Portman buys 1,100-unit density with a 198-year covenant
The $15 million tax break covers 39 apartments; the zoning envelope it unlocked is worth far more than the $15 million.
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Multifamily's maturity wall is now a sponsor-equity test
Three years carry $757 billion of a $1.8 trillion decade, and the Fed's quarter-point turns a refinancing gap into a capital call.
Spandrel turns a $36 million foreclosure into Charlotte's first W
At the auction price, 200 hotel keys and 399 apartments work in a district whose office vacancy still runs 24 percent.
Atlantic City's Steel Pier asks $85 million for a development option
At twenty times the family's 2011 basis, the listing prices entitlements that have sat unused for two decades against land comps that trade on logistics math.
A $5 million shell underwrites a $113 million conversion
A 2028 delivery date and a $5 million acquisition basis clear the Magnificent Mile conversion, with 37 percent equity carrying the construction term.
Related's $33M Wynwood sale is mostly a seller note
With $26 million of the price returning as seller paper, the trade prices a Casa Tua lease, not the submarket.
Student housing's refinance risk is a 2029 problem
Most of the $5.29 billion of sub-8% debt-yield paper matures in 2029 and 2030, straight into a declining enrollment curve.
New York's New Hurdle for Data Center Capital Is Disclosure
The moratorium has an expiry date; the reporting regime announced Monday does not, and that is the half a sponsor has to underwrite.
A $30 million LIHTC check fills 38 percent of Mesquite's senior stack
The affordable senior financing path runs through credit equity and a pair of bank desks, and the size of the equity layer decides how many of these get built.
Equus buys a delivered Dallas box; Hines cashes the argument
Hines converts a 2024-vintage development into cash while Equus takes leased square footage a frozen construction market cannot quickly replace.
The office freeze is a financing verdict
A stalled pipeline will set the terms of every large lease expiring after 2028, and the effect will hit renewals before it hits rents.
Industrial's construction freeze is thawing at the small end
Cushman & Wakefield's cost guide shows small industrial projects inflating fastest at $144 per square foot, putting the infill scarcity premium under the one pressure owners cannot underwrite away.
Flagship's record $51M price rides on four operating rooms
The largest single-asset purchase in Flagship Healthcare Trust's history prices a surgery center's case volume above its 2008-vintage shell and sets an ophthalmology benchmark 60 miles from Charlotte.
Nashville infill's value now lives in the conversion spread
The Stateline sale prices a former industrial building at roughly $395 a square foot, with no cap rate, occupancy or conversion cost disclosed.
Avila's $390 million close says the scarce homebuilding asset is credit, not land
An insurer and a university endowment backed the lot pipeline, buying exposure that ends when finished lots move to a builder.
Hawley's bill reprices the marginal opportunity zone data center
The Opportunity Zone tax break mattered to data centers mostly at the margin; Hawley's bill makes that margin a political variable.
Chicago's largest conversion is a $15,600-a-unit land trade
The $5 million purchase price is what makes the $113 million raise at 500 North Michigan Avenue pencil.
Institutional capital keeps paying for the IOS operator, not the lots
Principal's recapitalization of Triten's 17-property industrial outdoor storage portfolio shows where the value sits in niche industrial: with whoever runs the yard.
Clarion buys ESR's Amiens logistics box as spec supply freezes
The unlet quarter is the trade: it pays only if the Amiens development freeze outlasts the lease-up.
Galvanize's Milpitas entry is a power trade at $313 a foot
The Bay Area debut pushes the strategy to 3.5 million square feet nationwide, but with the campus 95% leased the return now rests on what the owner builds into the buildings rather than what the leases collect.
San Francisco's second market-rate start since 2023 is a 2028 bet
A $61.7 million PNC construction loan turns a Mission District apartment project into a wager on late-2028 delivery, not current rents.
Alaska splits $300m core mandate three ways
The board split $300 million evenly across Principal, AEW and TA Realty, a choice that treats manager selection as the risk to spread.
Barings buys the Mantova Sud consent and carries the lease-up
No price, no tenant, and a construction schedule already running: a European value-add strategy takes 67,000 square meters of permitted logistics space on a 145,000-square-meter site in Mantova Sud.
The record half did not need a rate cut
First-half sales volume rose 14.7 percent with the policy rate far above its pre-2022 norm, evidence that equity spreads, not the Fed, now set the clearing price.
The data-center trade now runs on volts
A week of announced pairings puts grid and energy assets at the center of digital infrastructure capital, leaving traditional real estate waiting behind the queue.
