The Miami-based alternative lender anticipates a rise in distressed transactions – but in a way that is very different than in past cycles.
The Federal Reserve signaled an inbound interest rate cut at its next meeting that would alleviate some pressure on US commercial real estate markets; Barry Sternlicht’s Starwood bets big on Brooklyn office space with a $301 million refinancing for Tishman Speyer; Nuveen Green Capital assembles a $190 million C-PACE financing package to supercharge Nevada hotel; and more in today’s Term Sheet, exclusively for our valued subscribers.
Trimont climbs to the top of the loan servicer ranks with acquisition of Wells Fargo’s non-agency servicing business; Mezzanine financing momentum receives a boost with $185 million first close for new Pearlmark fund; Chatham eyes North Carolina for advisory expansion and taps former Brookfield professional to lead Charlotte office; and more in today’s Term Sheet, exclusively for our valued subscribers.
The Chicago-based manager has so far raised more than $185m for the fund, which will target subordinated debt positions.
The Houston-based REIT believes secular shifts are driving momentum around smaller retail assets.
UBS and Citigroup’s commercial mortgage-backed securities loan on the New York midtown office 1500 Broadway hits special servicing this week; BridgeInvest closes its largest-ever real estate private credit fund at $670 million, aiming to execute on more than $1.2 billion transactions over the next two years; DWS hires a senior executive to head US commercial real estate debt; and more in today’s Term Sheet, exclusively for our valued subscribers.
KKR seeks more real estate credit opportunities as the manager’s real asset fundraising momentum holds steady; Deutsche Bank is looking for liquidity with the sale of $1 billion of real estate loans as it reduces exposure to the asset class; Trinity Investments is unveiling its own debt platform with sights on mezzanine, preferred equity as well as special situations opportunities; and more in today’s Term Sheet, exclusively for our valued subscribers.
The report, penned by senior executives Ralph Rosenberg, Billy Butcher and Racim Allouini, underscores how low interest rates are no longer the anchor for valuating commercial real estate assets.
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.
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.