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JLL: Landlords Face $1.5T In Loan Maturities By End Of 2025
U.S. landlords face a major wall of maturities in the coming year, with multifamily buildings at the forefront. Commercial real estate landlords are estimated to have roughly $1.5T of debt to come due by the end of 2025, according to JLL. The U.S. had $2.1T of commercial real estate debt set to mature between 2024 and 2025, but 30% of that was refinanced in the first half of this year, the firm found.
Billionaire Family Plans Nearly 3,000 Apartments Outside Fort Lauderdale
The Ansin family has plans to transform a vacant expanse next to its Miramar business park into a bustling community. Miramar-based Sunbeam Properties is proposing a 126-acre mixed-use development called Park Miramar roughly 20 miles southwest of Fort Lauderdale. It's planned to include 2,874 apartments, a 185-key hotel, 240K SF of retail and restaurant space, 128K SF of office space and 7,859 parking spaces.
This Week's Houston Deal Sheet: 45K SF Entertainment Experience Signs On At Signorelli Co.'s Valley Ranch
Lumos, an entertainment experience with augmented reality, 40-foot LED screens, bowling, laser tag, ax-throwing and arcade games, is set to open in The Signorelli Co.’s Valley Ranch Town Center in spring 2025. Lumos and The Signorelli Co. announced the lease agreement for 45K SF at 22296 Market Place Drive...
Proposal To Create More Data Centers Within Chicago City Limits Earns Committee Approval
A city subcommittee approved an ordinance Wednesday aimed at incentivizing developers to build data centers in Chicago. The Chicago Data Residency Ordinance, spearheaded by 36th Ward Alderman Gilbert Villegas, aims to influence companies to store city data within city limits and support the development of new data centers within Chicago. The city's Committee on Economic, Capital and Technology Development approved the proposal and it is now scheduled for a full city council vote on Sept. 18.
This Week's Atlanta Deal Sheet: Modern Art Museum Moving To Goat Farm
The Museum of Contemporary Art of Georgia is developing a new location to display the works of Wayne Kline, Kojo Griffin, Ilia Varcev and Cedric Victor. The museum has filed a permit to construct a nearly 24K SF facility at 1260 Foster St. in West Midtown. The two-story project would include art galleries, a workshop, a sculpture garden, an administrative space, a conference room and a rooftop terrace, according to the application.
Irish Business Owners More Likely To Pay Premium For Office-Based Workers, JLL Says
More than half of Irish businesses could envisage paying staff a premium to work from the office, although few anticipate a return to the five-day office week, according to a new report from adviser JLL. Despite the challenging commercial real estate landscape and mixed economic environment, Irish business leaders are...
Weekend Interview: Chiefs’ Marquise Brown Tackles Real Estate To Help Secure NFL Players' Futures, Says 'I Owe It To The Game'
This series goes deep with some of the most compelling figures in commercial real estate: the dealmakers, the game-changers, the city-shapers and the larger-than-life personalities who keep CRE interesting. Kansas City Chiefs wide receiver Marquise “Hollywood” Brown is well-known for catching bombs and scoring touchdowns on the football field....
Submit Your Nominations For Bisnow's 2024 New York Power Women
More women are taking on powerful roles in New York City real estate than ever, and to recognize their growing influence, Bisnow's annual event celebrating the female leaders in the industry is back for another year. You had to be nimble in 2024, and this year's New York Power Women...
Digital Realty Wins Incentives, Could Invest $1.9B On Data Center Campus In Garland
A data center campus that may cost as much as $1.9B is underway in Garland with help from city incentives. Data center location and solutions firm Digital Realty started work in the fourth quarter of 2022 on two data centers that will be part of the new campus. That first phase of the project, budgeted at $400M, will bring 16 megawatts of capacity when it is completed later this year, according to a press release from the city of Garland.
