REC USA staff
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.
Elevated interest rates and limited transaction volumes constrained the US commercial real estate markets in 2023. But alternative lenders bet selectively on deals ahead of the next market cycle.
Having successfully weathered a turbulent 12 months, Taurus Investment Holdings is looking to build on recent successes, says Peter Merrigan, chief executive officer and co-founder.
As the US commercial real estate market adjusts to a higher-rate environment, Trimont is seeing the impact of extensions in 2023 that have trickled into the current year, says Bill Sexton, chief executive officer
The wave of maturities and refinancings looming over commercial real estate in 2024 poses critical challenges for a market still reeling from last year’s rates and valuations shocks, says Teresa Zien, managing director, capital markets at Invesco Real Estate.
While other firms sought to weather 2023’s turmoil by shoring up their businesses and concentrating on asset management, Bravo Capital is expanding its lending activity, say Aaron Krawitz and Gabi Moshayev.