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There is a chance for well-capitalized companies which see opportunities to allocate to rescue capital for short-term investment opportunities.
GFP Real Estate, Metro Loft Management and Rockwood Capital are set to buy the 22-story, 1.1 million-square-foot office at 25 Water Street.
The firm is the first African American- and women-owned lender to obtain a DUS designation.
Corebridge Financial funded the loan, with The Baupost Group providing additional equity.
The reasons behind the drop are easy to understand: a combination of lower transaction volume, higher interest rates and the steepest inflation in 40 years.
The firm's head of real estate debt portfolio management says that sidelined banks are shifting the paradigm for active lenders.
Red Oak Capital, Pensam and Tower Capital are among the managers rolling out or expanding customizable programs.
More commercial real estate borrowers are taking a different tack in trying to manage rising interest rates, looking at the potential for assuming seasoned, in-place debt as an alternative to obtaining new financing when making acquisitions.
The financing was arranged on behalf of Royal Palm Companies, with a loan term of 36 months.
The loan is backed by properties with diverse locations and tenants.