Apollo and Barings’ Indianapolis hotel financing; Federal Reserve keeps rates steady; Oaktree taps PACE market for Los Angeles office tower
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Barings and Apollo Global Management, Inc. fund an Indianapolis hotel financing in one of the year’s largest loans; the Federal Reserve leaves rates unchanged; PGIM Real Estate names a new head of agency lending; and more in this week's Term Sheet.
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They said it
“I don’t know where the labor’s going to come from”?
Hamid Moghadam , chief executive of San Francisco-based Prologis , on the potential impact of stricter immigration policies on the industrial sector.
What’s new
Midwest hospitality
The Midwest hospitality market received a lending bump this week. PERE Credit exclusively learned that Charlotte-based manager Barings and affiliates of New York-based manager Apollo Global Management, Inc. Global Management originated a $113 million refinancing package for the 575-room Westin Indianapolis. The property is backed by an affiliate of Denver-based manager and investor KSL Capital Partners .
Agency call-up?
Agency lending is getting a new look at Fannie Mae and PGIM Real Estate. Kelly Follain , current head of agency lending at the New Jersey-based manager, is taking on the role of executive vice-president and head of multifamily for the government-sponsored enterprise.
Trending
The right office?
The story around lending on the right office continues to playout. Chicago-based real estate firm METROPOLIS Investment Holdings Inc. this week paid off a $150 million loan with Massachusetts-based lender MassMutual for its downtown San Francisco office, 345 California Center. Continue reading...
Data snapshot
Lenders take note
Commercial real estate investors are gearing up to inject more capital into the US commercial real estate market in 2025, driven by favorable pricing and despite the challenges posed by interest rate fluctuations, according to the CBRE’s 2025 US Investor Intentions Survey, published last week. Seventy percent of US real estate investors surveyed expect to increase their buying activity this year, a significant increase from 61 percent in 2024 and just 16 percent in 2023. Read more takeaways from affiliate title PERE Deals here (registration required).
People
Global grounding?
New York-based investment manager KKR this week hired Guy A. Metcalfe as senior adviser of its global real estate team, working to support the firm’s real estate investment activity, platform growth and other strategic initiatives. Metcalfe is a board member and senior adviser to six other real estate or investment management firms at present, including Toronto-based manager Cabot , New York-based manager Town Lane and Boston-based manager Beacon Capital Partners .
Building affordable housing?
Walker & Dunlop this week brought on Matthew Wiener and Preyaa Strzalkowski to fill senior roles in its affordable housing team. Wiener, a senior managing director, and Strzalkowski, managing director, join the Bethesda-based investment management company from San Francisco-based 富国银行 , where they filled similar roles.
Loan in focus
PACE-setters?
A growing number of office owners are turning to C-PACE financing to fill out the capital stack on their properties. The most recent example is PACE Loan Group ’s origination last week of a $24 million commercial property-assessed clean energy financing package to fund renovation work on an Oaktree Capital Management, L.P. -backed office tower at 444 South Flower Street in downtown Los Angeles.
Get the details of this week's Term Sheet here.