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.
Inside: It was a year for the alternative lender – were you among the winners of our annual awards?; Willy Walker of Walker & Dunlop’s $930bn question; Plus how senior management are dealing with a DE&I divide; Plus much more…
The Downtown Los Angeles office market is gaining some clarity with Brookfield’s slated $145 million sale of 777 Tower following a $289 million debt default; NYU’s Stern Center calls for more green financing and decarbonization action from borrowers and lenders as regulatory pressure looms; Northwind Group places a rare bet on office with Jersey City asset financing amid broad sector headwinds; and more in today’s Term Sheet, exclusively for our valued subscribers.
Arbor Realty Trust shows US regional banks are not the only lenders facing increased scrutiny after logging higher-than-expected loan delinquencies and borrower troubles; Greystone Commercial Capital catches a wave on Miami’s lending momentum with $419.6 million refinancing deal for Florida East Coast Realty’s Panorama Tower; Starwood Capital and Artisan Ventures run into more Los Angeles office troubles with default on financing from MetLife Investment Management; and more in today’s Term Sheet, exclusively for our valued subscribers.
Join senior leaders from Trimont, Ballard Spahr, CREFC and REC USA to gain insights on advancing DE&I progress in the real estate industry.
Blackstone completes refinancing and extension, joining a wave of managers tackling an estimated $659 billion wall of loans maturing this year; Deutsche Bank and BMO Capital Markets co-lead a $333 million hotel portfolio CMBS securitization that signals continued industry interest in travel- and leisure-oriented hospitality; CalPERS feels office sector headwinds as a key New York tower in its portfolio suffers a nearly 12 percent value drop; and more in today’s Term Sheet, exclusively for our valued subscribers.
As of the start of 2024, debt funds made up roughly 20% of all funds in market by strategy, up for the second year in a row.
New York State Common allocated $250m to a KSL Capital Partners offering, while New York State Teachers made a pair of $150m allocations to separate accounts managed by Artemis Real Estate Partners and Raith Capital Partners.
Inside: Why private real estate firms increasingly need debt and equity strategies; An 18-page special report on ESG and C-PACE; AllianceBernstein’s CIO Peter Gordon on playing defense; Plus much more…