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Fannie, Freddie volume caps reduced from $78bn to $75bn.
The move marks PGIM’s largest transaction of the year.
Ackman-Ziff arranged the loan on behalf of reAlpha, a specialist in the growing multifamily niche.
The financing demonstrates a belief in the return of business travel as the US emerges from the covid-19 pandemic.
Higher interest rates are making it more difficult for sponsors to exit properties and refinance debt.
The New York-based mega manager expects deployment activity to become muted but more creative dealmaking to emerge in the near term.
Despite a slowdown in transaction volume, debt managers are moving ahead with hiring.
Aegon AM analysis shows cycle peak possibly achieved amid market uncertainty.
The financing was arranged by Lotus Capital Partners on behalf of the sponsors, Miami-based manager Gencom and New York-based Mohari Hospitality.
Milwaukee, Syracuse city grid changes provide template for increasing tertiary market exposure.