Anna-Marie Beal
Goldman Sachs’ newly originated loan on the retail component of 680 Madison Avenue in New York demonstrates the changing opportunity set for the sector.
The Toronto-based manager secured the refinancing package from Morgan Stanley among other lenders.
The firm’s credit platform manages whole loans, Freddie Mac products, preferred equity investments and mezzanine loans.
The firm sees the need to educate its investor base about the opportunities in real estate debt.
The Chicago-based investment manager and alternative lender believes these properties could be part of the long-term solution to the US housing crisis.
About $4.2bn of near-term hotel maturities are facing refinancing difficulties in today’s higher for longer environment.
Ahead of the Federal Reserve’s June 11 meeting, hopes for rate cuts have plummeted from as many as three to potentially none.
The manager is seeing opportunity at a time when most lenders and investors are staying on the sidelines.
The New York-based manager aims to tap into credit opportunities arising outside of the US.
The data-driven manager deployed the capital via its Origin Strategic Credit Fund.