REC staff
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.
New York Community Bank earnings draw commercial real estate debt liquidity concerns but analysts downplay systemic stress; Banco Inbursa originates $445 million of construction financings in Miami; Nuveen Green Capital expands C-PACE focus with Virginia's first-ever deal and more in today’s Term Sheet, exclusively for our valued subscribers.
Unchanged rates shifts focus to 10-year Treasuries, REC USA hears; Caisse de dépôt et placement du Québec's strategy shift includes the internalization of lender Otera Capital as well as property company Ivanhoé Cambridge; February-March edition of Real Estate Capital USA magazine debuts with central focus on all-weather managers; and more in today’s Term Sheet, exclusively for our valued subscribers.
Lenders zero in on next week’s Federal Reserve meeting; Brookfield becomes San Francisco’s largest multifamily owner via foreclosure auction on Veritas apartment portfolio; Greystar joins a wave of private equity interest in growing real estate debt; and more in today’s Term Sheet, exclusively for our valued subscribers.