Term Sheet: Trump’s enacted tariffs; Wellington’s debt launch; Madison Realty’s Brooklyn backing

Real estate market participants brace for volatility and potential near-term inflation from President Donald Trump’s tariffs; Wellington Management hires former PIMCO team to roll out its own private real estate credit platform; Madison Realty expands its New York City lending portfolio with $140 million deal in Brooklyn; and more in today’s Term Sheet, exclusively for our valued subscribers.