Shihao Feng
The interest rate outlook is still critical to the recovery of commercial real estate.
Morgan Stanley Real Estate Investing was also a part of the group that funded the loan for sponsor Bridge Industrial.
The Chicago manager is looking to expand its single-family rental portfolio with a second $250m investment in the specialist platform.
The commercial real estate market is operating against a backdrop in which higher interest rates have caused widespread declines in real estate values – and higher loan-to-value ratios.
Marx Development Group is building the 51-story, 379-key tower.
The firm accesses tax credits and other forms of financing for its multifamily-focused investments and developments in underserved communities.
Jonathan Pollack, who will officially come on board at Starwood in 2025, will join the firm at a time when alternative lenders are expected to be able to significantly increase their market share.
Market participants see increased competition for institutional-quality assets as private credit lenders look to increase their niche exposure.
The New York City property was converted from an office building into a multi-use asset.
The Boston-based manager sees opportunities to move up in the quality spectrum in terms of both assets and partners.