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In today’s edition, MonticelloAM provides a $600 million loan for a portfolio of US skilled nursing properties in one of the largest deals in the asset class this year; Nuveen secures commitments from CPP Investments and Temasek in a first close for its Australian commercial real estate debt strategy; the Australian Prudential Regulation Authority seeks information from major superannuation funds regarding their exposure to private credit manager Metrics Credit Partners; and more in today’s Term Sheet, exclusively for our valued subscribers.

The specialist lender alleges that valuers Savills and Avison Young, and a UK law firm, negligently advised it.

The Lending Barometer found non-bank lenders originated $26bn in 2025, with about $21bn year-to-date.

Private capital is cementing its structural role in real estate credit, but with capital shifting toward multifamily and data centers and rate uncertainty persisting, lenders say underwriting discipline, not rate calls, is what sets the winners apart.

Inside: Beyond silos – why real estate credit can benefit as investors look for value across asset-backed financing; How private credit managers are tapping Asia-Pacific’s potential; Europe’s credit managers urged to stay disciplined amid fierce competition; And much more…

Retail investors may be reducing their private market exposure for now, but many real estate debt professionals are optimistic they can tap retail cash through semi-liquid fund structures over the longer term.

Inside: Three key trends redefining private real estate credit; How semi-liquid funds could tap retail capital; The need for constantly evolving strategies in an ever-changing world; Data center-lending’s rapid rise; Expert insight from industry leaders; And much more…

Data centers are big business and require big finance, writes JC Russell.

Against an ever-changing macroeconomic environment, lenders have to be prepared for opportunities and challenges that arise. That means constantly evolving a strategy that is structured to be successful throughout an entire economic cycle.

Special servicers are now rolling up their sleeves.