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 index was at 22.91% in May compared with 21.67% in March.
A $325m commitment from CPP Investments to the TPG AG Essential Housing Fund was the largest made in the past two months.
H1 saw a mere $4.5bn of new commitments made to commercial real estate private credit strategies.
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.
Inside: Why the need for income means real estate private credit is becoming an indispensable allocation for investors; Inside PGIM Real Estate’s plans to scale; Plus, an 11-page special report on asset management and loan servicing.
Trimont is using traditional and new methods to help lenders and borrowers re-align their portfolios, says Christina Brodeur.
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.
Tishman Speyer aims for a lending expansion with a senior hire from PIMCO to head its new real estate debt platform; and high-tier sponsorship begets high-dollar refinancing as Extell Development lands a $1.2 billion package from JVP Management alongside mezzanine capital. Plus: Barings and Counterpointe put C-PACE financing’s utility on display with a $165 million mixed financing to revamp a downtown Connecticut corridor; and more in today’s Term Sheet, exclusively for our valued subscribers.
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.