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…

Inside: How C-PACE is driving ESG investment in the US; The impact of new city laws on C-PACE financing; Expert comment and analysis from Petros PACE Finance and Nuveen Green Capital; Plus much more…

The index was at 21.07% in November, up from 20.9% in October.

Industry participants say the market is still feeling the impact of the past two years’ volatility