Term Sheet: Bidding LIBOR farewell; Canadian lenders fuel Tishman Speyer development streak; Construction lending enters the limelight

Commercial real estate lenders bid LIBOR goodbye as SOFR takes center stage; Tishman Speyer goes north to obtain $900 million of finance for multi-purpose property plans; Construction lending sees major momentum in June with selective banks driving more activity; Avison Young taps company veteran for US president succession; and more in today’s Term Sheet, exclusively for our valued subscribers.