Term Sheet: Chicago’s CMBS charge; S3’s borough backing; agencies’ potential fate

A wave of early-year commercial mortgage-backed securities deals is spelling refinancing tailwinds for Chicago’s Salesforce Tower; S3 Capital upsizes its origination appetite with a $300 million construction package for a Queens mega-development; a blurry outlook for Fannie Mae and Freddie Mac is leaving agency lenders in a grey area; and more in today’s Term Sheet, exclusively for our valued subscribers.