New York

Clearwater PACE holds initial close of Ares-backed $300m C-PACE strategy

The specialist firm will funnel capital from Ares Alternative Credit funds toward $40m-$50m loans with an average LTV of about 35%.

Resi conversions are helping to bring Manhattan’s office market back into favor

Tenant demand for a decreasing amount of space is leading bank and non-bank lenders to be more willing to finance developments, redevelopments and refinancings.

Apollo closes $420m office-to-resi construction loan for RXR-backed conversion

The debt funding will be used alongside a $55m tax equity investment from JPMorgan Chase to retool RXR and One Investment Management’s 61 Broadway.

Wells Fargo provides a $450m CMBS loan for 1250 Broadway  

The New York office market is propped up with refinancings in the first two months of 2026.

Atlas Real Estate launches small-balance lending platform

The firm has also launched a targeted $150m fund focused on providing short-term loans to borrowers on the East Coast and in the Sun Belt.

Derby Lane closes $191.5m office-to-resi loan for GFP’s 40 Exchange Place

The 20-story tower in Manhattan’s Financial District will be converted into a 382-unit multifamily property with a mix of market-rate and affordable housing.

North Bridge sets a C-PACE template with New York City’s first multifamily closing

JEMB Realty will use the $8m loan to fund Herald Towers’ infrastructure upgrades alongside existing debt from Blackstone and Corebridge.

New York State Teachers makes $125m SL Green allocation

The $159bn retirement system currently has 15% of its portfolio allocated toward real estate, against a 17% target.