Term Sheet: Real estate’s tariff reality; Ares’ industrial balance; Affinius’ extended streak

The US commercial real estate debt market is contending with waves of volatility following the implementation then overhaul of broad tariffs by President Donald Trump. In lending news, Ares has refreshed some of its stateside industrial exposure with a $536.9 million CMBS refinancing package; Affinius extends its lending streak with a $215 million construction deal in Manhattan’s Midtown South neighborhood; and more in today’s Term Sheet, exclusively for our valued subscribers.