The Wrap: archive
Every The Wrap story in Real Estate, newest first. 85 stories
1 story
Man Group, Meiji Yasuda announce $1.25bn partnership
No strategy, sector or term is disclosed for the $1.25 billion commitment.
2 stories
Tishman Speyer, Bouwinvest launch office fund with Chrysler Building
Neither firm disclosed a commitment or a target size, and the Chrysler Building comes first as JLL reports Manhattan trophy vacancy at a 4.9% cycle low.
Blackstone opportunistic real estate funds fall 3.2%
BREIT raised $1.3 billion while real estate AUM slipped to about $309 billion.
2 stories
BX 2021-21M's $1.3 billion Blackjack loan enters special servicing
The trust is down to six properties and 1,842 units, with three months to sell, per Multifamily Dive.
Apollo funds commit $1.34B to UDR apartment venture with 7%-7.5% repurchase option
UDR keeps one-third, manages the 19 communities for a fee, and can repurchase Apollo's stake after five years at a 7% to 7.5% return.
1 story
PHP and GIC agree to form $938M UK hospital joint venture
PHP expects about £500 million ($670 million) of net proceeds to repay bridge financing from its 2025 Assura acquisition and a £266 million term loan.
1 story
EQT signs deal to buy Stockbridge manager for reported $375M
The acquisition adds $16.5 billion in fee-generating assets; Two Sigma's real estate unit pauses new investments, The Real Deal reports.
2 stories
Boston Properties closes 10.6% stake sale in 343 Madison to AVRS Partners
The 46-story Midtown tower is 56% pre-leased and carries $1.2 billion in construction financing, Commercial Observer reported.
BXP sells 10.6% of 343 Madison tower to AVRS Partners
The 46-story Midtown project is 56% pre-leased and has $1.2 billion in construction financing, Commercial Observer reported.
1 story
BridgeCity closes $83.5M loan for Midtown East office conversion
BXP sold a 10.6% stake in 343 Madison Avenue to AVRS Partners at a $2 billion valuation, and Aviator House opened as Washington, D.C.'s first completed Housing in Downtown conversion.
2 stories
Terra refinances Bay Harbor Islands office with $183.8M Monroe loan
The new $183.8 million loan is $54.2 million less than the $238 million it replaces, even though the building is more than 90 percent leased.
PACE Loan Group, Nuveen Green Capital finance $140M in data-center C-PACE loans
A $100 million Missouri loan was the largest C-PACE deal in state history, and PDG separately agreed to sell five Indonesian enterprise data centers to Sinar Mas-backed SMPlus.
2 stories
White House CRA rule change would exempt smaller banks from community development investment rules
The comment period is set to close Tuesday, and the National Community Reinvestment Coalition estimates $87 billion a year in community development could be at risk.
Soar AI secures up to $1 billion equity line for industrial-to-data-center conversions
The equity line targets an Ohio campus with 154 megawatts available and a roadmap to 480 MW, plus brownfield sites.
2 stories
Avison Young counts $3.4T U.S. manufacturing pipeline, with $500B committed to active projects
Roughly two dozen of the 124 proposed or announced projects are under construction.
San Francisco closes 20 office leases over 100,000 square feet
Nine more leases are pending, which would bring the year's total to 29 deals of that size.
2 stories
VIRTUS secures £2.45bn from 13 banks for UK and European data-centre build
The package includes a £1.2bn green capex facility available through term and revolving tranches.
Nuveen reaches A$1 billion first close for Australian real estate debt
Temasek returned after backing the prior A$650 million vintage and Tishman Speyer bought a 466-room Vienna student housing block.
3 stories
Hines Global Income Trust pays $170.5M for Dallas portfolio
The Bishop Arts apartments are 95% leased and the retail is 98% leased across 22 tenants, while Yardi puts September advertised rent at $1,775, down 0.1% from August.
Green Street: Mall values rise 13% as 250 Class-A properties hold 90% of value
Our tracking puts $8.7 billion of mall CMBS in special servicing.
Industrial debt roundup: NorthPoint-BGO refinance, BridgeInvest's $43.2M loan
The Las Vegas warehouse refinance rests on a HEYDUDE lease extension providing $111 million of payments through 2033, about 87 percent of the $127.4 million loan balance.