The Sept. 28 list won’t decide where OZ money lands
New York will file its recommended Opportunity Zone tracts by the deadline, but the underwriting that the federal permanence and the state’s restored abatements unlock is what decides whether round two reaches the tracts round one missed.
The debt stack now reports what property prices won't
Assumable coupons and advance rates are producing the marks that a market of undisclosed sales has stopped publishing.
Multifamily's coming shortage is a financing problem, not a demand one
A 475,000-unit pipeline and 95.5% occupancy set up the 2028-29 supply gap; the sponsors who capture it are the ones whose capital can wait.
Warsh's quarter point sorts CRE owners faster than it reprices them
With a second hike signaled before year-end, the equity check decides who keeps a maturing deal and who cannot.
Prosper's $650M Bugatti tower is a land-basis trade
The Brickell acre is under 8% of the $650 million project; the badge has to sell the rest.
Data center power bill stalls; the states already had the rule
Congress's retreat leaves the cost-allocation fight to the statehouses, where data center underwriting now prices regulatory risk project by project.
A family office bought a 3.8% loan with 100 Modesto doors attached
A 3.8% assumable HUD coupon carried more of the $26.6 million price than the Modesto rent roll did, and the apartment market's clean trades are clearing on the same math.
Corebridge writes $293 million on a fully leased Meatpacking building
The refinancing shows where insurance capital will still term out 2019-vintage Manhattan office — and leaves the rest of the wall unanswered.
Galvanize's California debut prices a retrofit at $313 a foot
A 95%-leased industrial campus leaves almost no mark-to-market to harvest, so the value has to be built into the buildings rather than collected from the roll.
DeKalb refi leans on the 3M signature
At 55% leverage, the lender is underwriting 3M's credit, and the next 3M-leased DeKalb refinance will show whether the entire group prices that way.
Edgewood takes out a Fort Lauderdale condo sell-out
A $27.9 million private takeout clears Latitude's construction debt, leaving the unsold 40 percent of a 22-unit tower carrying the loan.
FedEx's footprint cut reprices $837M of industrial CMBS
FedEx's shrinking footprint turns $837 million of single-tenant warehouse debt into a public test of what re-leasing optionality is actually worth.
Inland buys a 2023 storage site and hands it to its own manager
The rebrand from ExtraSpace to Devon keeps the management fee inside Inland; the undisclosed price would settle how much that matters.
DWS liquidates RREEF Property Trust as redemptions outrun new capital
Seven properties and 1.4 million square feet go to market on a 24-month clock; the leftovers will price what a gated nontraded REIT is actually worth.
Corebridge's $293M refi shows office credit clearing only on leased income
A fully leased Meatpacking building clears fixed-rate permanent debt at roughly $1,843 a square foot, the bar the rest of the office refinancing queue has to beat.
Decron returns to L.A. with a $699,000-a-door basis trade
Decron's first Los Angeles purchase in nearly two years is a $114 million, $699,000-a-unit basis trade on Miracle Mile, anchored by fully leased retail and a below-replacement price.
The office maturity wall is an extension trade with a limit
Nearly three-fifths of the $289.2 billion coming due by 2028 was underwritten before the demand assumptions broke; the resolution will arrive loan by loan rather than in an aggregate.
Industrial's 5.5% print, and the mark it dodges
Rexford's rent-reset portfolio gives industrial its first public yield, and the $6.90 billion hard wall shows how many owners would rather extend than print.
A $116 million Sedona resort breaks ground at $1.66 million a key
Seventy keys against $116 million is a rate bet, which is why the villa layout and the amenity buildings matter more than the shovel.
Boerne's 324 units test the operator-and-location thesis
Endura's Hill Country groundbreaking carries the standard garden amenity list and a HUD 221(d)(4) loan, leaving the absorption question to the property manager and the site.
Industrial's hard wall is $6.90 billion; the extension cohort is the risk
Extending $40.86 billion of industrial CMBS past 2028 trades a refinancing event for floating-rate carry on the book's thinner coverage.
A $41M Henderson sale prices Green Valley at $250,000 a door
The financing behind the price is the more useful number: a 60 percent loan on 164 units tells every other Green Valley owner what their collateral carries.
Bascom buys 370 North Dallas doors at a foreclosure's basis
A lender-set basis on 1980 workforce stock is the part of the Dallas apartment trade that rent growth no longer explains.
Elowen's $94.2M bridge puts ECA's Texas portfolio on renovation math
At 93% debt, ECA's Texas exit depends on 20 renovation programs.
Midtown pays $86 million for a three-decade Doral assembly
Knighthead's 73 percent advance is a bet on the land beneath 13 buildings Midtown cannot replace, not on the rent roll.