Term Sheet: New York Life’s industrial ante; Worldwide Plaza’s servicing status; Barings’ backyard bet
PERE Credit
PERE Credit is the source for insight and analysis on alternative real estate credit strategies.
New York Life is upping its industrial debt exposure this week with a $570 million financing for EQT Exeter; SL Green Realty Corp. and RxR Realty - REALTORS by Referral are contending with obstacles at Worldwide Plaza with the office’s loan sent to special servicing; Barings looks to its North Carolina backyard for a $134 million financing for a mixed-use multifamily asset in Raleigh; and more in today’s Term Sheet.
Tips & feedback to Samantha Rowan or email [email protected]
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They said it
“We have seen investors conduct more forensic analysis of geopolitical risk when assessing deals at the investment committee level. Instability is now a given”
Philip La Pierre , head of Europe at Chicago-based manager LaSalle Investment Management , told affiliate title PERE this week there is more hesitancy among the investor community today compared to a year ago.
What’s new
Lap of lending luxury
High-end hospitality assets have maintained steady refinancing momentum this year. An affiliate of Chicago, Illinois-based Strategic Hotels and Resorts added to the wave this week, landing a $1.58 billion commercial mortgage-backed securities loan to refinance a nine-property luxury hotel portfolio. Read more...
Worldwide modification
Worldwide Plaza Condominium , the storied office complex on West 50th Street in New York, is facing headwinds. Its owners – which include New York-based real estate investment trusts SL Green Realty Corp. and RxR Realty - REALTORS by Referral – are seeking to modify a $940 million commercial mortgage-backed securities loan on the 1.8 million-square-foot property.
Trending
Moniker makeover
3650 REIT, the national alternative commercial real estate private credit provider, this week took on a new name: 3650 Capital . The rebranding comes as 3650 Capital seeks to demonstrate the way in which the company has evolved, said Toby Cobb , co-founder and managing partner.
Since inception, the firm has expanded its origination, servicing and asset management platform and built out a full range of long- and short-term lending products.
Mixed bag
Not all lenders are at risk from a perceived decline in property prices seen since 2022, according to a report released this week by New York-based data provider MSCI Inc. Co-authors Jim Costello and Fritz Luow noted there have been specific factors allowing lenders to avoid stress.
Data snapshot
Patience, please
Private real estate executives waiting for a fundraising recovery may need to be patient for longer.?Affiliate PERE’s fundraising report published October 9 showed capital raising activity remained on a downward trajectory during the first nine months of the year.
Loan in focus
Smoke signals
Charlotte, North Carolina-based manager Barings has found its latest financing opportunity in its backyard. A joint venture among three developers secured a $134 million loan from Barings to refinance a Raleigh, North Carolina mixed-use property, the lender announced this week.