News/Events
Principal Asset Management Adds Drew Fung for Debt Role
Drew Fung, who led Clarion Partners’ commercial real estate debt investment group for the last 14 years, will be taking on a similar role at Principal Asset Management. Principal appointed Fung as managing director of portfolio management focusing on commercial real estate debt investing, with a big emphasis on high-yield and structured debt strategies, the…
Santander Bank, Washington Capital Provide $113M Debt for Chicago Office Conversion
Commonwealth Development Partners and Triangle Capital Group have secured $113 million to finance the conversion of an empty 25-story office building at 500 North Michigan Avenue into 384 mixed-income rental apartments in downtown Chicago. Santander Bank provided $71.5 million of non-recourse construction debt, while Washington Capital Management provided $41.5 million of joint venture equity. JLL…
Related Group, Tricap Sell Casa Tua-Leased Retail Condo in Miami’s Wynwood
The Pérez family’s Related Group and David Edelstein’s Tricap have sold the newly completed ground-floor retail space at the NoMad Hotel-branded condo development in Miami for $33 million, property records show. Sunny Isles Beach, Fla.-based Optimar International Realty bought the retail condo, which is leased to a Casa Tua dining concept. It spans about 15,000…
Hochul Adds New Restrictions to Data Center Development in New York
Gov. Kathy Hochul is expanding on her plans to rein in data center growth in New York. The governor announced Monday a new round of transparency, safety and incident reporting requirements for data center developers and operators following a July moratorium on new data center developments above a certain size. Developers and operators will need…
Jeff Sutton’s Planned 340-Key Midtown Hotel Enters the Demolition Phase
A Herald Square commercial site owned by Jeff Sutton’s Wharton Properties is headed for the wrecking ball. Florida-based hospitality developer Keyah Real Estate Group filed plans with the city’s Department of Buildings last week to demolish the two retail buildings at 27–29 West 34th Street and 21-25 West 34th Street in Midtown Manhattan. The application,…
CMBS Conduit Capital Focuses Heavily on Multifamily, Office Sectors
The latest conduit commercial mortgage-backed securities (CMBS) data from CRED iQ reveal a lending market that has grown more selective, not more cautious. Rates broadly eased over the past year, yet borrowers in most property types are being asked to bring more equity to the table than they were 12 months ago. Multifamily and office…
Commercial Real Estate Investment’s Curious Rise Amid Higher Inflation, Rates
Last week, the Federal Reserve raised interest rates by a quarter point while signaling another hike later this year. It seems like just yesterday that everyone in commercial real estate was bemoaning high interest rates, delaying big investments and transaction activity until the Fed saw fit to lower its benchmark rate from the 5.25 to…
Mold Is Growing Into Major Problem For Apartment Owners
Multimillion-dollar verdicts have been handed down in mold cases in recent years.
Office Owners Pulling Back On Flexible Leases As AI Clouds Future Of Work
Manhattan landlords are pulling back on lease flexibility, but AI is causing uncertainty around tenants' future space needs.
