Insight

Term Sheet: A CMBS ratings downgrade, Fiera pushes into student housing, PIMCO’s reshuffle

The downgrading of ratings on the notes in a Blackstone-sponsored CMBS hints at the market’s current challenges; Fiera’s European real estate lending platform pushes further into student housing with a UK loan; PIMCO elevates executives to co-head its commercial real estate private lending; and more in today’s briefing, exclusively for our valued subscribers.

Rating agency downgrades notes in Blackstone’s Finnish CMBS

Morningstar DBRS believes the outstanding loan balance is higher than the value of the assets, as rental income declines and vacancy increases.

Fiera backs student housing with £77m London refinancing

The manager says the asset class has accounted for more than half of its European lending to date.

Term Sheet: Lone Star’s fund close; PIMCO’s leadership changes; PGIM’s refi week

Dry powder continues to build for distressed opportunities, and this week Lone Star closed its latest strategy focused on such efforts with $5.3 billion in commitments; a pair of fresh faces will be heading up real estate private lending at PIMCO; PGIM Real Estate kicked off its Independence Day fireworks show early with a $246 million refinancing spree; and more in today’s Term Sheet, exclusively for our valued subscribers.

Delancey finances office acquisition in latest London debt deal

The firm’s head of real estate debt strategies sees more opportunities for non-bank lenders.

Why Spain’s Incus has Germany in its sights

The alternative lender says the opportunity includes recapitalising stalled developments.

Term Sheet: Brookfield’s debt extension; Fortress’s IOS milestone; Retail’s renewed energy

Brookfield puts durability on display with a loan extension on One Liberty Plaza and separately sets up succession for real estate debt strategy leader Andrea Balkan; Fortress signals confidence in the industrial outdoor niche, securing the first SASB commercial mortgage-backed securities loan backed by these assets; Taconic Capital is aiming for the best, or most dislocated, of both debt and equity fund worlds with its latest fund launch; and more in today’s Term Sheet, exclusively for our valued subscribers.

Term Sheet: A CMBS A-note loss, Blackstone buys time in Finland, CBRE signals lenders’ return

The first loss in the most senior tranche of a European CMBS since the global financial crisis hints at trouble ahead in the capital markets; Blackstone secures another extension to maturing securitised debt; CBRE’s survey of lenders suggests a return of origination appetite; and more in today’s briefing, exclusively for our valued subscribers.

Lenders predict higher 2024 volumes, says CBRE

Most lenders surveyed by the consultant say they will increase origination this year.