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Good morning. Welcome to CREalts! Every day, we cover the top stories in alternative CRE sectors. One scroll saves you hours. Today, we learn about the forecasted CMBS distress rate and the potential end of the non-bank lending boom.
Today’s issue is sponsored by DealNav - the simple and affordable CRM and deal management tool with an easy interface and integrated map.
CMBS SOS: CRED iQ expects CMBS distress rate to reach 14.5-15.0% by year-end. Read more here.
RISKY BUSINESS: Non-bank lending boom faces cracks as defaults hit 7.4% in stressed real estate markets. Read more here.
HAUTE PROPERTY: Hermès revealed to be mystery buyer in record-breaking $400M Beverly Hills retail CRE deal. Read more here.
FRESH CAPITAL: Newmark secures $415M refinancing for grocery-anchored retail portfolio across the Northeast. PLAYERS: Jordan Roeschlaub, Nick Scribani, John Caraviello, Adam Doneger. Read more here.
LUXURY: Gencom acquires The Ritz-Carlton New York, Central Park, expanding its NYC luxury hotel portfolio. PLAYER: Alessandro Colantonio. Read more here.
BOUTIQUE: Kessler Collection secures $61M refinancing for Casa Monica Resort & Spa in St. Augustine, FL. PLAYERS: Jennifer Dakin, Lindsey deButts, Katelyn Reynolds, Jose Ison Cassab. Read more here.
BOUTIQUE: Braemar, Remington reposition former Mr. C Beverly Hills as Cameo Beverly Hills, joining Hilton LXR. Read more here.
EXTENDED STAY: Noble Investment Group buys WoodSpring Suites in West Palm Beach for $10.6M. Read more here.
EXTENDED STAY: New 216-room Element by Marriott extended-stay hotel opens in New Orleans’ Central Business District. PLAYER: Matt Berge. Read more here.
THEME PARK: Epic Resort plans $539M Mattel-themed park in Kansas City area, but little progress has been made. Read more here.
CAMPGROUND: T&D Resorts sells 108 AC Triple R Camping Resort in Buffalo area to Utah investment firm. PLAYER: Paige Zollinger. Read more here.
MARINA: New $40M marina and entertainment complex planned for Northeast Philadelphia waterfront. Read more here.
SPORTS COMPLEX: Developers buy $4M site in Amherst, MA, for $50M indoor sports complex project. PLAYERS: Marc Fineberg, Brian McGrath. Read more here.
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Disclaimer: The authors of CREalts are not finance or tax experts. This email is for educational use and not financial advice. Do your own research and consult with professionals before making financial decisions. Our content, which may contain affiliate links and sponsor posts, is subjective and not to be used as the only basis for such decisions. We are not responsible for any losses from relying on this information. Past performance of any asset is not indicative of future results.
