Term Sheet

Term Sheet: No near-term rate relief seen; Apollo’s $400m hotel loan; CMBS delinquencies jump

The Federal Reserve is expected to follow a higher-for-longer interest rate strategy; Apollo Global finances QIA’s acquisition of the Park Lane hotel in New York; the jury is still out on the impact of the SEC’s new rules for private fund advisers on the commercial real estate space; and more in today’s Term Sheet, exclusively for our valued subscribers.

Term Sheet: A €93bn debt funding gap, Arrow’s Maslow purchase, Aareal’s latest hotel deal

AEW’s latest forecast reveals a €93 billion refinancing shortfall for key European markets; Arrow Global doubles down on property lending with its full purchase of Maslow Capital; Aareal closes latest hotel deal in Copenhagen; and more in today’s briefing, exclusively for our valued subscribers.

Term Sheet: Fortress bets on New York office; Unibail taps Morgan Stanley for $925m LA mall refinancing; Berkadia report finds bank lending persistence

Fortress Investment Group carves against the grain with the acquisition of a $900 million Capital One office loan portfolio, despite the sector’s headwinds; Unibail-Rodamco-Westfield demonstrates it sees a future for a Los Angeles mall with a $925 million Morgan Stanley CMBS refinancing; Berkadia analysis shows bank failures have not halted lending despite heightened credit standards; and more in today’s Term Sheet, exclusively for our valued subscribers.

Term Sheet: German banks’ real estate challenges, Spanish NPLs prepared, the Evergrande saga continues

German banks’ results hint at the challenges real estate markets are presenting for them; Spanish banks are reported to be preparing to sell non-performing loans; Evergrande’s Chapter 15 bankruptcy filing provides a reminder of China’s ailing economy; and more in today’s briefing, exclusively for our valued subscribers.

Term Sheet: WeWork’s woes, Prelios to change hands, Patrizia’s Frankfurt refinancing

WeWork’s Q2 earnings call provides a concerning update; Italian credit specialist Prelios to be sold; Patrizia sources a major office refinancing in Frankfurt; and more in today’s briefing, exclusively for our valued subscribers.

Term Sheet: WeWork stranded in further limbo as office headwinds persist; Commercial real estate M&A loses steam in 2023; AEW chair Jeff Furber’s pending retirement

WeWork is casting doubt on its future viability as rent and tenancy costs keep office stability in limbo; Hodes Weill finds commercial real estate M&A lost steam in the first half of 2023; AEW Capital Management lays out succession plans for the upcoming retirement of longtime chair Jeff Furber; and more in today’s Term Sheet, exclusively for our valued subscribers.

Term Sheet: CREFC, NCREIF lay groundwork for industry-first debt fund index; Nuveen channels insurance investor demand into C-PACE lending fund launch; What the Moody’s and Fitch downgrades mean for real estate debt

CREFC and NCREIF roll out debt fund aggregate comprised of 13 managers to field feedback on their forthcoming index launch; Nuveen launches C-PACE lending fund to address insurance company appetite; How commercial real estate debt will be affected by the Fitch and Moody’s downgrades amid existing market volatility; and more in today’s Term Sheet, exclusively for our valued subscribers.

Term Sheet: Germany’s biggest landlord reports €3bn write-down, Patrizia’s €300m debt ambition, Precede co-founder steps down

Vonovia reports €2.7 billion in asset value declines despite rental business growth; Patrizia sets sights on a €300 million fundraise for its second credit investment vehicle; Precede’s Daljit Sandhu steps down as chief operating officer; Scope Ratings warns of further pressure ahead for property companies; and more in today’s briefing, exclusively for our valued subscribers.

Term Sheet: Proposed capital requirements mean more complexity for US banks; Ares on the hunt for loan portfolio acquisitions; Banco Inbursa financing adds to New York office conversion momentum

US regulators look to boost bank capital requirements in Basel III proposal; Ares’ senior leaders talk real estate debt opportunities during quarterly earnings; Banco Inbursa originates $220 million financing to fuel Silverstein, MetroLoft New York office tower conversion plans; and more in today’s Term Sheet, exclusively for our valued subscribers.

Term Sheet: ECB finds region’s lenders robust, US bank regulators propose tighter capital standards, Aareal’s €442m loan for UK PBSA assets

No stress ahead for European banks, says the ECB; the US Federal Reserve seeks tighter rules on banks’ capital requirements; Standard Chartered finances acquisition of City of London office; Aareal Bank issues meaty loan in the UK’s student accommodation sector; and more in today’s briefing, exclusively for our valued subscribers.