Silicon Valley’s Data Center Market Starting To Lose Its Luster
Historically, Silicon Valley’s data center market has been robust, but the price of doing business in California could quickly quell tenant demand. Analysts have concerns about the sector’s ability to grow as utility giant Pacific Gas & Electric continues to hike energy prices, construction costs keep rising and California’s permitting process becomes increasingly onerous.
CIM Looks To Sell Mostly Vacant Boston Office Building After Proposing Conversion
One of the largest buildings proposed for an office-to-residential conversion under a new Boston program has now been put up for sale. Los Angeles-based CIM Group has listed the 93K SF 95 Berkeley St. for sale with CBRE marketing the property, Banker & Tradesman first reported. The office building is 12% leased.
‘It’s Going To Be A Grind’: Life Sciences Developers Don’t See Oversupply Problem Ending Soon
The life sciences market is still reeling from a bout of severe whiplash after a boom in development and funding in the early days of the pandemic ground to a halt in 2022. Now, with rate cuts on the horizon, tenants are expected to start making moves again, sparking cautious hope in the real estate industry that the downturn is turning around.
Why Interest Rate Cuts May Not Be A Cure-All For What Ails CRE Lending
As investors anxiously await the Federal Reserve's move next week, fund strategists, heads of investment firms and bank executives are girding for an economic slowdown if not an outright recession. Much of the commercial real estate sector is pinning its hopes on a rate cut unlocking credit markets, but lenders...
Lawmakers Scramble To Reform Eviction Law That Upended D.C.'s Housing Industry
An under-the-radar tweak to Washington, D.C.'s Emergency Rental Assistance Program passed in 2022 created a loophole that is at the heart of the existential crisis engulfing the District's affordable housing sector. The new rule barred tenants from being evicted from their homes as long as they had a pending application...
Brookfield Predicts Robust Office Recovery And Market Rebound
Brookfield Asset Management believes the commercial real estate market is poised to rack up wins as it recovers from inflation, high interest rates and a tight lending environment. And at an investor day event this week, Brookfield executives said they expect the office market, in particular, to rebound in a...
Developers Say Money Just One Ingredient In Pulling Off Adaptive Reuse Projects
Not every old building is a good candidate for an adaptive reuse project, and those working in the space say it is vital to gather the right ingredients upfront to make conversions successful. Funding is always most of the battle. But beyond that, the recipe includes teaming up with the...
Citizens Bank Starts Foreclosure Proceedings On Upper Manhattan Multifamily Portfolio
Citizens Bank has filed suit against a pair of real estate investors, claiming the borrowers defaulted on mortgage payments tied to a large Upper Manhattan multifamily portfolio. Chaim Katzman, a shopping center developer, and retail developer Shaul Rikman may lose an eight-property portfolio of prewar apartment buildings in Hamilton Heights,...
Steward To Hand Over Hospital Operations In Deal With Medical Properties Trust
An initial settlement between the U.S.’s largest hospital landlord, Medical Properties Trust, and its tenant Steward Health Care that will keep nearly two dozen hospitals open by turning over operations to other managers has received initial court approval. The new settlement would also mean that about $2B in lease...
Madison Realty Capital Raises More Than $2B For New Debt Fund
One of the most prolific firms that toes the line between investor, developer and lender has raised more than $2B for a new debt fund. Madison Realty Capital closed its sixth debt fund after raising $2.04B in equity commitments, the firm announced Thursday. The fund, MRC's second that eclipsed $2B, would both originate and purchase loans in the U.S. for multifamily properties, hotels, student housing, industrial, retail, office and land plays.
‘It’s A Fine Line’: PowerHouse Exec On The Risks Of Building In Small Data Center Markets
PowerHouse Data Centers has announced hundreds of megawatts of new projects over the past two weeks, much of it outside the industry’s largest markets. PowerHouse Senior Vice President for Asset Management and Development Matt Monaco, who joined in July from data center giant Equinix, says building massive campuses in smaller markets means walking a “fine line” between more speculative, higher-risk land deals and tenants’ growing need for power.
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