REC USA staff

Wells Fargo goes against the grain with planned $550 million deal to convert Hudson Yards retail floors to office space; PGIM continues filling bank lending void with $333 million California industrial financing package; Goldman Sachs Asset Management tracks uptick in investor concern around public and private real estate valuations; and more in today’s Term Sheet, exclusively for our valued subscribers.

Kayne Anderson picks up $1.3 billion medical office loan portfolio from Synovus as select regional bank selloff activity continues; Federal Reserve keeps interest rates elevated; Blackstone’s Schwarzman says real estate credit will play a critical role in ambitions to amass $1 trillion in assets; and more in today’s Term Sheet, exclusively for our valued subscribers.

FDIC outlines parameters for prospective buyers interested in Signature Bank’s $33 billion commercial real estate loan portfolio; PGIM Real Estate names new co-chief executives; Newmark research shows office debt originations dropped significantly in the first half of 2023; and more in today’s Term Sheet, exclusively for our valued subscribers.

WeWork is casting doubt on its future viability as rent and tenancy costs keep office stability in limbo; Hodes Weill finds commercial real estate M&A lost steam in the first half of 2023; AEW Capital Management lays out succession plans for the upcoming retirement of longtime chair Jeff Furber; and more in today’s Term Sheet, exclusively for our valued subscribers.

CREFC and NCREIF roll out debt fund aggregate comprised of 13 managers to field feedback on their forthcoming index launch; Nuveen launches C-PACE lending fund to address insurance company appetite; How commercial real estate debt will be affected by the Fitch and Moody’s downgrades amid existing market volatility; and more in today’s Term Sheet, exclusively for our valued subscribers.

Vicky Schiff, chief executive of Avrio Management, is on a mission to prove that environmental and social improvements also make for better business, Rob Murray writes.

Inside: How alternative lenders are filling the hole being left by banks; Avrio’s Vicky Schiff on green lending; An 11-page special report on loan servicing; Plus much more…

PacWest Bank’s commercial real estate team left to join Kennedy Wilson following the investment manager's May acquisition of the bank's construction loan portfolio; Barry Sternlicht's Starwood defaults on $212 million loan linked to Atlanta office tower as sector's financing headwinds persist; Morgan Stanley and Deutsche Bank launch a $515 million CMBS deal for Hawaii resort owned by Trinity and Oaktree; and more in today’s Term Sheet, exclusively for our valued subscribers.

PacWest Bank continues to reduce its balance sheet with a $3.5 billion loan portfolio sale to Ares following similar Kennedy-Wilson, Cain deals; Freddie Mac originates $947 million of financing for Prime Residential’s Los Angeles multifamily mega-community; New York's office market remains viable for high-quality offerings as SL Green sells 245 Park Avenue stake to Mori Trust; and more in today’s Term Sheet, exclusively for our valued subscribers.