a $407 million refinancing for 450 Lexington Avenue; Marathon Asset Management channels $235 million of senior debt into senior housing to support a Lone Star Real Estate-affiliated portfolio refinancing; Apollo Global Management is backing a swath of hotel purchases with a $363 million financing alongside $45 million of structured financing from Ascendant Capital Partners; and more in our round-up of stateside loan deals from the past week.
A sharp fall-off in new construction is reshaping the Sun Belt multifamily market, creating near-term opportunity for lenders and investors seeking development opportunities.Â
Kennedy Wilson has steadily built its real estate debt platform alongside its global equity presence ahead of its privatization by the Canadian manager.
Kennedy Wilson is being acquired in a Fairfax Financial-funded deal that will privatize a still-growing real estate debt and equity platform; Chad Pike’s Makarora and the credit arm of Ares Management are heading to the CMBS market for a refinance of assets linked to Plymouth REIT; ACORE Capital taps into repeat allocator channels with a $250 million commitment from Virginia Retirement System; and more in today’s Term Sheet, exclusively for our valued subscribers.