New York

The New York-based sponsor defaulted on a $70m CMBS loan on 25 West 45th Street, a historic office building near Grand Central.

Joseph Fingerman, a former executive at Signature Bank, will lead the business.

The transaction could lead to an office-to-residential conversion for the Midtown office tower.

The nonprofit finance company aims to fund affordable housing by providing financing and training to help minority-owned real estate developers expand.

Monday Properties and Pacific Elm Properties this week also lined up financing for high-quality office assets.

The roughly 670,000-sq-ft trophy office is about 90% leased.

The JLL-arranged deal will retire existing debt for Navigation Capital Partners ahead of sales efforts.

The Slate Property Group lending arm has ramped up construction completion lending with increased demand for development capital.

The firm has hired Jay Dunn from RFR Realty to head up capital raising and debt capital markets as it looks to execute on a heavy multifamily and residential pipeline.

The lack of the 421a abatement in New York City is not stopping the Spruce Capital lending arm from pursuing more creative redevelopment opportunities.