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Simon Says Malls Don’t Suck
One of the largest mall REITs in the country reported higher rents and occupancy rates for the quarter. CRE lenders are keeping cash on the sidelines, watching and waiting as the Fed’s rate hikes continue. Meanwhile, KKR launches a new, European real estate credit business arm, targeting $1–2B in originations next year.
Rocket Mortgage Heads Back to Earth as Rates Rise, Refis Dry Up
The Fed’s nonstop rate hikes are making mortgage rates so unappealing that the biggest mortgage lender in the U.S. is down 52% this year. The second-largest cinema operator in the world catches a huge break after settling a billion-dollar debt with landlords and lenders. Meanwhile, NYC real estate investment sales dropped 30% in Q3, impacting every asset class—except for one, which saw 34% growth.
Public REITs are in the 🚽
U.S. apartment prices record a quarterly decline for the first time since the pandemic, reflecting a broader real estate cooldown nationwide. Abu Dhabi’s nearly $1T sovereign wealth fund plans to increase North American real estate investments next year, and other Gulf funds are following suit. Meanwhile, as publicly traded REIT values decline, private, non-traded REITs keep growing…but for how long?
Blackstone’s Convictions
Kathleen McCarthy shares how she’s positioned her company’s $550B portfolio to meet rising inflation. Senior housing is in demand as more Baby Boomers enter their golden years. An investment group helps close an eight-figure deal for Google’s new digs in the Windy City. Meanwhile, an L.A.-based developer shuts down production on its new project in Austin, Texas until the economy shows signs of strengthening.
CMBS Borrowers Face $52B Hurdle
NYC landlords don’t know what to do about tenants selling weed under the table. Pension funds are pulling back on their commercial real estate binge as interest rates rise. Up to $52B in CMBS loans maturing over the next 2 years could be cutting it close. And despite WeWork’s fall from grace, coworking is still very popular.
QOFs Continue on Pace for $10 Billion Year Fueled by Multifamily Investment
Multifamily and commercial investment is outpacing other types of real estate projects in QOFs by a 3-to-1 margin. An under-the-radar real estate sector is earning solid returns for savvy investors. A single-family rental giant is seeking a $1B joint venture partner to bail them out of trouble. And one particularly resilient real estate sector refuses to back down from rising interest rates and high inflation.
🗽 NYC landlords holding 60K+ apartments for "ransom"
🏢 NYC’s 4th-largest office tower opened its doors. 💸 Investors are selling Fannie and Freddie CRTs like hotcakes. 📦 Blackstone (BX) and Prologis (PLD) are vying for control over warehouses. 😮 More than 60,000 rent-stabilized apartments are now vacant — and tenant advocates say landlords are holding them for ‘ransom’.
Demand for manufactured and modular homes, Chicago sells vacant lots, and DSTs are back in style
The demand for manufactured and modular homes that could solve the housing shortage is surging in cities around the U.S. Chicago plans to sell 4,000 vacant lots in an initiative to fight crime and revitalize neighborhoods with affordable housing Investors are turning to DSTs as a flexible and convenient way to diversify their real estate portfolios while also avoiding taxes.
EQT Exeter raises $3B, Titans reach deal for a new stadium, and Yellen sounds the alarm on Treasuries
EQT Exeter raises $3B from global investors for its new and oversubscribed industrial real estate fund. The NFL’s Tennessee Titans reach a deal with the state to build a new, $2.1B football stadium. Treasury Secretary Janet Yellen hints that all is not well with the U.S. Treasuries market. Meanwhile, Bell Partners snaps up a four-state multifamily portfolio for $313M for its latest fund.