Gary Barnett Lands $1.2B Refi, and Top CRE Attorneys Talk Complex Deals

Gary Barnett Lands $1.2B Refi, and Top CRE Attorneys Talk Complex Deals This week, the volume of loans continued to intensify, including a massive $1.2 billion refinance for Extell Development’s planned 69-story condo tower on the Upper West Side. We also examine how commercial real estate attorneys are playing an increasingly important role in closing deals and resolving disputes as complex transaction structures materialize (and fold); and Brian Pascus delves into how the presence of super wealthy investors is changing the CRE industry. Sources: JVP Management Provides $1.2B Refi for Extell’s UWS Luxury Tower Gary Barnett’s Extell Development landed a $1.2 billion loan to refinance 50 West 66th Street, a 69-story, 127-unit luxury condo being erected east of Lincoln Center. [Read More]( Top Deals Of The Week   - [Goldman Sachs]( Provides $430M CMBS Refi for Fairmont Austin Hotel - [Kushner]( Scores $295M Construction Loan for 1 Journal Square - Wells Fargo Deploys $256M on [Staten Island]( Affordable Housing Renovations - Affordable Housing Development at [Greenpoint Hospital Site]( Lands $235M Financing - PGIM Provides $148M Refi on Multifamily Tower in Midtown[Miami]( - Aareal Capital Supplies $148M Refi on //link.commercialobserver.com/click/36016693.8638/aHR0cHM6Ly9jb21tZXJjaWFsb2JzZXJ2ZXIuY29tLzIwMjQvMDcvYWFyZWFsLWNhcGl0YWwtMTQ4bS1yZWZpLWhhcmxlbXMtdGFsbGVzdC10b3dlci8_dXRtX3NvdXJjZT1zYWlsdGhydSZ1dG1fbWVkaXVtPWVtYWlsJnV0bV9jYW1wYWlnbj1jb2Z3JnV0bV90ZXJtPTA3LzExLzIwMjQ/64088580f1b22f85f50207b0C5d7dedd4[Harlem’s Tallest Tower]( - Barings, Counterpointe SRE Lend $165M on [Connecticut]( Mixed-Use Project - Goldman Sachs Loans $97M in [Construction Financing]( for Harlem Multifamily Building - Nuveen Green Capital Supplies $90M [C-PACE]( Financing for L.A. Hotels - Madison Realty Capital, SteepRock Lend $71M to Refi [South Florida]( Apartments - Northwestern Mutual Supplies $71M Construction Loan on [New Jersey]( Apartments - CMC Group Refis [Coral Gables]( Mixed-Use Building With $70M - Forté Development [Lands]( $48M Loan for a Lux Jupiter Condo Complex - Berkadia, Freddie Mac Provide $40M [Acquisition Loan]( for Florida Apartment Community - Southern Realty Trust Lends $35M to Refinance [Austin]( Senior Housing Community - CREA, Lument, Woodforest Provide $26M for [Houston]( Housing Acquisition People Moves   Bank OZK Hires James Whelan From JP Morgan for Real Estate Specialties Group James Whelan, formerly a managing director at J.P. Morgan Chase, has taken a new position at Bank OZK, Commercial Observer first reported. [Read More]( Job Warshaw Resigns From Starwood’s Special Servicer, LNR Arne Shulkin, also a long-standing team member and most recently director of loan asset management at LNR, will step into Warshaw’s role. [Read More]( Q&A   5 Questions With Harvey Hernandez of Miami-Based Newgard Development Group Newgard is developing condo towers that cater to buyers who want units not to live in but to rent out. [Read More](   Other Stories From This Week   Commercial Real Estate Attorneys Navigate Increasingly Complex Transactions To tackle new deal structures, some law firms are stocking up on more senior talent. [Read More]( Next Jen: King & Spalding’s Top Lawyers Have Their Hands Full in Today’s Market Jennifer Recine and Jennifer Morgan work different angles of commercial real estate, though both agree the complexity of deals has increased. [Read More]( The Super Rich and Family Offices Are Changing Real Estate Capital Markets Their bigger presence remains a fairly recent phenomenon, and it may not last. [Read More]( Multifamily Rents Rise Nationally as Immigration, Insurance Push Costs Higher A new report from Yardi Matrix found rents have increased in New York and New Jersey, but the Sun Belt is being strained by expenses. [Read More]( MetLife Wins Garment District Office Property in Foreclosure Auction for $30M A Midtown Manhattan office building at 240 West 35th Street sold at a foreclosure auction for $30 million to MetLife Investment Management nearly a year after the lender filed a complaint over unpaid debt, property records show. [Read More]( What We're Reading This Week   - Investors trying to [pull money]( out of commercial real estate funds are hitting a wall [MarketWatch] - Property fraud allegations [snowball]( as commercial real estate values fall [WSJ] - Fed Chair [Powell]( says holding rates high for too long could jeopardize economic growth [CNBC]   [View in Browser]( | [Advertise]( | [Forward to a Friend]( [Manage your email preferences or unsubscribe]( [Share your thoughts: Help us improve with our quick feedback survey!]( [Commercial Observer]( © Copyright 2024 [Observer Media]( 1 Whitehall Street, Floor 7, New York, NY 10004 This newsletter was published 07/11/2024