Term Sheet: US election’s real estate effects; Brookfield’s retail re-up; Nuveen Green Capital’s record C-PACE deal
PERE Credit
PERE Credit is the source for insight and analysis on alternative real estate credit strategies.
Private real estate credit managers are looking toward rates, rent regulations and zoning for momentum indications following US election; Brookfield seals a timely $700 million refinancing to re-up its Denver area retail exposure; Nuveen Green Capital notches a personal record $220 million C-PACE deal for NorCal office tower; and more in today’s Term Sheet.
Tips & feedback to Samantha Rowan or email [email protected]
They said it
“I’ve heard far more interest in investor meetings in the last three months than in the prior three years”
Eric Wurtzebach , global head of real estate at Sydney-based manager Macquarie Asset Management , speaking on?affiliate PERE‘s US roundtable?about investors’ fear of missing out on the next vintage of real estate funds. Read more...
What’s new
Capital in chief
The US this week re-elected former President Donald Trump to be the country’s leader again, prompting all walks of human life to ponder the implications. For the commercial real estate debt landscape and its investors, though, the focus is most closely on the potential for future rate cuts, changes around rent regulation and the impact of zoning on development across the US. Sandy Jacobson , office operating partner and co-chair of the New York real estate group at law firm Allen Matkins , said the number of deals getting done will not be dramatically different. Continue reading...
Storing power
The self-storage sector saw a significant refinancing bump this week. New York-based manager 3650 Capital and bank 高盛 and San Francisco-based bank 富国银行 provided a $315 million financing package for a portfolio of self-storage assets owned by New York-based manager TPG Angelo Gordon .
Trending
Denver retail nuggets
Toronto-based manager Brookfield is re-upping its backing of the retail sector this week with a refinancing in the greater Denver metropolitan area. A report from the Denver Business Journal showed the firm secured a $700 million, five-year refinancing package from an undisclosed lender for the Park Meadows mall at 8401 Park Meadows Center Drive in Lone Tree, Colorado.
Vacancy vacuum
The US multifamily sector continued its downward vacancy trend this week, according to a report from Dallas-based advisory 世邦魏理仕 . Overall vacancy dropped to 5.3 percent in Q3 of this year after hovering near an estimated 5.5 percent one quarter prior. Demand has been outpacing deliveries on a broad basis and CBRE noted the stateside vacancy rate is expected to return to its long-run average of 5 percent in future quarters.
Data snapshot
Delinquency climbing
The delinquency rate of US commercial mortgage-backed securities loans continued to climb in October, according to a report this week from New York-based data provider Trepp, Inc. . The rate increased 28 basis points from September – now totaling 5.98 percent – and was primarily driven by distress in the office sector. Read more...
People
North Bridge expands servicing
New York-based manager North Bridge this week hired Susana Iannicelli as a managing director to bolster its servicing, transactions, and asset management. The firm, which specializes in commercial property-assessed clean energy investments, hired Iannicelli from Uniondale, New York-based lender Arbor Realty Trust where she worked as vice-president of Arbor Private Label.
Loan in focus
Growing C-PACE
Darien, Connecticut-based manager Nuveen Green Capital this week added to its commercial property-assessed clean energy financing momentum with a $220 million deal in San Jose, California. The firm, an affiliate of New York-based manager Nuveen, is funding San Francisco-based manager Jay Paul Company’s refinancing of 200 Park Avenue, a 19-story Class A office tower in Downtown San Jose. Ahmad Cory Jubran , senior director of originations and West Coast head at NGC, told PERE Credit words TK words.