Insight

Term Sheet: LEG turns to the bond market to refinance, Blackstone and Brockton source fresh debt for flexible offices, the Swedish central bank voices concerns

German landlord LEG launches a €500 million convertible bond as it addresses debt maturities; Blackstone and Brockton test lender appetite for flexible offices with major refinancing; Sweden’s central bank is keeping its eye on banks’ exposure to real estate companies; and more in today’s briefing, exclusively for our valued subscribers.

Term Sheet: The Fed’s rate expectations; Starwood’s Brooklyn bet; Nuveen’s Vegas C-PACE deal

The Federal Reserve signaled an inbound interest rate cut at its next meeting that would alleviate some pressure on US commercial real estate markets; Barry Sternlicht’s Starwood bets big on Brooklyn office space with a $301 million refinancing for Tishman Speyer; Nuveen Green Capital assembles a $190 million C-PACE financing package to supercharge Nevada hotel; and more in today’s Term Sheet, exclusively for our valued subscribers.

Blackstone and Brockton source £520m refinancing for flexi offices JV

Fora’s refinancing was partially provided by a CMBS underwritten by Bank of America.

REC Europe Borrowing Barometer 2024: We want to hear from you

The survey will poll borrowers, and those that act on their behalf, about financing conditions.

pbb targets profit growth with debt vehicle

As senior lending issuance remains muted, the German bank is seeking higher-yielding opportunities via a debt vehicle.

Term Sheet: Trimont’s servicing pick-up; Pearlmark fund’s first close; Chatham’s expansion plans

Trimont climbs to the top of the loan servicer ranks with acquisition of Wells Fargo’s non-agency servicing business; Mezzanine financing momentum receives a boost with $185 million first close for new Pearlmark fund; Chatham eyes North Carolina for advisory expansion and taps former Brookfield professional to lead Charlotte office; and more in today’s Term Sheet, exclusively for our valued subscribers.

Term Sheet: Blackstone extends Henderson Park loan, DWS targets debt business growth, the ECB warns on lenders’ valuations

US manager Blackstone’s granting of a loan extension to private equity firm Henderson Park illustrates the challenges lenders and borrowers are working to solve in today’s market; German manager DWS looks to the US to grow its property lending activities as it makes key hires; the European Central Bank is concerned about lenders’ valuation approach when it comes to real estate; and more in today’s briefing, exclusively for our valued subscribers.

Apollo’s Demire extends bond debt ahead of maturity

The €499m bond, due to mature in October, was restructured with the help of a €100m loan from majority shareholder Apollo.

Why NorthWall provided €120m of mezzanine in Finland

The subordinate loan was part of the €720m refinancing led by US bank Citi of Finnish flexible office operator Technopolis.

Pearlmark holds first close for sixth mezzanine fund 

The Chicago-based manager has so far raised more than $185m for the fund, which will target subordinated debt positions.