Debt

As distressed office properties continue to reach resolutions, lenders see financing opportunities amid increasing sale transactions. 

The CBRE-arranged funding will be used by owners Shorenstein and Stiles to capitalize 110 East following the asset’s 2024 delivery.

The merged entity will boast a combined real estate heft of around $172bn in assets under management across equity and debt in all major regions.

Tim Johnson, global head of Blackstone Real Estate Debt Strategies, outlined the opportunity set around loan sales in the market today.

The sector completed 77 deals in November and December, outperforming the second most competitive sector by 47 deals.

The language around non-recourse carve-outs has become more technical over the past 15 years.

The investment manager approved data center loans last year, but its activity was largely focused on logistics and living rather than financing data center technology.

The debt platform, Infinite Global Capital Partners, will become an affiliate of L&L Infinite and is on track to do $1bn of new commercial real estate loans this year.

The Allen Morris Company has secured a total of $27m of construction debt for its 57-unit Ponce Park condominium development in the past two months.

The borrower is a joint venture between Interstate Equities Corporation and PGIM.