Real estate debt: archive
Every Real estate debt story in Real Estate, newest first. 465 stories
2 stories
Affinius and Axonic's sixth deal matters more than the $48 million
A year-old lending partnership between a $30.4 billion manager and a credit shop has closed six deals, and the sixth shows suburban scarcity getting underwritten as the binding constraint.
Illinois Teachers anchors a senior-housing credit fund with $100m
A $100 million pension anchor for a sector-specific lender suggests senior housing debt is becoming its own allocation line.
7 stories
Gantry places $48.3M Freddie Mac takeout on Maple Grove apartments
A full-term interest-only, non-recourse 10-year loan written on a 248-unit stabilized asset sets the price at the front of the refinancing queue.
Canyon puts $67M on Kurv Elizabeth at $240 a foot
The refinancing shows senior debt still clearing on modern industrial in dense corridors, even as resale comps in secondary markets run lower.
Avatar compresses the capital stack on two Jack in the Boxes
A $5.1 million first-lien bridge clears a matured note and folds old subordinate debt into one junior position, leaving the two-year exit as the real test.
Madison Realty funds Whole Foods-anchored Southlake project
A $77 million construction loan outside Dallas leans on a grocery lease and 37 saleable lots, the least speculative form of construction credit's return.
MassHousing closes $14M Westcott permanent loan
The permanent mortgage is the smallest major line in the $69.1 million stack and the last to close.
Canyon provides a $67M senior loan to refinance Kurv Elizabeth industrial
The senior loan prices a 2024-delivered, port-adjacent asset at roughly $240 per square foot in a supply-constrained New Jersey submarket.
Dwight’s $62M Culver City refi buys time, not a sale
The bridge loan on the 139-unit Lana project pays down prior debt and preferred equity, evidence that private lenders will price complicated stacks before lease-up is finished.
8 stories
GAIA and Raymond James buy another year at 55 Hope
A second extension pushes maturity to August 2027 and keeps GAIA out of a refinancing market it has decided not to accept.
New York Life beats the borrower’s bank on $53.5M storage loan
Full-term IO and a 15-basis-point edge give Investec a term sheet its private bank couldn’t match—and a benchmark for the next refinancing.
New York Life writes $53.5M storage refi with full-term IO
A three-property California portfolio gets five years of interest-only debt and a savings claim that the maturity date will test.
Schrager hotel conversion draws $116.5M bridge
Driftwood Capital and Benefit Street Partners replace the 2024 construction facility on the 137-key Sunset Strip property.
Cantor’s $141M Raleigh refi rides one tenant
Underwriting the single-asset CMBS loan is the 100%-leased Bandwidth headquarters, a public-company tenant, and a 43-year arranger relationship.
Smaller September CMBS book, heavier refinancing test
Two inflation prints will price the month's maturing balances, while industrial data separate new issuance from stress already on the books.
Trophy tower clears maturity wall at 120 Park Avenue
A $382.4 million refinancing, 14 percent above the loan it replaces, shows the top tier can step over the wall.
The 2021-22 bridge book drives August's CRE CLO distress spike
A nine-point jump to 28 percent was the worst one-month move of any deal type this year, and the collateral is a few floating-rate bridge and SASB loans from the peak rent-growth era.
6 stories
Otay River refi carries a construction bet
The debt fund gets paid from the 30% of Phase IV still unleased.
Torrance refi is office debt's selective clearing trade
A 93 percent leased South Bay tower gets a larger loan while Los Angeles vacancy holds at 25.3 percent.
Football's top 25 campuses carry $6.1B of securitized student-housing debt
Trepp finds nearly twice the debt around AP-ranked schools as around U.S. News national universities, but the per-unit gap is where the two lists really diverge.
Gaia extends Williamsburg loan again, waiting out rates
With loan-to-value below 50 percent and lenders ready, the second renewal is a decision to wait out tomorrow's rates.
Walton Street's Harlow refi is a timed exit bridge
A 98%-leased Tampa-area apartment takes a three-year floating-rate loan that pushes Mast Capital and Rockpoint toward a sale or permanent financing.
Sudberry lands $81.6M construction loan for Otay River Park
A five-year floating-rate facility from a debt fund shows how fully leased product is getting construction-completion money.
3 stories
JLL places five-year refi on Extra Space South Portland
Regional-bank money for a stabilized 90,000-sq-ft Extra Space storage asset in Maine shows the refi market is open to proven operators and selective for everyone else.
Namdar's $390M Park Tower loan splits senior and mezz risk
Two floating-rate, interest-only tranches put a 1,049-unit Journal Square tower on a lease-up bet through 2029.
Pinnacle lines up $40.2M for Fort Lauderdale senior housing
Bank of America, JPMorgan Chase and six public agencies are underwriting the Fort Lauderdale senior housing deal, where the deepest income band leaves thin coverage for conventional debt.
5 stories
Northmarq places $6.1M refi on Van Nuys industrial trio
A ten-year life-company loan against 1955 and 1969 flex buildings is a bet on the infill land beneath them.
URW pays off Westfield Montgomery’s $350 million loan after special servicing
The payoff, a rarity in this extension-heavy cycle, removes the Bethesda mall from special servicing and puts it among the 11 malls URW means to keep.
Smaller September CMBS cohort carries more refinance risk
Trepp's data show more than a quarter of the maturing balance at a debt yield below 6%, with retail replacing office as the most impaired sector.
OZK's $75.5M Merritt 7 loan prices office as housing
A $32 million family-office equity slice is the risk layer behind Bank OZK's office-to-residential construction loan in Norwalk.
C-PACE stands alone on $172.5M Shoma Bay tower
Newmark placed the full construction financing for Shoma Group's North Bay Village condo tower through C-PACE, a stack that carries no bank debt.
9 stories
Canyon and J.P. Morgan back Riverside BTR with $74.7M
The senior construction loan prices 180 build-to-rent townhomes at roughly $415,000 per key, and the lenders get paid first only if Riverside lease-up meets the underwriting.
Blue Light bets $62.5M on tenant pipeline
The 32%-leased Bedford manufacturing campus gets debt priced for its tenant pipeline, not its current rent roll.
Gantry rolls $20.7M of maturing multifamily debt into five-year IO
A private owner locks fixed-rate, non-recourse, interest-only money on two apartment assets — and leaves the principal for 2031's lender.
C-PACE stands alone in $172.5 million Shoma Bay stack
A $172.5 million C-PACE construction loan leaves Shoma Bay with no bank debt underneath, making the assessment the sole underwriter of a 333-unit condo job.
CMBS rate dips, but the underlying stack worsens
Office at 12% and a 49-basis-point lodging jump tell the real August story.
KKR refi floats Jamestown's mixed-use plan on stabilized retail
A $72 million floating-rate loan on two Sandy Springs centers buys Jamestown time for its mixed-use plan and leaves KKR the upside.
Avila’s $305M repeat loan targets 3,000 California lots
The second facility for the same master-planned community developer shows that land finance is a relationship business priced on the entitlement calendar.
Tishman's $340M Franklin refi prices leased trophy
A $340 million single-asset CMBS loan against The Franklin prices the property as a leased trophy — and sets its next test on the floating curve.
Slate's Upland Park roll turns construction risk into lease-up
The $245 million permanent loan on Terra's first phase is a same-lender bet on lease-up; the second phase, expected later this year, will show whether that patience extends to new construction.