banks

The Los Angeles-based manager raised an aggregate $500m for its funds targeting the strategy in the second quarter of 2023.

The 30-story office tower at 55 Broad Street will be redeveloped into a 571-unit luxury apartment building.

Lotus, a New York-based advisory, arranged the loan on behalf of Monroe Capital and Witkoff Group.

Borrowers and lenders alike are keeping an eye on rising levels of distress, while the industry faces roughly $1.3trn of loans slated for maturity over the next three years.

The national and regional banks that were once the stalwarts of the commercial real estate lending market are curtailing their activity, opening the door for alternative lenders to build new borrower relationships.

The Dayton, Ohio-based multifamily specialist continues to see good liquidity from regional banks. 

Prior to the acquisition, PacWest sold several commercial real estate loan portfolios and saw the departure of its property team.

New York City industrial development agency tax incentives rounded out the financing on East End Studios campus.

Over the past two weeks, Northcap, Calmwater Capital and Benefit Street Partners have each launched or closed real estate credit funds. 

Bank capital requirement changes and shrinking balance sheets are opening doors in multifamily, industrial and construction.