The 10-year hits 5.3%, highest since 2002, and CRE lenders expect values to fall
At Bisnow's National Commercial Real Estate Finance Event, investors and lenders said deals that penciled a month ago may no longer work at today's yields.
October 1
The RE Debt Desk 42 stories this week · 299 total
KeyBank provides $92.9M for SoLa Impact's 166-unit South LA project
A $43.8 million construction loan, $18.1 million of LIHTC equity and a $31 million Fannie Mae permanent loan account for the total; a matching $31 million bond sale appears to fund the take-out.
Apollo lends Brookfield $130.5M for a Rialto logistics build
Commercial Observer first reported the five-year construction loan for a 664,859-square-foot Class A project on land that was part of the shuttered Rialto Airport.
Mortgage Bankers Association: CMBS delinquency falls 42 basis points to 6.53%
Bank book improves to 1.20% while life company, Fannie and Freddie rates edge up but stay under 1%.
Dwight Capital closes $47 million HUD construction loan for Hunington's Katy apartments
The nonrecourse 221(d)(4) loan for Hunington's 279-unit The Vic at Sunterra carries 24 months interest-only before a 40-year amortization.
Logistics Property Co. obtains $68.3M refinancing for Mesa industrial park
Pacific Coast Capital Partners provided the debt on the 614,544-square-foot Palm Gateway Logistics Center, which was 52.4 percent leased as of March.
SCALE Lending provides $67.5 million construction loan for Capodagli's second Rahway phase
The 30-month loan retires an existing senior loan and funds completion of the 200-unit Meridia Rahway Brownstones, with two six-month extensions available.
Trepp data show conduit CMBS cash-in pressure easing while leverage lags
Cash-in pressure has eased from its 2024 peak, but borrowers still supply nearly double the debt-stack share they did in 2021.
Brennan and Barings secure $150M industrial outdoor storage financing
JLL Capital Markets arranged the facility, seeded by five properties in Denver, Houston and Austin.
Childress Klein, Ascentris refinance Charlotte office pair with $68.3M life company loan
CBRE arranged the five-year permanent loan on two six-story buildings inside the 90-acre Waverly mixed-use development.
Nvidia pitches insurers on backing neocloud GPU loans as lenders balk
The Financial Times reports early talks with no agreements in place, as AI cloud tenants take a growing share of Nvidia's demand.
Northwest Bank lends $34.5M on Medtronic-anchored Beverly industrial buy
The loan covers about 72 percent of Luzern Associates' $47.75 million purchase of a 200,000-square-foot North Shore portfolio.
BWE arranges $42.5 million refinancing for Nashville's Baggage Building
An unnamed regional bank provided the loan, which carries an interest-only payment period; no rate, term, or loan-to-value was disclosed.
Related Urban closes $167M financing for Miami income-restricted apartments
Greystone assembled $80 million of construction debt with BlackRock's impact fund, $27.1 million of tax-credit equity and a $60.1 million Freddie Mac forward loan.
Värde closes $65.5 million floating-rate refinancing on Phoenix single-family rental community near TSMC
The three-year loan on the 240-unit Village at Sonoran Vista, completed in January, carries two one-year extension options and was arranged by WAY Capital.
Hut 8 closes $1.07 billion revolver above its $7.5 billion project debt
The four-year senior-secured facility adds bank liquidity at the parent while River Bend and Beacon Point campus construction runs on nonrecourse project financing.
Greystone closes $35.37 million Freddie Mac loan for Grand Lifestyles' Naperville acquisition
The 216-unit, 1988-vintage property has 164 units already renovated; the debt works out to about $164,000 a unit.
Newmark arranges $66.5 million J.P. Morgan refinancing for ZG’s 836–838 Broadway office
The new loan replaces $28.9 million in debt on a building ZG bought vacant in 2021 and has since repositioned with more than $20 million of capital.
GID affiliate lends $125 million to PTM Partners for St. Pete tower
The three-year floating-rate loan matures in 2029, roughly a year after the 330-unit apartment tower is slated to deliver.
