Term Sheet: Goldman details real estate portfolio reductions; Citi, Deutsche Bank CMBS continues hospitality lending wave; Bain and Smith Hill launch $1bn debt joint venture

Goldman Sachs reduces the value of its balance sheet real estate portfolio by one-third to reduce sector exposure risk; Citibank and Deutsche Bank originate a $410 million refinancing package for a pair of Four Seasons resorts in Florida. Plus: Bain Capital’s special situations unit and Smith Hill to start targeting debt and preferred equity opportunities via a joint venture; and more in today’s Term Sheet, exclusively for our valued subscribers.

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