$985M Manhattan Construction Loan; RXR Explores Conversion at Helmsley Building

$985M Manhattan Construction Loan; RXR Explores Conversion at Helmsley Building This week, Atlas Capital Group secured $985 million of financing to build its 80 Clarkson Street project, a deal that is believed to mark the largest construction loan for a Manhattan residential project since before COVID-19. Meanwhile, RXR is exploring potential conversion options for its distressed Helmsley Building property, Moody’s has launched a new GenAI-Powered platform to warn about portfolio investments based on negative commercial real estate news, and Arbor Realty Trust is facing regulatory scrutiny into its lending practices. Sources: Manhattan Residential Towers Project Secures $985M Loan The deal marks what is believed to be the largest construction loan for a Manhattan residential project since prior to the COVID-19 pandemic. [Read More]( Top Deals Of The Week   - Extell’s [Supertall](Skyscraper at 570 Fifth Avenue Secures $340M Refinancing - Barings Provides [$244M Refi]( for 6.4M-SF Industrial Park Outside Kansas City - Benefit Street Partners[Lends]( $210M on New Jersey Condo Project - KeyBank Provides $65M Financing Package for[Salt Lake City]( Affordable Housing - Acore Capital Supplies $53M [Construction Loan]( on Philly Industrial Project - Mesa West Capital Provides $47M Refi for [Virginia]( Senior Living Community - Lightstone Capital Lends [$34M](Bridge Loan for Jersey City Apartment Tower - [Prime Finance](Provides $44M Loan on San Jose Courtyard Hotel - Dwight Mortgage Trust Refis[Indianapolis](Apartments With $27M Loan Guest Columnist   Lenders in New York City’s Multifamily Market Should Lean Into Short Sales If done properly, short sales can save significant future write-downs and a ton of costs for both sides, wrote Yosef Katz, principal and founding partner of Atlas Realty Group. [Read More]( Q&A   Marcus & Millichap On the Science and Art of Tech and AI in Commercial Real Estate Hessam Nadji and Richard Matricaria discuss the new era of machine learning and advanced technologies, all to enhance the same goals and policies as 50 years ago [Read More](   Other Stories From This Week   RXR Explores Converting Helmsley Building After Default of $670M Loan The commercial real estate owner led by CEO Scott Rechler is studying the feasibility of conversion options for a portion of the 34-story office tower at 230 Park Avenue, nine months after a $670 million loan backing the property entered special servicing due to “an imminent maturity default.” [Read More]( Arbor Realty Trust Facing Legal Probe Into Lending Practices, Disclosures FBI agents and U.S. District Court officials with the Southern District of New York are investigating the mortgage real estate investment trust over its lending practices and disclosures about loan performance. [Read More]( Tishman Speyer Latest CRE Owner to Launch Debt Platform The developer added Amit Rustgi from PIMCO to lead its new credit business. [Read More]( Moody’s Launches GenAI Powered Tool to Warn Clients About Portfolio The new system developed with Microsoft will link portfolio health to negative commercial real estate news stories. [Read More]( Another Brookfield L.A. Office Tower Wades in Financial Distress The firm’s debt tied to the Bank of America Plaza in Downtown L.A. was transferred to special servicing. [Read More]( What We're Reading This Week   - Real estate [meltdown]( strains even the safest office bonds [WSJ] - Distressed property buyers [seek]( out ‘exceptional bargains’ [Bloomberg] - Fed Governor [Waller]( sees central bank ‘getting closer’ to an interest rate cut [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 07/18/2024