New vehicle is the firm's first commingled fund for its global commercial real estate credit business.
The lack of the 421a abatement in New York City is not stopping the Spruce Capital lending arm from pursuing more creative redevelopment opportunities.
The industrial sector shows why it remains a lending beacon, this week drawing a Blackstone-sponsored $2.35 billion CMBS deal; Lightstone Group joins the wave of managers launching rescue capital platforms with sights set on disrupted capital stacks; Starwood continues its show of force, this week originating a $252 million refinancing package for Houston’s TC Energy Center office tower; and more in today’s Term Sheet, exclusively for our valued subscribers.
Approximately 83% of logistics properties were constructed prior to 2000, the firm found.
The New York-based manager will make investments in disrupted commercial real estate capital stacks.
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 is responding to a pullback from bank lenders, chairman and chief executive Barry Sternlicht said on Starwood Property Trust’s Q4 earnings call.
The firm accesses tax credits and other forms of financing for its multifamily-focused investments and developments in underserved communities.
The wave of senior executive shake-ups seen so far this year continues as Blackstone’s head of structured finance, Jonathan Pollack, leaves the firm, with plans to join Barry Sternlicht’s Starwood Capital next year; Former Silverstein Properties chief executive Marty Burger outlines plans to build a debt platform as well as pursue office-to-residential conversion opportunities via his new firm, Infinity Global Real Estate Partners; Maverick Real Estate Partners buys a $247 million slice of the Signature Bank loan portfolio acquired last year by a Blackstone-led joint venture; and more in today’s Term Sheet, exclusively for our valued subscribers.