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Top Read CRE News In June

Keep yourself informed with the headlines that are capturing the attention of commercial real estate professionals across the country.


Office


Monday Properties has ceased making a variety of loan payments for its seven office assets, citing the effects of the pandemic and rising interest rates.



According to Christian Ulbrich, CEO of JLL, some office markets may soon experience increased activity, as a number of its companies and employees go back to working in person.



While lenders are figuring out how to stretch out their lending terms, owners of office assets need to determine whether or not to keep and pay for their properties until the end of 2025.



By last June, Nightingale raised over $53M, which came from investors via the CrowdStreet platform, for the purchase of the Atlanta Financial Center. However, because the deal is still in progress, some investors have been requesting that their money be returned to them.


Capital Markets


Artemis Real Estate Partners landed $2.2B for its fund, with some contributions from previous investors. The company has been looking into CRE in regions that may offer assets at a reduced price.



Some national banks have been looking to sell their CRE loans at a lower price point.



Building owners can learn more about special servicing, specifically what it is, why CRE loans go through special servicing, and the overall process.



For Q2 2023, Goldman Sachs assets were undergoing declining CRE values. According to David Solomon, CEO of Goldman Sachs, although this negatively impacts the bank, it would be more detrimental for banks of a smaller scale.



Tishman Speyer is allocating $150.2M of financing toward transforming a mall into a development that will contain 320 multifamily units as well as 90K SF of shopping spaces.


Multifamily


According to the National Multifamily Housing Council, insurance rates for multifamily construction businesses and building operators have risen by 26%, which will lead to rent increases.


Retail


Eight Brookfield malls have been going through financial struggles, which includes difficulties with repaying debts.


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