Regional Banking Woes Manifest With SVB, Signature Collapses; Blackstone Loan Hits Special Servicing

This week, the nonperforming loan on Soho Properties’ luxury condo tower at 45 Park Place in Tribeca is being marketed for sale; billionaires Vlad Doronin and Len Blavatnik score a $243M loan for Aman in Miami Beach; and we bring you the latest on the Commercial Real Estate Finance Council (CREFC) conference in Miami. This week, concerns about the future of regional banking and CRE lending take center stage following the collapse of Signature Bank; spotlight shifts to First Republic’s liquidity; Blackstone’s $325 million CMBS loan on a Vegas office campus sent to special servicing; and Greystone closes $275 million Jersey City multifamily loan.   Major NYC Lender Signature Bank Shuttered by Regulators as Market Fallout Continues Signature Bank was closed by state regulators two days after the collapse of Silicon Valley Bank in a move experts say will have big consequences for CRE lending. [Read More](   TOP DEALS OF THE WEEK - Greystone Lends $257M on [Jersey City]( Multifamily Complex - Deutsche Pfandbriefbank Makes $90M [Green Loan]( Debut at 1245 Broadway - Chetrit Group Lands $55M [Refi]( for NJ Mixed-Use Building - Long Island City Residential Tower Gets $131M [Construction Loan]( - Valley National, Bank Leumi, Be-Aviv Lend $50M on [Newark]( Multifamily Build - American Realty Advisors [Lends]( $25M to Build Lovett Warehouse in SoCal - Dwight Mortgage Trust Refis [Northern NJ Apartments]( With $26M Loan     GUEST COLUMNIST How Investors Can Capitalize on New York’s Multifamily Market Now A perfect storm of economic headwinds is creating opportunities for New York City multifamily investors, writes Lev Mavashev, a principal at Alpha Realty. [Read More](   PEOPLE MOVES Northmarq Expands South Florida Reach With West Palm Beach Office Northmarq has hired David Gahagan, a former senior director at Walker & Dunlop, to open the new South Florida office focused on its debt and equity business. [Read More](ttps://commercialobserver.com/2023/03/northmarq-south-florida-west-palm-beach-office/)     OTHER STORIES FROM THE WEEK Blackstone’s $325M Loan on Vegas Office Campus Hits Special Servicing The $325 million commercial mortgage-backed securities loan on Blackstone’s Hughes Center in Las Vegas has entered special servicing. [Read More]( Why the Spotlight on First Republic? Bank’s Exposure to Tech, CRE Causes Concern Following the collapse of two regional banks — including Signature Bank, one of New York City’s most active commercial real estate lenders — the market is abuzz with speculation around the health of other financiers, and First Republic Bank is top of mind. [Read More]( Silicon Valley Bank Collapses, Assets and Deposits in Hands of FDIC The proptech and CRE lender’s failure marked the largest banking institution collapse since Washington Mutual’s in 2008. [Read More]( Castle Park Partners Forms $500M Manufactured Housing JV Castle Park Investments has formed a $500 million joint venture equity partnership targeting manufactured housing, recreational vehicle resorts and campground assets throughout the U.S. [Read More]( CRE Distress Mounts in Largest MSAs Thirty four of the 50 largest metropolitan statistical areas saw higher levels of distress with commercial real estate loans in February, according to CRED iQ. [Read More]( All Real Estate Must Adapt in 20 Years to Resist Climate Change: Jeremy Rifkin The world’s entire real estate footprint will need to be changed “in the next 20 to 30 years” to withstand climate change, according to writer and economic theorist Jeremy Rifkin. [Read More](     WHAT WE'RE READING - Regional bank [chaos]( clouds outlook for markets [WSJ] - Banking’s next [threat](? It might be commercial real estate [Bloomberg[ - Credit Suisse shares [tank]( over 30% after Saudi backer rules out further assistance [CNBC.com]   To forward this newsletter to a friend, [click here](. To manage your email preferences or unsubscribe [click here](. Visit the [Commercial Observer]( for the latest commercial real estate news. For advertising information, [download the media kit](. © Copyright 2023 [Observer Media]( 1 Whitehall Street, Floor 7, New York, NY 10004 This newsletter was published 03/16/2023. [View this email in a browser](.