2 stories
Commercial Observer: Fed hike raises the equity hurdle for NYC multifamily buyers
A property that penciled at 65 percent leverage may now work only at 55 or 60 percent, a Commercial Observer column says.
BDT & MSD to buy majority of Sunrise Senior Living at $1 billion valuation
BDT & MSD's first senior housing investment comes as occupancy crosses 90% and inventory grows 0.4%, while Capital Square launches a 72-home Texas DST.
1 story
What five industrial deals show about pricing by building function
Amazon paid $195 million in Chicago, a Fort Lauderdale campus sold for more than triple its 2013 price, and a half-leased flex building outside Boston fetched about $93 a square foot.
3 stories
Hines names David Steinbach first president and Alfonso Munk global CIO
The appointments take effect Jan. 1, 2027, under co-CEOs Adam Hines and Laura Hines-Pierce, with Jeff Hines moving to chairman.
Insurers raise commercial real estate LTVs fastest as states cut data-center tax breaks
MSCI puts carriers at 62.7% loan-to-value in the first half of 2026, up 2.5 points but still 3.2 points below the 65.9% market average.
Griffin paid $1.1 billion for Wynwood land in a wave of pre-construction deals
Vestar wins a $3 billion Mesa approval and Massachusetts awards $330 million for unbuilt housing
1 story
Manhattan office availability falls to 2020 low as leasing tops 10-year average
Third-quarter leasing ran 19.2 percent above its 10-year average and available space hit the lowest level since 2020, while the 10-Year Treasury held at a 19-year high.
2 stories
Hines promotes Adam Hines to co-CEO as Jeffrey Hines moves to chairman
The co-CEO change takes effect Jan. 1; David Steinbach becomes the firm's first president and Alfonso Munk moves into the global CIO role.
PCCP and life insurers close refinancings as the 10-year Treasury hits 5.3%
A $68.3 million loan on a half-leased Mesa warehouse and a five-year life-company loan on Charlotte office point to patient capital absorbing risk rather than forced sales.
4 stories
Bert Crouch to succeed Jess Lipsey as CEO of Apollo's $123 billion nontraded REIT
Spencer Propper has resigned as portfolio manager of the $3.3 billion Apollo Diversified Real Estate Fund and will stay through March 31 as Jonathan Stachel joins Stuart Rothstein as manager.
National Real Estate Advisors promotes Ben Kanne to managing director of investments
Kanne, who helped launch the firm's 2021 data center fund, now oversees the investment team and the recommendations that reach the investment committee.
L+M Companies promotes Ellertson to CEO, Van Syckel to president
Lisa Gomez will move from chief executive of L+M Development Partners to executive chair of the parent as the firm targets growth beyond its current 15 states.
BlackRock impact fund writes $80 million Miami construction loan
Greystone's $167 million Miami stack used an impact fund loan, tax credits and a Freddie Mac forward, with no bank in the group.
1 story
Brixmor and Everview agree to take Slate Grocery REIT private at $13 a unit
The all-cash offer values the grocery-anchored landlord at $2.3 billion, with Brixmor taking 23 centers and a joint venture taking the other 92.
2 stories
Crescent Heights files 1,030-unit Live Local plan for Miami's Edgewater
The proposal reserves 412 apartments at up to 120 percent of area median income and seeks a 50 percent parking reduction after multifamily starts fell nearly 22 percent in August.
Oracle's rent notice and PJM's curtailment plan test who carries grid risk
A mutual-consent force majeure clause turns an $18 billion data-center debt stack into a negotiation over when the rent stops.
3 stories
Retail's clearing price is now an anchor commitment
A half-fund anchor, $72.3 million of mezzanine and an undisclosed all-cash sale are the week's retail marks; whole-asset comps have stopped printing.
The easiest office conversion never had a tenant to move
Two Northwind construction loans totaling $427 million test partial conversion as a debt-stack trade before it is a design one.
Data-center capital now prices a Senate vote
Blue Owl's $25 billion income bid and the build-out ask now trade on a Senate calendar.