Term Sheet: Bank OZK industrial loans in focus; Cain’s US office financing; Shorenstein’s New York foreclosure
PERE Credit
PERE Credit is the source for insight and analysis on alternative real estate credit strategies.
Mezzanine lenders fill out the capital stacks on a pair of Bank OZK West Coast industrial construction loans this week; Cain International is betting on office construction lending and lines up a $500 million loan for a Beverly Hills mega-project; Shorenstein faces foreclosure after defaulting on a New York office tower; and more in this week's Term Sheet.
Tips & feedback to Samantha Rowan or email [email protected]
They said it
“I do believe in 2024 we’ll have some distress playing through the system, but that will be helpful to getting us to the point of resolution”?
Michelle MacKay, chief executive officer at Chicago-based advisory 戴德梁行 , speaking on Bloomberg’s Wall Street Week about the outlook for commercial real estate and what opportunities are emerging.
What’s new
Middle ground
Bank OZK this week originated construction loans for two separate industrial projects, with the Little Rock-based bank working with alternative lenders to provide mezzanine financing for each deal. The financing packages for the large-scale industrial construction projects also provide a clearer picture into the role private credit lenders are increasingly playing in capital stacks for senior lenders. Get a breakdown of the loans here....
Trending
Sign of the Times
The special servicer on New York’s 1407 Broadway, a roughly 1.1 million-square-foot property near Times Square owned by Shorenstein Properties, filed to foreclose on the asset about six months after the San Francisco-based manager defaulted on a $340 million commercial mortgage-backed securities loan. The foreclosure by Cleveland, Ohio-based special servicer, KeyCorp Real Estate Capital Markets, was reported by Trepp. Read more...
Loan in focus
Bridge to Brooklyn
New York-based investment trust Dwight Mortgage Trust LLC this week originated a $108.2 million bridge loan to refinance existing debt and help complete construction and lease-up of a high-rise apartment tower in the Bath Beach neighborhood of Brooklyn. A Dwight Capital affiliate provided the funding to commercial real estate investors Solomon Rubin and Chesky Rosen for their 31-story multifamily development...read more
Interesting to see the focus on industrial loans and office financing. What do you think will be the key trends in real estate lending this year?