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REC staff

A trio of bank lenders led by Morgan Stanley prop up Henderson Park's major stateside hospitality purchase from Blackstone; an all-private equity affair sees KKR provide $220 million to refinance a nine-property industrial portfolio owned by Ares affiliate; Northmarq plots a US market expansion following its merger with Morrison Street Capital and consultancy integration; and more in today’s Term Sheet, exclusively for our valued subscribers.
Goldman Sachs Alternative has more dry powder on hand to expand its real estate lending presence with the final close of West Street Real Estate Credit Partners IV; JPMorgan Chase upsizes its Brooklyn debt book with a $430 million loan to back a three-tower Greenpoint development; Walt Disney World resort assets receive a fresh refinancing package with CMBS SASB deal backed by bank lending trio; and more in today’s Term Sheet, exclusively for our valued subscribers.
Paramount plots the redevelopment of a New York office tower with $575 million of financing from Aareal Capital; Related, Kennedy Wilson and United Fire continue construction momentum in Miami’s Wynwood neighborhood with $141.5 million deal; senior housing continues to draw attention as 1031 Crowdfunding launches a bespoke bridge fund for the sector; and more in today’s Term Sheet, exclusively for our valued subscribers.
Illustration of a businessperson looking into a telescope. There is a gold coin at the end of the telescope
Top 10 investor commitments to North America-focused real estate debt funds in Q1 2024
North America-focused commercial real estate debt funds raised roughly $20.06bn for new vehicles in the fourth quarter of 2023.
Private credit lenders log a banner year across Real Estate Capital USA’s 2023 Awards despite the elevated rate environment, valuation pressure and broad market uncertainty. Plus: Bank OZK continues to be the year’s most active construction lender with a trio of financings totaling $600 million across South Florida; Franklin BSP gets creative to refinance and mitigate office exposure risk in Silver Star REIT’s legacy real estate portfolio; and more in today’s Term Sheet, exclusively for our valued subscribers.
Mezzanine lenders fill out the capital stacks on a pair of Bank OZK West Coast industrial construction loans this week; Cain International is betting on office construction lending and lines up a $500 million loan for a Beverly Hills mega-project; Shorenstein faces foreclosure after defaulting on a New York office tower; and more in today’s Term Sheet, exclusively for our valued subscribers.
The future of New York Community Bank’s commercial real estate debt portfolio remains unclear even though a Steve Mnuchin-led $1 billion bail-out adds stability; Barry Sternlicht’s Starwood Property Trust keeps up its real estate debt efforts after originating a $118 million refinance for Scott Rechler’s RXR Realty; MIPIM sentiment teeters toward the positive as lenders and borrowers show more appetite to ramp up transactions; and more in today’s Term Sheet, exclusively for our valued subscribers.
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.
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.
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