Noble's Noland hire is a bet on the refi wall
The capital markets appointment suggests hospitality owners are preparing for a wave of maturities by staffing up on the debt side, not the deal side.
August 25
The RE Debt Desk 42 stories this week · 299 total
Newmark prices Jersey City construction risk at $370,000 a key
Truist's $277 million construction loan for Urby and Rockpoint's 748-unit waterfront tower returns construction debt to Jersey City at a price that assumes the recovery is already here.
SJCERA puts $75M into high-quality office debt
The pension's check is a measured bet that office credit clears first at the trophy end of the market.
Newmark places $277M construction loan on Urby's 748-unit Jersey City tower
The Truist-backed financing prices waterfront multifamily at $370,000 a unit, a comp that will shape the next Jersey City underwriting.
Office debt returns only after the trade prices
A $72.6 million Barings loan on a Needham office campus shows how lenders are re-entering office behind equity, after the trade has priced.
Wells Fargo moves to foreclose on $1.3B Workspace portfolio
The two-year extension bought time, not oxygen; a receiver-run sale will now set the clearing price for suburban office.
Wells Fargo refinances repositioned Doral office campus
The $53.5 million loan works out to roughly $184 a foot and nearly returns the sponsors' $52.5 million net investment.
Truist's $277M Jersey City loan prices waterfront multifamily
The 748-unit 201 Hudson – by Urby financing works out to $370,000 per apartment, a selective construction-lending comp for the waterfront.
For office debt, the lease is now the collateral
PRP Real Assets and Riyad Capital refinance 777 Hidden Ridge with a $250M CMBS loan that prices a lease whose tenant has already left.
For Workforce Housing, Construction Debt Still Clears
Vic Centre's $36.5 million line covers 88 percent of its $41.7 million budget, the latest sign lenders will fund projects priced to wages rather than projections.
Barings puts $250 million on Museum House's rent roll
The loan's $494,000 per-unit basis becomes the new comp for Seattle multifamily lenders, with 102 of the 506 units set aside as affordable.
CBRE's South Yorkshire JESSICA Fund crosses £100m with Sheffield and Doncaster loans
Two new commitments in Sheffield and Doncaster push the CBRE-managed fund past £100 million in development loans.
Doral refi shows office debt is back for the repositioned
A Wells Fargo-backed loan on Banyan Street's Doral Center suggests lenders now finance office assets only after the capex is spent and the lease-up is proven.
Principal lends $32M on a Queens grocery center its owner has held for 26 years
Northmarq placed the refinancing for Mattone Group on a fully leased Stop & Shop-anchored center.
Gantry swaps recourse for a floating-rate bet in $28.3M Central Valley refi
A five-year, interest-only, non-recourse life company loan replaces a bank facility and hands the borrower a rate-cycle bet on the Central Valley.
Los Angeles office stress moves to the suburbs
Trepp's CMBS data shows urban towers already in special servicing. In the suburbs, 46% of the book has a largest-tenant lease expiring before maturity.
A $120M bridge lets a New Orleans conversion prove itself
Bridge and preferred equity are carrying a completed hotel conversion through the gap between construction and stabilized income.
Wells Fargo's three seats at one affordable table
On a 120-unit Pasco County project, the bank buys the tax-credit equity, holds the construction loan, and will service the Freddie Mac permanent loan.
Grandbridge takes first CMBS servicing deal on two Bellevue towers
The Truist subsidiary's CMBS debut is an interest-only loan on fully leased Bellevue towers, well away from today's office distress.
Principal lends $32M to refinance fully leased Queens grocery center
The refinancing shows a fully leased grocery-anchored center still clears the lender bar.
Newmark arranges $45.9M FHA refi for two Grand Junction apartments
The HUD 223(f) loans move Four Points Funding's recently delivered assets into government-insured permanent debt.
Well-leased towers hold two-fifths of sub-breakeven office CMBS
Trepp finds $12.1 billion of performing office loans that can't cover debt service. Much of it sits in buildings 80 percent occupied or better.
Affinius lends $177.25M for two NY metro apartment buys
The lender splits the money between a finished Edgewater property and a Yonkers building with 50 units left to deliver.
Return to Lender tracker arrives thin on specifics
Connect CRE's weekly rundown of distressed debt returning to lenders names no loans this week.
Office CMBS delinquencies top 2012 record at 8.89%
Term defaults drove $2.82 billion in new CMBS distress in July. The record delinquency rate is the broader backdrop.
PGIM closes final $82.6M bridge in Capodagli apartment refi
The Roselle Park loan takes the last property out of a cross-collateralized portfolio, giving each asset its own refinancing path.
Cottonwood provides $50M mezzanine to finish Oasis tower
Private credit keeps financing Florida condo construction, even with a $70 million lender lawsuit in the same corridor.
Apollo funds $74.5M Stamford office-to-condo conversion
Walker & Dunlop arranged the acquisition-and-redevelopment loan for 63 waterfront residences, pricing the deal at roughly $1.18 million per residence.
Starwood and Realterm set a record for industrial outdoor storage debt
The $672 million refinancing gives industrial outdoor storage a benchmark of its own.
Acquisition debt yields barely moved as CMBS refinancing repriced sharply
Trepp's loan-level review of the 2021-22 vintages finds acquisition debt yields held steady even as refinance yields jumped and cap rates compressed.
Credit Agricole lends $125M for Miami Design District project
A bank-led syndicate is funding the eight-story office-and-retail building, and the developers broke ground right after closing.
Urban Standard lends $26.5M against Vail Valley land for 440 units
A four-year land loan closes for 440 units of mountain-town workforce housing.
Community banks' multifamily retreat gives private credit an opening
Trepp's Q2 review shows six of ten community banks running off multifamily loans while Merchants and Columbia buy — an opening for private lenders.
Bally's going-concern warning pressures casino construction lenders
The operator's SEC filing lays out the covenant and cash hurdles behind its Chicago and Bronx casino projects.
Invesco writes bigger floating-rate loans as $3 trillion maturity cycle begins
Originations jumped 112% to $3.2 billion. The loan count barely moved.
S3 Capital lends $35M for Casa Princeton's final phase
Private capital is underwriting the final phase of a 374-unit Florida multifamily community.
Capital One sues S2 Capital's Everett for $11.5M guaranty
The claim against S2 Capital's Scott Everett shows how capped personal guarantees are becoming lenders' last recovery in multifamily defaults.
Capital One sues S2 Capital's Everett over $11.5M guaranty
A capped personal guarantee is now in dispute as lenders press multifamily sponsors on defaulted Sun Belt debt.
Realterm and Starwood close a record $672 million IOS financing
A 78-property portfolio loan gives industrial outdoor storage its first broad debt benchmark.
Urban Partners holds $230M first close for Credit II
Urban Partners' second dedicated credit fund writes senior secured whole loans in Denmark, Finland, Germany and Sweden. Its first close suggests whole-loan formation in Europe still has committed backers.