Stay up-to-date with the headlines that are attracting the interest of commercial real estate professionals nationwide.
Multifamily & Affordable Housing
Because Veritas Investments has yet to pay $1B in loans for its 95 San Francisco multifamily properties along with the partner for a majority of the loans, The Baupost Group, Eastdil Secured has been marketing the loans.
Despite the large number of apartments ready to hit the market, Redfin found that empty apartments in the U.S. reached 6.4% in Q1 2023, its highest point within the last two years. The Sun Belt multifamily market has been cooling down since the pandemic.
Multifamily construction has been slowing down at the beginning of 2023, with continually increasing interest rates and the rising cost of construction. For REITs, however, this news has been positive as they could acquire more developments for sale.
Despite being a popular summer getaway for the wealthy, Nantucket’s workers are struggling to find reasonably priced housing in the summertime. Its residents are taking steps to bring in more affordable housing.
May 7, 2023 TPG To Acquire Angelo Gordon For $2.7B
As of May 15, 2023, TPG has bought Angelo Gordon, an investment company with $20B of real estate, for $2.7B.
Blackstone will work together with regional banks to funnel loans to insurance companies, according to John Gray, Blackstone’s President.
Given the net losses for five CRE brokerages in Q1 2023, many CRE companies are predicting that economic uncertainty would continue to impact the industry.
Amidst economic uncertainty, office owners have been putting their underperforming assets on the market for lower than their previous estimated worth.
WeWork Capital Advisors has been failing to repay its loans and putting its assets up for sale. Additionally, its tenant, WeWork, has put a pause on rent payments while looking to adjust its lease.
Upon tearing down approximately 11 office properties, Amazon plans to put data centers in their place.