Worthe Real Estate Group的动态

The New York office and retail complex’s owner, Tishman Speyer, is looking for $3.5 billion of debt. Some of the cash is needed to pay off a roughly $1.7 billion commercial-mortgage-backed-securities loan that matures in May next year. The Rockefeller deal will be closely watched by owners of other well-known offices that need to refinance their debts soon, including New York’s Seagram Building. It has been hard to find capital to pay back maturing loans on bigger properties. Only 30% of the office loans worth more than $100 million that matured this year were paid back on time, data from Moody’s CMBS shows, with the rest either getting extensions or defaulting. By comparison, 70% of loans worth less than $10 million were paid back on time—a sign that lenders are much more comfortable issuing smaller mortgages for now #CRE #CMBS #WFH #NYC

Tishman Speyer is seeking a $3.5 billion mortgage loan for Rockefeller Center. Office landlords (particularly owners of older properties) with mortgage loans coming due have been struggling to refinance their debts. But Rockefeller Center is uniquely well-positioned for a refinance -- the property contains a mix of office and retail (including Radio City Music Hall and the iconic ice rink) and was 95% occupied as of June 2024 with a healthy debt-service coverage ratio of approximately 2 times the current debt payments. This is a major test of lenders' willingness to refinance trophy office assets and would be the largest office deal since SL Green secured a $3 billion loan for One Vanderbilt in mid-2021, before interest rates started rising. "Two recent deals suggest that lenders are starting to differentiate between high-quality offices and the duds. A $500 million loan at 330 Madison Ave. was successfully paid off in August, and so was a $437 million loan on 300 North LaSalle in Chicago. But lenders won’t refinance just anything—both properties were fuller than average and tenants were locked into their leases for several more years, effectively guaranteeing the buildings’ income."

There's still time to register! Join real estate partner Kyle Fox for our next complimentary Lunch & Learn presentation on Wednesday, September 11. Kyle will present "The Structural Elements: Commercial Leasing Basics for Landlords," where he will discuss the “structural elements” of a commercial lease from a Landlord’s perspective, including best practices and potential pitfalls to consider as you draft and negotiate commercial leases. ???????????? ???? ???????????? ???? ????????????! ?????????? ???? ??????????????! The program will qualify for 1 hour of PA CLE?substantive?credit. ???? Learn more and Register today! ???????? ???? ????????????????! #LunchAndLearn #CLE #PACLE #LandlordLeasing #CRE #CommercialRealEstate #CommercialLeasing

Just announced! Join real estate partner Kyle Fox for a complimentary Lunch & Learn presentation on Wednesday, September 11. Kyle will present "The Structural Elements: Commercial Leasing Basics for Landlords," where he will discuss the “structural elements” of a commercial lease from a Landlord’s perspective, including best practices and potential pitfalls to consider as you draft and negotiate commercial leases. ???????????? ???? ???????????? ???? ????????????! The program will qualify for 1 hour of PA CLE?substantive?credit. ???? Learn more and Register today! ???????? ???? ????????????????! #LunchAndLearn #CLE #PACLE #LandlordLeasing #CRE #CommercialRealEstate #CommercialLeasing

Even AAA-rated CMBS bonds are experiencing shifts in the office market, as seen with the bondholders of Blackstone’s $308 million loan for 1740 Broadway recovering 74 cents on the dollar after the building sold for half its previous value. This marks the first loss for AAA-rated CMBS bonds since the Great Financial Crisis. With over 6% of office loans in CMBS delinquent, it will be intriguing to see how the office market evolves and what opportunities might arise in the retail sector as a result. #cre #officeevolution https://lnkd.in/eayVrag4

The stress in office is in the beginning innings. Most office buildings have long(er) term leases that have yet to expire. Or they have and kicked the can to buy time. Tenants are trying to determine how much space they need and what is the best design and functionality for the space they keep. Maybe hard to believe but while many tenants are contracting, there are others taking more space. You don’t want to be an owner of older Class B or C office space right now. Many of these are going to need to be redeveloped or repurposed for the small amount that it’s feasible. This is a slow melting iceberg like large retail malls were. #office #cre #commercialrealestate

Many factors influence a landlord’s decision to modify the terms of a lease for a financially unstable tenant. If restructuring a lease is deemed to be in the landlord’s best interest, there are a few common approaches landlords can take to best protect those interests. Thank you to our Laura Kaplan for sharing these approaches in our latest DE Insight. #commercialrealestate #residentialrealesate #realestateinvestor #realestateinvesting #tenantmanagement #DEinsights https://lnkd.in/eV6hgW-d

This week's top financing deals featured a $165.7 million refinancing for three Ohio multifamily properties, a $150 million loan to acquire a six-state industrial portfolio, and $106 million from New York City to fund a 100 percent affordable housing development. Get the details and see the rest of this week's top financing deals:?https://lnkd.in/eiJeFr3c #CommercialRealEstate #CODealsoftheWeek

Scoop: Another building in downtown #SanFrancisco heads into receivership. More here: The six-story office building was acquired by investor The Kivelstadt Group (the team that also owns Kivelstadt Cellars winery) during peak office demand in the early 2010s, and it was once home to offices for StumbleUpon (RIP) and Stripe. Now it just might be the latest instance of a property owner handing back the keys rather than continue payments on a loan tied to a potentially significantly devalued building. The loan wasn't supposed to mature until July, but it looks like lenders beat TKG to the punch by accelerating the obligation to December 2023 after the first few months of default, per a recent lawsuit from the bondholders. #cre #bayarearealestate #office #commercialrealestate #bayarea #sanfrancisco #officeleasing #officevacancy #downtownsf

In today's real estate market, the adage "Location, Location, Location" holds truer than ever. With over $900 billion in commercial real estate loans maturing in a higher interest rate environment, knowing where to invest is crucial. But it's not just about the location; it's about being quick, strategic, and informed. Discover how family offices are seizing once-in-a-decade opportunities: #CommercialRealEstate #FamilyOffices ?