borrowers

The New York-based private credit manager believes the long-term destruction of value will present lending and recapitalization opportunities.

Higher interest rates and construction costs are making development more expensive, according to Coraly Rodriguez, partner.

A group of lenders including Wells Fargo Bank, Bank of America and Deutsche Bank is providing a $620m acquisition commercial mortgage-backed securities loan.

The Miami investment manager has a $1.2bn pipeline of lending deals on which it will execute over the next two years.

Institutional investors are at or near their allocations to commercial real estate, which is also having an impact on capital raising. 

Real estate equity in the US and Asia helped to drive the firm’s Q2 deployment in real assets to the highest level in over two years.

Sponsors Lloyd Goldman and David Werner see the potential to convert the building at 100 Wall Street into a residential property. 

The report, penned by senior executives Ralph Rosenberg, Billy Butcher and Racim Allouini, underscores how low interest rates are no longer the anchor for valuating commercial real estate assets.

PGIM Real Estate wants to further scale its lending platform. But the firm does not want to be all things to all borrowers.

The metrics of underwriting an apartment property have changed substantially since the start of the covid-19 pandemic.