Term Sheet: Kayne Anderson’s $1.69bn fundraise; Section 899’s real estate impact; Affinius’s SoCal stipend

Kayne Anderson shows real estate debt fundraising momentum remains intact this week with a $1.69 billion opportunistic fund close; President Donald Trump’s 'Big Beautiful Bill' could hinder foreign investment for US-based real estate managers; Affinius reunites with Bank OZK on a Southern California multifamily development with a $54.7 million preferred equity investment; and more in today’s Term Sheet, exclusively for our valued subscribers.