Miami retains its financing spark with Tyko Capital and Security Benefit stepping up to refinance OKO and Cain’s 830 Brickell trophy office; Jerome Powell hints at September rate cut following the Federal Reserve’s July hold; Ares and Douglaston secure a $560 million refinance for a Manhattan luxury residential tower; and more in today’s Term Sheet, exclusively for our valued subscribers.

Inside: Why the need for income means real estate private credit is becoming an indispensable allocation for investors; Inside PGIM Real Estate’s plans to scale; Plus, an 11-page special report on asset management and loan servicing.

The lower Manhattan skyline is set to be reshaped, with Atlas Capital Group lining up $985 million of financing from Cale Street and Farallon for dual residential tower creation; Kayne Anderson Real Estate has new debt leadership with Lee Levy on tap from Goldman Sachs Asset Management; Walker & Dunlop gets creative to finance pair of Philadelphia area student housing deals with senior loan and preferred equity stakes; and more in today’s Term Sheet, exclusively for our valued subscribers.

Tishman Speyer aims for a lending expansion with a senior hire from PIMCO to head its new real estate debt platform; and high-tier sponsorship begets high-dollar refinancing as Extell Development lands a $1.2 billion package from JVP Management alongside mezzanine capital. Plus: Barings and Counterpointe put C-PACE financing’s utility on display with a $165 million mixed financing to revamp a downtown Connecticut corridor; and more in today’s Term Sheet, exclusively for our valued subscribers.

Yellowstone Real Estate Investments is turning a page with 1740 Broadway after acquiring its defaulted CMBS loan previously linked to Blackstone; ACORE looks to capitalize on an absence of bank lending following a $1.4 billion fund close; Madison Realty Capital taps Samir Tejpaul to lead capital markets and fuel the growth of its private credit platform; and more in today’s Term Sheet, exclusively for our valued subscribers.

Trophy offices continue to buck sector-wide refinancing hurdles with L&L Holding closing a $911 million refinance of 425 Park Avenue; Partners Group is looking to expand its US and global hospitality exposure with a minority stake and $500 million allocation to Trinity Investments; New York Community Bank sees more volatility with a real estate leadership shake-up; and more in today’s Term Sheet, exclusively for our valued subscribers.

Blue Owl Capital shows aspirations of being an all-weather manager with the launch of a real estate finance strategy following its purchase of Prima Capital Partners; Office woes are further demonstrated as Empire State Realty Trust hands back the keys on First Stamford Place ahead of 2027 loan maturity; Slate Property Group continues lending streak focused on construction completion with $150 million Bronx multifamily deal; and more in today’s Term Sheet, exclusively for our valued subscribers.

Spreads on newly originated loans were modestly tighter, according to data from Cushman & Wakefield.

The index was at 21.18% in January compared with 21.07% in both December and November 2023.