The index stood at 19.73 percent in July, compared to 19.35 percent in June.
Pennyslyvania Public School Employee's Retirement System have made the second largest investor commitment so far this year, with $200bn committed to the PIMCO Commercial Real Estate Debt Fund II as of September 5.
Private credit is stepping into situations that may have been funded by a regional or national bank a year ago.
More C-PACE records are being set as sponsors seek lower-cost capital for construction and retrofit projects.
Senior real estate leaders anticipate more obstacles for originations and capital markets at CREFC; PIMCO preps debt dry powder with year’s largest fundraise to date; Trepp tracks rise in delinquency and special servicing rates as CMBS market congestion builds; and more in today’s Term Sheet, exclusively for our valued subscribers.
Legislative changes planned by the US Federal Reserve, Office of the Comptroller of the Currency and the Federal Deposit Insurance Corporation would affect banks with more than $100bn in assets.
The Newport Beach-based manager has closed its second property credit fund on $3bn, more than double the size of its predecessor.
The manager expects high interest rates and lower deal volumes to restrict broader CLO market comeback.
The transaction market remains stymied by a wide gap between buyers and sellers.
Loan originations were roughly flat in July and August, with a tilt toward construction financings or refinancings of stable properties.