MBA: commercial and multifamily mortgage debt rises to $5.1 trillion in Q2
Multifamily mortgages supplied $20.7 billion of the $42.9 billion quarterly increase, and banks still hold the largest share at 38%.
Greystone assembles $167M financing for Related Urban's Gallery at Lummus Parc
The stack includes an $80 million construction loan with BlackRock's impact fund, $27.4 million in tax credits and a Freddie Mac forward, with no bank in the group.
PTM Partners closes $125M construction loan from GID for St. Pete high-rise
Berkadia arranged the three-year, floating-rate loan for the second phase of EDGE Collective, which adds 330 units and 19,000 square feet of retail.
George Comfort announces $386M New York Life refinancing of 200 Madison
The five-year floating-rate loan carries a three-year initial term and two 12-month extension options, with proceeds paying off existing debt and funding leasing.
Savills IM SGR wins Bank of Italy approval for Italian direct lending platform
Giovanni Trespidi will lead the unit, which is entirely separate from Savills IM DRC; Savills IM SGR also manages €7.6 billion in real estate equity strategies.
Blackstone, LBA Realty to close $270M CMBS refinancing of One Culver
Nomura originated the loan, which retires $310 million of prior debt and is smaller than the balance it replaces.
Trepp: limited-service hotel loans lead CMBS lodging in nonperforming and refinancing risk
Limited-service loans hold 12.6% of the $92.18 billion securitized lodging book but 21.8% of nonperforming balance, and median net cash flow runs 9.7% below underwriting.
Brightshore Capital anchors a $250m US real estate credit platform
The manager formerly known as GTIS Partners will focus the vehicle on stretch senior, mezzanine, preferred equity and B-notes.
Walker & Dunlop arranges $238 million floating-rate bridge for The Landmark South
Torchlight Investors funds the interest-only loan on 631 units at the Doral apartment property for JSB Capital.
Office CMBS delinquency hits 13.2%, highest since at least 2019
Special servicing climbed to 15.7%, and a cohort of 93 office loans that transferred while current shows how little early intervention has bought.
Mavik lends $299M to Empire for 533-unit Tempe apartment towers
The two-tower Revelry complex near Arizona State University will carry more than 100,000 square feet of amenities.
Treasury yields hit 19-year highs, repricing CRE debt and development
The 10-year touched 5.1 percent and the 30-year 5.4 percent on Sept. 23, a week after the Fed raised its policy rate to a 3.75%-4% range.
Multifamily starts fell nearly 22% in August as CRE debt funds held record dry powder
A record $56 billion in CRE debt-fund dry powder is chasing the few construction projects whose sponsors can clear the equity check.
TYKO funds 873 Jersey City units; the second tower is the tell
One lender for one tower leaves the second phase of a 1,542-unit plan as the only real read on Journal Square construction pricing.
Oracle's rent notice reprices $18 billion of data center debt
A force majeure clause that needs both parties' consent has turned a Big Tech lease into a negotiation over who carries the energization risk.
PIMCO's triple-A takes 44 cents as Centre Square reprices SASB office
A court-approved $70 million sale has repriced PIMCO's triple-A Centre Square position to roughly 44 cents, putting losses on the tranche that was never supposed to take them.
Extell's $3.8 billion ask tests who still gets jumbo construction debt
JPMorgan is in talks to lead the loan for an 86-story condo tower on the former ABC site, after Vornado secured $3.3 billion for 350 Park Avenue.
Self-storage CMBS risk hides in the coupon reset
Trepp's sensitivity puts roughly $1 billion of stress-tested self-storage balance below 1.0x coverage at a 6.50% takeout, concentrated enough to trade loan by loan.
A life company put 65% debt on eleven-building Fort Collins flex
The loan takes office as a third of its collateral, and the leverage is the number the next trade has to beat.
Freddie writes 69 percent LTV on Naperville scarcity
The agency loan prices the in-place rent roll; the $15.9 million equity check is where the suburban rent-growth view actually sits.
GoldenTree writes $482.5 million at a Colorado ground-breaking
Before one of the 95 branded residences closes, GoldenTree is on the hook for the $482.5 million.