Lone Star founder John Grayken sees a limited window for distressed investing while most people wait for private real estate market conditions to settle. He discusses it with Jonathan Brasse.
Greystone arranged the financing package for 1057 Atlantic Avenue.
The transaction comes as Fortress is gearing up to expand its wealth management business.
The financing funds the first phase of Sterling Bay and Harrison Street’s collaborative $650m project.
The US hotel sector is largely defying expectations as the country emerges from the pandemic, but it continues to be a bifurcated market, Rob Murray writes
The New York manager acquired the property at 444 South Flower at a UCC auction in January.
National and regional banks are expected to reduce commercial real estate lending, which opens the door for the private markets.
However, some institutions believe equity deals still are more attractive than debt investments in multiple respects.
The borrower in the deal is American Lions, a joint venture between Fetner Properties and the Lions Group.
Higher interest rates could also stall efforts to refinance maturing debt.