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The lack of the 421a abatement in New York City is not stopping the Spruce Capital lending arm from pursuing more creative redevelopment opportunities.
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.
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 New York-based manager is expected to close $300m in loans over the next 30 days as debt funding gaps and needs persist.
Freddie Mac provides $335m of funding alongside investments from CPP and Harbor Group.
Florida-based manager looks to elevate $750 million fund to capitalize on private lending opportunities.
The Toronto-based manager is looking at the city on a long-term basis.
The attainable housing specialist is seeing a push toward asset management.