Insight

Term Sheet: PERE America’s credit sentiment; Blue Owl’s tactical sweep; Blackstone’s CMBS charge-up

The next real estate credit cycle is approaching and attendees at the PERE Network America Forum signaled high gear shifts in preparation; Blue Owl has sights on DC retirement plan investors as its credit platform continues to grow its reach; Blackstone secures a $1.6bn CMBS and mezzanine package to refinance a 94-property swath of its US industrial portfolio; and more in today’s Term Sheet, exclusively for our valued subscribers.

Loans in focus: Santander, ING’s €253m Portuguese data centre development deal; Pollen Street’s £250m RCF; OakNorth’s retirement sector refi

Banco Santander, ING, in participation with other lenders, issue a €253 million development loan for a data centre in Portugal; Pollen Street Capital provides a £250 million ($284 million) revolving credit facility to MCR Property Group; OakNorth refinances two luxury retirement living assets for £88 million; the latest additions to the Real Estate Capital Europe lending database; and more in our round-up of European loan deals from the past week.

Incus’ Pommier: More US investors are evaluating European debt opportunities

Martin Pommier, a partner at the Madrid-based manager, says Incus saw this increase in interest as it moved towards the first close of its latest real estate private credit fund.

Term Sheet: Greystar’s $1.27bn fundraise; TPG’s $1.1bn securitization; X-caliber’s bridge tune-up

Greystar has $1.27 billion of fresh capital on tap to expand its for-rent residential sector presence through its latest private credit strategy; TPG adds a jolt to commercial real estate’s securitized market with an inbound $1.1 billion collateralized loan obligation; X-caliber is retuning its bridge lending program to access more mid-market momentum; and more in today’s Term Sheet, exclusively for our valued subscribers.

Term Sheet: Aareal completes its first SRT, back leverage helps ease refinancing challenges, Bank of England sounds alarm over data centres

German lender Aareal Bank becomes the latest user of the growing real estate SRT market; AEW says back leverage partly explains a reduction in the debt funding gap for European real estate; the Bank of England sounds an alarm over data centre financing and AI-related asset price falls; and more in today’s briefing, exclusively for our valued subscribers.

Rate cut expected to reignite real estate transaction and debt activity

The Federal Reserve’s move to cut interest rates by 25 basis points will help accelerate transaction volume through year-end, lenders believe.

Inside the deal: QuadReal’s first European direct loan

The Canadian manager has its sights set on a Continental European loan following its inaugural debt deal, in UK logistics.

Loans in focus: Madison Realty’s industrial build-up; Blackstone’s New York retail bet; Starwood’s Brooklyn multifamily backing

Madison Realty Capital is funding a $645m loan package for an industrial park in New Jersey; Blackstone is backing a shopping center in Yonkers, New York, with a $198.5m debt package; Starwood is issuing a $64m refinancing for a multifamily property in Brooklyn; and more in our round-up of stateside loan deals from the past week.