Real estate debt: archive
Every Real estate debt story in Real Estate, newest first. 465 stories
5 stories
Debt case strengthens as equity's leverage fades
Twenty years of Cambridge data show opportunistic equity's outsize returns relied on cheap leverage, while CRE debt produced a steadier 9–10% across interest-rate environments — a spread that matters as $3 trillion of loans come due.
Gatsby Florida lands $118.6M loan for Palm Beach Gardens tower
The three-year term leaves the 2028 delivery on a short lease-up clock, with maturity landing in 2029.
Multifamily takes over the CMBS modification book
Forbearance and combination modifications account for more than a third of modified balance as lenders trade something for cleaner credit.
APG's $400 million MaxCap mandate is patient capital
The discretionary mandate extends a seven-year partnership and puts first-mortgage capital at the front of the refinancing wall.
SASB's dominance redefines the CMBS rebound
Trepp sees 2026 issuance near $140 billion, but the single-asset mix cuts against a broad credit recovery.
12 stories
Slate doubles down on Terra with $245M permanent loan
The New York lender that took construction risk is now underwriting lease-up on a county ground lease, a patient-capital answer to the refinancing wall.
CrossHarbor funds CedarSt’s by-right North Park build with $80M
The three-year, floating-rate loan prices the San Diego project at roughly $406,000 a key and underwrites a ministerial permit as much as the building.
Dwight Mortgage Trust writes a $70m loan on a renovated Newark tower
The non-recourse, interest-only loan on Cosmo 440 shows lenders pricing stabilized cash flow on renovated multifamily as the maturity wall is financed rather than foreclosed.
Private credit replaces construction loan at Glenview's Cerca
Knighthead's $32 million loan pays off preferred equity and rolls up construction debt, a sign the multifamily maturity wall is being financed rather than foreclosed.
A $50M Philadelphia refi that prices the vacancy
Citadel Credit Union's refinancing of 2000 Market Street pre-funds leasing on a tower bought at a 64 percent discount.
WinnCompanies closes financing on 290-unit affordable rehab
The Chicopee deal renews expiring affordability protections and prices the construction risk at roughly $143,000 a door.
Cirrus funds a spec Palm Beach Gardens tower and a three-year lease-up clock
The $118.6 million construction loan leaves Gatsby Florida a year or less between completion and maturity on an unleased 200,000-square-foot office.
Peachtree's $62.5M refi bets on Graduate Nashville's recovery
A three-year loan with two one-year options gives AJ Capital runway and lets Peachtree reprice a recovering asset.
The maturity wall just turned into a rates problem
A hard-maturity cohort twice July's size, with more than half its balance below an 8% debt yield, will test whether tight spreads and $76.2 billion in issuance survive the Fed's silence.
Drew Capital arranges $70M nonrecourse refi for Newark tower
The interest-only loan on a gut-renovated 1969 tower shows private lenders pricing stabilized cash flow as the refinancing wall gets financed rather than foreclosed.
Tyko’s $322M marina loan backs Integra’s repeat bet
A second nine-figure loan between the same lender and sponsor in two years points to where private debt sees the cleanest risk in South Florida waterfront development.
Office CMBS distress hits record 8.89% as hard-maturity wall looms
Trepp's $65 billion maturity count includes $37 billion in hard maturities, and 39 percent of this year's hard maturities land in the fourth quarter.
6 stories
Fannie's North Park refi keeps agencies in the take-out lane
Greystone places $46.79 million on a 190-unit mixed-income asset two years after delivery; ten affordable units were enough to bring Fannie Mae to the table.
Edina office refi prices certainty at 5.89% IO
A five-year, interest-only loan on a fully leased, renovated property shows where suburban office debt is still being written.
Dwight refis a stabilized Newark tower with $70M nonrecourse loan
The interest-only refi on a once-vacant 1969 tower shows private debt pricing stabilized multifamily on current cash flow, the patient-capital approach the refinancing wall demands.
Sub-1.0 DSCR office loans face a $10.7B hard-maturity wall
Trepp finds 88% of sub-breakeven performing office debt is contractually due by 2029, with 2028 the peak year.
Knighthead refis Glenview apartments with $32M loan
The debt pays off preferred equity and rolls up a construction facility, a clean sign the refinancing wall is clearing.
Canyon and J.P. Morgan lend $74.7M on Riverside BTR
The senior construction loan prices 180 build-to-rent townhomes at about $415,000 a key.
6 stories
JLL places floating-rate loan on Savannah Hyatt
A single-asset hotel financing on the Savannah River prices the short end, with the basis as the real underwrite.
CRE CLOs beat CMBS by extending their maturities
Modifications keep CLO delinquencies below 1%; the missing exits are building the next maturity test.
Sherman's $136.5M Rochester loan bets on Mayo Clinic's payroll
The 52 short-stay units in the 349-unit project shift the construction debt from a standard rent roll to a hospitality credit tied to the hospital's hiring curve.
Velocity buys Toorak's platform; unnamed buyer takes the loans
An unnamed buyer takes the loans and the credit risk; Velocity gets the platform, the management contract, and future production.
PGIM pushes Bedrock manufactured-housing book past $430 million
Five loans in two years have made Bedrock Communities the collateral PGIM is really underwriting.
Canada's five-year mortgage design is a rolling credit event
The 2025-2026 renewal wave hands private lenders a visible repricing window in a market most allocators skip.
10 stories
Freddie Mac forward loan anchors Battle Creek workforce housing
An $8.018 million unfunded forward locks in the takeout before construction begins at a former Kmart site.
Bascom refis 133-unit Charleston Apartments with $8.5M bank loan
A small-balance refinancing of the Charleston Apartments shows local banks still write patient checks on vintage multifamily.
Apollo writes $277 million against JIOS's infill land
The portfolio loan on 37 industrial outdoor storage sites pushes JIOS's 2026 debt past $800 million and gives lenders a benchmark for the dirt beneath the sheds.
Winthrop Center splits $856M across a 20-year and five-year stack
Boston tower's twin financings put $281 million in C-PACE on the condos and $575 million in securitized debt on the offices.
LifeComps leans on income as duration shortens
The 0.98% Q2 total return came entirely from income as appreciation lagged, and five-year originations pulled duration to 3.64 years.
PNC lends $50.9M for Citadel's North Miami nursing facility
The construction loan rides a 4% senior-population growth forecast and 90%-plus occupancy while the fate of half the block stays unresolved.
OZK's $165.9M Houston loan splits apartments and office
Bank OZK backs Southern Land's 2811 Kirby with a construction mortgage that pairs a 38-story apartment tower with a 10-story office block.
BHI's $50M loan bets on Inland Empire master plan
A 68-acre industrial carve-out to Bridge Logistics Properties gives BHI collateral with a buyer attached, but the rest of the loan is a longer wager on the warehouse economy filling 1,200 homes and a 122-room hotel.
Apollo affiliate backs $74.5M Stamford office-to-condo conversion
The $74.5 million loan for The Caspian prices an obsolete office tower at a residential-completion value, a clearing trade for office.
Winthrop's $856M refinancing: two loans, two tenors
JLL's dual-track financing prices the condos as a 20-year assessment and the offices as a five-year securitized bet.
1 story
Retail ground-up still banks when the lender knows the sponsor
A $9 million Ohio retail construction loan gets its meaning from the 18th-loan relationship behind it.