Blackstone's $195 million commercial mortgage-backed securities (CMBS) loan for the office tower at 211 Main Street in San Francisco has entered special administration, but a loan modification is currently underway, Commercial Observer has learned. The loan was split into three CMBS transactions — JPMCC 2017-JP6, DBJPM 2017-C6 and JPMCC 2017-JP7 — and was scheduled to mature this month. See also: Wells Fargo to lend $55 million to renovate affordable housing on Staten Island The transfer to special servicing firm Midland Loan Services is part of Blackstone's efforts to secure an extension of the loan, according to people familiar with the…
Author: Private Lending Agent
Startup business grants provide free funding to help small businesses grow without debt. Competition for small-business grants is fierce, however, and many awards require a minimum time in business — often at least six months.In some cases, newer businesses or true startups may be able to access grant funding, but these options can be more difficult to find. Nevertheless, it can pay to know where to look for future financing.Here are the best business startup grants, plus alternative funding sources to consider.We’ll start with a brief questionnaire to better understand the unique needs of your business.Once we uncover your personalized…
First reaction: Falling real estate debt costs Lower policy rates are a necessary catalyst for broader interest rate declines, including CRE debt costs. The historical relationship between policy rates and debt costs is well established. Real estate debt costs are priced at a spread above certain base rates, including the Federal Funds rate. The spread changes over time. As policy rates increase, spreads onto real estate debt costs narrow, ultimately driving real estate debt costs up to maintain a premium above base policy rates. In contrast, lower policy rates also reduce pressure on debt costs, ultimately creating room for debt…
We were recently invited to tour the St. Regis Residences in Boston's Seaport District, and below are our impressions and some photos from the tour. Unit prices: $2M – $13M. Approximately 50% sold. 114 units total. good point: Location. Boston's Seaport is a great place to be. Located on Seaport Boulevard, the St. Regis has a great location with some of the best views of the water, the airport, and parts of downtown Boston. Finishes. The design team left no stone unturned. The top-of-the-line Wolf appliances and overall design choices are exquisite. Every detail has been carefully considered. If you…
Denholtz Properties Breaks Ground on New Coastal Living Community in Atlantic Highlands April 11, 2024 Yesterday, executives from Denholtz Properties joined project partners, investors and prospective residents to celebrate the start of construction on Brant Pointe, a community of 16 custom-built single-family homes located on Sandy Hook Bay in New Jersey's Atlantic Highlands. The first homes are scheduled to be completed in early 2025. Denholtz Properties has appointed Deborah James of Sotheby's International Realty as sales manager for the property. Construction is being managed by Lead Dog Custom Homes, a Red Bank-based luxury homebuilder. Located on the Atlantic Plateau, Brant…
Twenty-four companies on the PERE 100, which ranks the world's largest property management companies by capital raised, also appear on the Real Estate Debt 50 list, which lists the largest fundraisers of real estate debt. Other companies on the top 100 list also own real estate debt platforms of various sizes. In most cases, these managers entered the real estate lending space either organically, by making a major hire and building their team over time, or by acquiring an existing real estate lending platform that already had a team in place. Blue Owl, ranked 15th on the PERE 100, has…
Florida tenants and real estate license holders can expect a significant reduction in their sales tax burden starting June 1, 2024. In a move that reflects the state’s ongoing efforts to create a more business-friendly environment, the state sales tax rate levied on commercial rental property under Florida Statute (FS) Section 212.031 is set to decrease from 4.5% to just 2.0%. What is commercial leasing? Commercial rentals refer to a variety of real estate contracts, including leases or licenses to use real estate such as commercial offices, retail spaces, warehouses, self-storage facilities, etc. The term “total rent charged” includes all…
WASHINGTON – AI, operational real estate and office transformation are commercial real estate trends catching Goodwin’s attention ahead of the annual Real Estate Capital Markets (RECM) conference. After a recent downturn, the commercial real estate industry may have a bright future. According to investment information website PERE, private real estate investment funds remain very attractive to investors globally, with 39% of investors intending to increase their investments in private real estate this year compared to last year. Link to https://floridarealtors.org/tools-research/commercial-real-estate-resources Find out what's happening in commercial real estate across the country and state, plus other resources just for commercial real…
While the outlook for Twin Cities offices is undoubtedly bleak in the era of hybrid work, there is at least one bright spot in the commercial real estate world: life sciences. This vast sector includes a wide range of companies, including medical technology companies and device manufacturers such as Medtronic, and is part of Minnesota's booming economy, with the Twin Cities one of the top areas for medical technology jobs in the country and set to receive millions of dollars in federal support. New data bears that out, with average vacancy rates for life sciences buildings dropping to just 3.3%…
Pictured from left: Raquel Collier, Bailey Tollison, Sarah Lamnion, Brianna Mistretta and Brandi Chapman Download Image April 11, 2024April 11, 2024 The Clemson Real Estate Club recently partnered with the Upstate Commercial Real Estate Women (CREW) network to bring CREW members to campus to participate in a panel this spring highlighting various careers related to the commercial real estate industry. The CREW Network is an organization with chapters around the world dedicated to supporting women in the commercial real estate industry, and the CREW Foundation was established to support female students in higher education who wish to pursue a career…