Real estate debt: archive
Every Real estate debt story in Real Estate, newest first. 465 stories
8 stories
PIMCO's triple-A takes 44 cents as Centre Square reprices SASB office
A court-approved $70 million sale has repriced PIMCO's triple-A Centre Square position to roughly 44 cents, putting losses on the tranche that was never supposed to take them.
Extell's $3.8 billion ask tests who still gets jumbo construction debt
JPMorgan is in talks to lead the loan for an 86-story condo tower on the former ABC site, after Vornado secured $3.3 billion for 350 Park Avenue.
Self-storage CMBS risk hides in the coupon reset
Trepp's sensitivity puts roughly $1 billion of stress-tested self-storage balance below 1.0x coverage at a 6.50% takeout, concentrated enough to trade loan by loan.
A life company put 65% debt on eleven-building Fort Collins flex
The loan takes office as a third of its collateral, and the leverage is the number the next trade has to beat.
Freddie writes 69 percent LTV on Naperville scarcity
The agency loan prices the in-place rent roll; the $15.9 million equity check is where the suburban rent-growth view actually sits.
GoldenTree writes $482.5 million at a Colorado ground-breaking
Before one of the 95 branded residences closes, GoldenTree is on the hook for the $482.5 million.
Randhurst's $95 million price leaves the mezzanine underwriting the lease-up
Aquarian and 3650 split $72.3 million on a 929,899-square-foot center whose seller paid more for it in 2015.
TYKO funds $310M as Namdar stacks Journal Square debt
A single-lender construction facility lands three weeks after Namdar's $390 million Park Tower financing, committing roughly $700 million of debt and 1,922 Journal Square apartments to the same few years' clock.
9 stories
An $85 million SoHo refi that underwrites Microsoft, not SoHo
The 300 Lafayette loan clears because 63,000 of the building's 82,000 square feet is one credit tenant in new construction.
Mall special servicing and a $960M print set the real price
The securitization bid is still open for size; the loss is being discovered on the servicing desk, one workout at a time.
BHI writes $71.5M construction loan for 250 Bayonne units
The loan puts the sponsor's lease-up in summer 2027, on the near side of the supply gap apartment capital is now underwriting.
CIC's $22.6 million lands where bid spreads cannot reach
The Chicago nonprofit's unit math says the grant line, not the loan coupon, is what keeps single-room housing financeable.
New York Life writes the loan that prices Bader's Dallas basis
A life company's $39 million acquisition loan behind a 2010-vintage value-add buy says more about where the Dallas apartment clearing level sits than the occupancy count does.
A $130M industrial refi that was really an ownership trade
Wells Fargo's middle-market desk underwrote 39 buildings and 225 tenants, and Darwin's principals used the moment to buy out their partners and take the portfolio whole.
The apartment maturity wall is a rescue-capital market
With nearly $300 billion due this year and extensions replacing sales, the 2026 clearing basis for apartments is being set inside the debt stack, not at closing tables.
Cheyne closes ninth European real estate debt fund at £3bn
More than half the capital was already in loans at final close, making Cheyne’s £3 billion a deployment story wearing a fundraising headline.
TEP’s 98 federal leases now ride one $450m credit
The consolidation is the right structure. The release discloses value, not leverage, and the next deal will test whether the credit travels.
9 stories
New York Life bought a three-year exit, not a Midtown East mark
The $386 million against 200 Madison Avenue is sized to Havas's lease and the lender's short clock, leaving the office market a debt basis instead of a price.
Avatar buys the seasoning a bank won't wait for
A $4.75 million bridge clears two layers of debt on a fully leased Santa Ana warehouse, and the takeout at month seven tests whether the wait was priced right.
Hudson Bay lends $85M against a Microsoft lease in SoHo
The refinance prices one tenant's rent roll ahead of a SoHo office recovery, and the coverage does not say when that lease rolls.
Self-storage securitization is a two-sponsor credit at the top
The $24.02 billion sector is dispersed by property and concentrated by borrower, and the two largest names also account for most of the below-8% debt yield and the maturity wall.
Kennedy Wilson's $175M DC start shows who still gets construction debt
Three named sponsors and a MetLife-advised separate account on the equity line made this 14-story infill start financeable, which is a narrower market than the headline suggests.
New York Life's $386M refi underwrites Havas, not Midtown East
The three-year floating-rate loan clears on a tenant commitment, which says more about where office debt prices than any recovery narrative does.
GoldenTree’s $482.5M Steamboat loan is a residence absorption bet
The $482.5 million financing leans on the 95 private residences at Steamboat Resort, putting the sales cycle at the center of the credit.
C-PACE's ground-lease edge is a claim that outlives the lease
The running-with-the-land assessment answers the senior lender's collateral problem; the price is a fee-owner consent that runs on its own clock and counsel.
Private credit's 8.6% share holds because banks are not bidding
BridgeInvest's Alex Horn calls private real estate credit permanent infrastructure. The servicing line, not the origination share, will decide whether the label survives.
12 stories
Gantry's $9M life loan shows where the office bid actually sits
A three-year insurer takeout of conduit debt on a 100%-leased Temecula medical office shows the bid: performing rent rolls, short horizons, no fresh marks.
Inland's $44 million bridge book is three refinancings and one purchase
The small-balance non-recourse lender is getting paid to hold conversion and refinancing risk that bigger books are walking away from.
Onni's Seattle towers get $41.7M to keep waiting
The new loan covers a little over half a land basis set in 2018 on a $358 million project with no permits, which tells you what TD is actually underwriting.
Dwight's College Station cash-out refi marks the apartment market without a sale
Partin takes $42 million out of a 288-unit property a mile from Texas A&M, leaving the market's freshest apartment price in a private loan file.
Student housing's $1.25 billion problem is a clock, not a default wave
Trepp's data locates the sector's unresolved credit in 20 sub-breakeven CRE CLO properties, while the CMBS loans that were going to default have already done so.
Trademark breaks ground on a Whole Foods-anchored center, lender unnamed
Fourteen committed tenants are doing the work a disclosed loan amount would normally do in a ground-up retail start.
A $54 million loan prices senior housing as a service business
Four capital providers closed construction debt for a 175-unit independent living project whose demand case rests on a master-planned neighbor still roughly 300 homes from build-out.
Bow River's Fannie loan is all coupon, no amortization
Five years of interest-only Fannie Mae debt pushes the entire $53.9 million to a 2031 refinance, which is where this trade actually gets decided.
Sixth Street and Lloyds put U.K. property debt on an ABF desk
The agreement names an asset-based finance platform as the lending vehicle and the real estate team as support, which tells you these loans will be priced off buildings rather than borrowers.
Corebridge Takes Out FIU Student Housing and Hands Back Cash
The $180 million refinancing retires construction debt and returns equity on a tower whose real collateral is one university's enrollment.
BridgeInvest funds the lease-up on an office it cannot control
A $114.3 million refinancing puts private debt behind the leasing of RIVANI's Lincoln Road building, on a basis that only works if the sponsor keeps signing tenants.
Corebridge's $180M takeout prices FIU's enrollment, not the building
A 98-percent-leased 2024 delivery takes a permanent loan with cash returned to the sponsors, and that combination is what this debt market is rewarding.
2 stories
Nuveen buys a state template, not a spread
The $23.2 million close is New Hampshire's first C-PACE deal, and the precedent it sets for the next 381 units is the part that matters.
BREIT takes $105 million out of a fully leased industrial book
The $1.71 billion CMBS loan turns a stabilized 19-million-square-foot portfolio into funding for the data center rotation, and the extension options stay with the sponsor.