PERE Credit Staff
Dry powder continues to build for distressed opportunities, and this week Lone Star closed its latest strategy focused on such efforts with $5.3 billion in commitments; a pair of fresh faces will be heading up real estate private lending at PIMCO; PGIM Real Estate kicked off its Independence Day fireworks show early with a $246 million refinancing spree; and more in today’s Term Sheet, exclusively for our valued subscribers.
Brookfield puts durability on display with a loan extension on One Liberty Plaza and separately sets up succession for real estate debt strategy leader Andrea Balkan; Fortress signals confidence in the industrial outdoor niche, securing the first SASB commercial mortgage-backed securities loan backed by these assets; Taconic Capital is aiming for the best, or most dislocated, of both debt and equity fund worlds with its latest fund launch; and more in today’s Term Sheet, exclusively for our valued subscribers.
Blackstone solidifies an agency lending partnership with bank affiliate M&T Realty Capital for more conventional and affordable multifamily asset lending; Miami's lending momentum holds steady with Related and Bank OZK reshaping the skyline through a Property Markets Group-led joint venture; Blue Light Capital launches a bespoke credit business and makes a string of senior hires to ride the credit expansion wave; and more in today’s Term Sheet, exclusively for our valued subscribers.
Once hopeful for multiple interest rate cuts, private real estate lenders will have to settle for one potential decrease following Federal Reserve chair Jerome Powell’s tempered statements; Silverstein Properties is planning for leadership changes to its lending platform with Michael May set to leave the division; Mack Real Estate Group and Berkshire Residential Investments are keeping credit funds fashionable with strategy launches in the market this week; and more in today’s Term Sheet, exclusively for our valued subscribers.
Multifamily, industrial and logistics, and mixed-use are the top three property types that secured the highest volume of loans.
The Federal Reserve maintained a target range of 5.25-5.5% for the sixth consecutive meeting in May.
Blackstone this week supercharged the commercial mortgage-backed securities market with nearly $2 billion of new deals including a critical data center portfolio refinance; The $575 million refinancing of Trinity and Credit Suisse's Diplomat Beach Resort shows luxury hospitality sector has maintained financing favorability; Insurance companies line up for Nuveen's second C-PACE lending fund which was closed on $775 million of committed capital; and more in today’s Term Sheet, exclusively for our valued subscribers.
The index was at 21.67% in March compared with 21.18% in January.
The funds closed in 2024 so far generally have a diversified focus.
Indiana Public Retirement made a $150m allocation to 400 Capital’s latest debt fund and a $100m investment in Related Fund Management’s Related Real Estate Fund IV Co-Investment Fund.