Real estate debt: archive
Every Real estate debt story in Real Estate, newest first. 453 stories
2 stories
Jersey City is where the refinancing roll stops working
A decade of hotel cash flow that never matched its underwriting reaches maturity, and the workout becomes the comp for the 2016 hospitality conduits.
Stockdale puts an owner-operator's edge into a $300 million credit book
With $15 million to $75 million tickets and a $4.5 billion portfolio behind it, the Los Angeles firm is building a demonstration portfolio whose real return is a first look at the assets.
9 stories
Special servicing hits a 2013 high on loans that could not roll
A single $1.10 billion Hollywood studio-and-office loan carried August's transfers, and the mix points to maturity failures rather than broad distress.
Data center CMBS is pricing the wrong risk
The triple-A spread on data center bonds sits 72 basis points wide of office, a gap that acknowledges something is different about the collateral without deciding how different — and the issuance pipeline is about to force the question.
PGIM prices an office-to-storage conversion at completion
The $57 million refinancing at 152 West 36th Street confirms an exit route for obsolete Midtown office, with the sponsor left to prove a rezoning thesis in the lease-up.
Audubon takes a 322-unit Atlanta tower at the loan balance
A 2021 Midtown Atlanta basis clears through the debt rather than a foreclosure, putting one more credit in the hands of a lender that just consolidated a far bigger apartment book.
PNC's $92M Carr loan is underwritten by a tax abatement
A five-year term against a 2028 delivery leaves two decades of abated taxes carrying most of the $92 million.
A 35-year owner terms out and keeps its options
Seven years fixed, four interest-only: a refinancing with no forced clock.
Northwind lends $219M for a conversion that stops at the 11th floor
The second partial-conversion mortgage out of Northwind in three days says debt funds, not banks, now set the price of adaptive reuse — and that the trade only pencils when the leased floors are left alone.
First Citizens refinances Morningstar's Blue Doors storage fund with $157m
A refinance with no disclosed paydown extends a storage relationship and rolls a maturity forward; the next facility will show whether the relationship got priced.
Banor launches a €300-400 million European property debt fund as refinancings keep extending
The bank-retreat thesis is real; the refinancing flow it is meant to feed keeps getting extended, not priced.
1 story
Erieview conversion lands $217.6M on a 2027 clock
Cleveland's downtown conversion is a multifamily underwrite in an office building, and the financing must hold from first draw through lease-up before anyone learns whether it penciled.
8 stories
A $1.1 billion extension with no paydown is a free option
The Hollywood Media Portfolio loan now runs to November 2027 with the coupon untouched and the balance whole, turning a refinancing problem into a leasing question.
HPP and Blackstone buy fifteen months on $1.1B studio loan
The special servicer chose duration over title, and the bondholder now carries fifteen more months of a balance nothing has paid down.
Chapman Market's refi lands just below its decade-ago purchase price
The $29.3 million Voya loan replaces a 2021 bridge at about 15 percent more proceeds—what a performing retail asset looks like when the maturity moves rather than the value.
CREFC hands the top job to a new-issue CMBS desk head
Paul T. Vanderslice takes over Sept. 30, with the council's center of gravity shifted from legislative fights to extension and modification work.
$208M Northwind loan turns a never-occupied tower into apartments
The first mortgage on 141 Willoughby is written against 239 apartments, leaving the commercial podium at 385 Gold an unhedged office bet.
A $70M Florida loan retires one phase and funds the next
One closing takes out phase I's construction loan and preferred equity and carries phase II's build, a refinancing wall resolved by roll rather than by a fresh basis.
Life insurer writes five years on a stabilized Harrison, N.J., apartment building
The $75 million loan on the 398-unit Vermella Harrison works out to roughly $188,000 a unit, and the five-year term does more work than the amount.
S3 lends $45m on a Williamsburg ground lease, leaving the land out of the loan
The Williamsburg tower's credit is a contract — ground rent, term, and a fee owner the lender has to live with.
10 stories
MMCC puts $12.6 million behind an Orange bridge that won't de-lever
Two years of interest-only at 80% LTV leave the property, not the rent roll, as the lender's protection.
Orix writes $275,000 a unit on a Seattle lease-up
Nobody has sold Swell Apartments, so a $55 million refinancing becomes the closest thing to a mark the 2024-vintage building has.
Berkshire buys the rest of MF1 as Limekiln exits
After eight years, Limekiln is out and Berkshire owns all of a lender built on roughly $32 billion of apartment loans, plus the workout still ahead.
Oregon's small-balance apartment market is clearing on bank credit
Three GREA-arranged bank loans carry thirty-year amortization on five- and ten-year terms, deferring the question of value to roughly 2031.
Five years of office financials retire the income-recovery refinance
Trepp's chained medians put office NOI growth at 0.2% a year since 2021 and a five-year debt-yield gain at nine basis points, so the refinancing gap gets closed with equity, not rent.
A Falling CMBS Delinquency Balance Is a Plateau, Not a Peak
Trepp's own caveat — resolved problem loans replaced by new delinquencies — says more about the next year of office credit than the August headline does.
Draper & Kramer places $93.5M refinance on the Elizabeth
The loan resets a coupon on a 2024-vintage tower, but the construction-lending quote inside the announcement is the part that matters.
S3's leasehold loan is a bet on a document, not dirt
A $45 million construction loan on church-owned land in Brooklyn puts the ground lease at the center of the credit.
Affinius and Axonic's sixth deal matters more than the $48 million
A year-old lending partnership between a $30.4 billion manager and a credit shop has closed six deals, and the sixth shows suburban scarcity getting underwritten as the binding constraint.
Illinois Teachers anchors a senior-housing credit fund with $100m
A $100 million pension anchor for a sector-specific lender suggests senior housing debt is becoming its own allocation line.
7 stories
Gantry places $48.3M Freddie Mac takeout on Maple Grove apartments
A full-term interest-only, non-recourse 10-year loan written on a 248-unit stabilized asset sets the price at the front of the refinancing queue.
Canyon puts $67M on Kurv Elizabeth at $240 a foot
The refinancing shows senior debt still clearing on modern industrial in dense corridors, even as resale comps in secondary markets run lower.
Avatar compresses the capital stack on two Jack in the Boxes
A $5.1 million first-lien bridge clears a matured note and folds old subordinate debt into one junior position, leaving the two-year exit as the real test.
Madison Realty funds Whole Foods-anchored Southlake project
A $77 million construction loan outside Dallas leans on a grocery lease and 37 saleable lots, the least speculative form of construction credit's return.
MassHousing closes $14M Westcott permanent loan
The permanent mortgage is the smallest major line in the $69.1 million stack and the last to close.
Canyon provides a $67M senior loan to refinance Kurv Elizabeth industrial
The senior loan prices a 2024-delivered, port-adjacent asset at roughly $240 per square foot in a supply-constrained New Jersey submarket.
Dwight’s $62M Culver City refi buys time, not a sale
The bridge loan on the 139-unit Lana project pays down prior debt and preferred equity, evidence that private lenders will price complicated stacks before lease-up is finished.
3 stories
GAIA and Raymond James buy another year at 55 Hope
A second extension pushes maturity to August 2027 and keeps GAIA out of a refinancing market it has decided not to accept.
New York Life beats the borrower’s bank on $53.5M storage loan
Full-term IO and a 15-basis-point edge give Investec a term sheet its private bank couldn’t match—and a benchmark for the next refinancing.
New York Life writes $53.5M storage refi with full-term IO
A three-property California portfolio gets five years of interest-only debt and a savings claim that the maturity date will test.