The $3.5 billion refinancing of New York’s Rockefeller Center affirms there is still debt capital ready to move for owners of premier office assets; Crow Holdings Capital is out on the road raising a real estate credit fund, joining peers making similar moves this year; Ares Management has solidified more industrial sector exposure with a $475 million financing for a 25-asset portfolio; and more in today’s Term Sheet, exclusively for our valued subscribers.
New York Life is upping its industrial debt exposure this week with a $570 million financing for EQT Exeter; SL Green and RXR Realty are contending with obstacles at Worldwide Plaza with the office’s loan sent to special servicing; Barings looks to its North Carolina backyard for a $134 million financing for a mixed-use multifamily asset in Raleigh; and more in today’s Term Sheet, exclusively for our valued subscribers.
C-PACE financing gathers more momentum with Nuveen Green Capital and CDPQ linking up on a $600 million investment initiative; continued stasis is causing some lender and sponsor exhaustion in the real estate market, but Expo Real attendees show signs of stateside dealflow optimism; Monarch Alternative Capital outlines its real estate credit, CMBS and equity investing priorities with the close of its $4.7 billion fundraise last week; and more in today’s Term Sheet, exclusively for our valued subscribers.
Office investing and lending is not without optimism as market participants break down the sector’s opportunistic evolution in the cover feature of PERE Credit’s October-November edition; ORIX USA sizes up a commercial real estate debt expansion with the hiring of Dean Dulchinos from AEW to spearhead its stateside ambitions; Benefit Street Partners adds a spark to the commercial real estate collateralized loan obligation market with a $1 billion close; and more in today’s Term Sheet, exclusively for our valued subscribers.
The index was at 23.71% in July, compared with 23.25% in June and 22.91 percent in May.
The bulk of capital allocated to real estate private credit strategies over the past five years has ended up in the multifamily sector, according to data from PERE Credit.
CPP Investments was second, with $1.24bn allocated.
Inside: Lenders see opportunities in the office sector – but only for certain assets; Tim Sloan on Fortress’s senior lending push; Why alternative lenders are backing Miami’s luxury condo boom; Plus much more…
Brooklyn's Greenpoint neighborhood continues its private credit overhaul with a $159 million Apollo refinancing deal; BH3 Management is the latest beneficiary of the pension fund focus on real estate debt, with an allocation from Maryland State Retirement and Pension System; a Houston data center deal achieves lift-off with Nuveen Green Capital lining up C-PACE financing for its development; and more in today’s Term Sheet, exclusively for our valued subscribers.
The larger than expected 50-basis-point rate cut by the US Federal Reserve provokes more questions about real estate deal momentum; Madison Realty Capital finds fundraising tailwinds with $2 billion of capital lined up for the next iteration of its real estate debt strategy; Carlyle eyes green lending opportunities with $1 billion capital commitment to C-PACE lender North Bridge; and more in today’s Term Sheet, exclusively for our valued subscribers.