Blackstone this week supercharged the commercial mortgage-backed securities market with nearly $2 billion of new deals including a critical data center portfolio refinance; The $575 million refinancing of Trinity and Credit Suisse's Diplomat Beach Resort shows luxury hospitality sector has maintained financing favorability; Insurance companies line up for Nuveen's second C-PACE lending fund which was closed on $775 million of committed capital; and more in today’s Term Sheet, exclusively for our valued subscribers.
Rebranded from Real Estate Capital USA, we are repositioning to be at the center of a shift toward private credit lenders.
Blackstone is expanding its commercial real estate lending market share via a $1 billion pbb Deutsche Pfandbriefbank loan portfolio acquisition; RFR and Kushner Companies scored a four-year extension on the $480 million loan backing a Brooklyn mixed-use campus; Deutsche Bank taps into Miami’s momentum with a $120 million refinancing package on the $6 billion Miami Worldcenter development; and more in today’s Term Sheet, exclusively for our valued subscribers.
A trio of bank lenders led by Morgan Stanley prop up Henderson Park's major stateside hospitality purchase from Blackstone; an all-private equity affair sees KKR provide $220 million to refinance a nine-property industrial portfolio owned by Ares affiliate; Northmarq plots a US market expansion following its merger with Morrison Street Capital and consultancy integration; and more in today’s Term Sheet, exclusively for our valued subscribers.
The New York-based manager aims to tap into credit opportunities arising outside of the US.
The Los Angeles-based manger is watching opportunities in office-to-residential conversions and investing across the capital stack.
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.
Trophy offices continue to buck sector-wide refinancing hurdles with L&L Holding closing a $911 million refinance of 425 Park Avenue; Partners Group is looking to expand its US and global hospitality exposure with a minority stake and $500 million allocation to Trinity Investments; New York Community Bank sees more volatility with a real estate leadership shake-up; and more in today’s Term Sheet, exclusively for our valued subscribers.
Blue Owl Capital shows aspirations of being an all-weather manager with the launch of a real estate finance strategy following its purchase of Prima Capital Partners; Office woes are further demonstrated as Empire State Realty Trust hands back the keys on First Stamford Place ahead of 2027 loan maturity; Slate Property Group continues lending streak focused on construction completion with $150 million Bronx multifamily deal; and more in today’s Term Sheet, exclusively for our valued subscribers.
Private credit lenders log a banner year across Real Estate Capital USA’s 2023 Awards despite the elevated rate environment, valuation pressure and broad market uncertainty. Plus: Bank OZK continues to be the year’s most active construction lender with a trio of financings totaling $600 million across South Florida; Franklin BSP gets creative to refinance and mitigate office exposure risk in Silver Star REIT’s legacy real estate portfolio; and more in today’s Term Sheet, exclusively for our valued subscribers.