Term Sheet: Brookfield’s debt extension; Fortress’s IOS milestone; Retail’s renewed energy

Brookfield Properties puts durability on display with a loan extension on One Liberty Plaza and separately sets up succession for real estate debt strategy leader Andrea Balkan; Fortress Investment Group signals confidence in the industrial outdoor niche, securing the first SASB commercial mortgage-backed securities loan backed by these assets; Taconic Capital Advisors is aiming for the best, or most dislocated, of both debt and equity fund worlds with its latest fund launch; and more in this week's Term Sheet.

Tips & feedback to Samantha Rowan or email [email protected]

They said it

“This isn’t a time to be a macro player; it’s a time to really understand the real estate”?

Dean Shapiro , global head of development at Toronto-based manager Oxford Properties Group , said to Bloomberg this week about the current real estate strategies of private equity firms.

What’s new

Extensions and exits?

Toronto-based manager Brookfield Properties saw its debt business enter the spotlight this week with a critical loan extension and the planned departure of a senior executive.

• Liberty for all: Brookfield Properties’ extension of a $750 million loan on its trophy office building at One Liberty Plaza in New York confirmed a clear trend in the lending market: capital remains available for the best office properties. The Toronto-based firm this week negotiated the extension on the property – which has historical occupancy of 95 percent – with a slew of lenders led by New York-based 摩根士丹利 , said Bradley Weismiller, managing partner and head of capital markets in the firm’s real estate group. “One Liberty is one of the top office buildings in Lower Manhattan, and the large number of lenders who participated in this loan is a strong endorsement that this is a well-positioned asset for the future,” he said.
• Strategy succession: Meanwhile, Andrea Balkan, the long-time head of Brookfield 's real estate debt strategy, announced this week....

Trending

Not lacking luster

The battle for self-storage market share in the US is taking up almost as much airtime as its consumer-oriented television counterpart. Minneapolis-based manager V?rde Partners this week originated a $185 million loan that will be used to refinance debt on a portfolio of self-storage properties on behalf of a joint venture between Lake Forest, Illinois-based developer and operator Metro Storage and San Francisco-based Bechtel family office affiliate Fremont Realty Capital. Jim Dunbar, partner and head of real estate lending at V?rde, told PERE Credit...read in full....

Launch pad

Hybrid theory

Targeting dislocation has been a central investment theme for many real estate investment managers in the current market. New York-based manager Taconic Capital Advisors this week launched the Taconic CRE Dislocation Onshore Fund IV with a target size of $1 billion to tap into debt and equity opportunities in the real estate industry, SEC filings show....

Read in full....

Read this week's Term Sheet in full over on PERE Credit.....