Term Sheet

Term Sheet: A German CMBS downgrade, a €300m debt fundraising drive, a key advisory hire for Newmark

The lowering of the credit ratings on the CMBS notes that finance The Squaire office and hotel building in Frankfurt highlights the challenges facing German real estate; Stuttgart-based debt platform BF.capital plans to target transitional lending opportunities with a €300 million fundraising effort; real estate services firm Newmark hires Steve Williamson from CBRE for its European debt advisory business; and more in today’s briefing, exclusively for our valued subscribers.

Term Sheet: UK, France elections reaction, Aroundtown’s bond issue, BNPP REIM’s optimistic outlook

Real estate industry professionals hope for stability for the UK following the country’s election, but are fearful for France’s future following its vote; residential owner Aroundtown raises capital through the bond market; BNP Paribas REIM says the market is in recovery mode; and more in today’s briefing, exclusively for our valued subscribers.

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.

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.

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.

Term Sheet: Citi leads €720m Nordic refinancing, Home REIT’s debt problems, pbb leans into logistics

A €720 million Nordic flexible office refinancing, led by US bank Citi, highlights lender appetite for the right properties; Beleaguered UK real estate investment trust Home REIT faces a refinancing problem; Germany’s pbb Deutsche Pfandbriefbank gets behind manager demand for logistics with a €118 million loan deal; and more in today’s briefing, exclusively for our valued subscribers.

Term Sheet: Blackstone’s agency appetite; Miami’s skyline refresh; Blue Light’s credit expansion

Blackstone solidifies an agency lending partnership with bank affiliate M&T Realty Capital for more conventional and affordable multifamily asset lending; Miami’s lending momentum holds steady with Related and Bank OZK reshaping the skyline through a Property Markets Group-led joint venture; Blue Light Capital launches a bespoke credit business and makes a string of senior hires to ride the credit expansion wave; and more in today’s Term Sheet, exclusively for our valued subscribers.

Term Sheet: Fed’s rate plan revision; Silverstein’s credit succession; Berkshire’s and Mack’s fund launches

Once hopeful for multiple interest rate cuts, private real estate lenders will have to settle for one potential decrease following Federal Reserve chair Jerome Powell’s tempered statements; Silverstein Properties is planning for leadership changes to its lending platform with Michael May set to leave the division; Mack Real Estate Group and Berkshire Residential Investments are keeping credit funds fashionable with strategy launches in the market this week; and more in today’s Term Sheet, exclusively for our valued subscribers.