Regional Bank Exposure to CRE, Wells Fargo CRE Hire and NYC C-PACE Program Stalls

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, Moody’s Analytics research shows muted linkage from regional banks to commercial real estate; Webster Bank supplies $45 million acquisition loan on Bronx multifamily portfolio purchase and Kushner Companies, RFR eye $435M refinance for a Brooklyn office project. Regional Banks Hold 13.8 Percent of CRE Debt, Not 80 Percent: Moody’s Analytics Commercial real estate’s exposure to financial contagion risks now posed by U.S. regional banks is far more muted than recent headlines suggest, according to Moody’s Analytics. [Read More](   Top Deals Of The Week   - InterVest Seals [Bronx Multifamily Portfolio]( Buy With $45M Webster Bank Loan - Protective Life Provides $54 million [Refi](for Indiana Luxury Apartment Complex - Metropolitan Commercial Bank Lends $26M on [Harlem]( Mixed-Use Project     People Moves   Wells Fargo Names Rachel Goldin Jinich as Head of Specialty Real Estate Finance Wells Fargo has appointed Rachel Goldin Jinich to replace the retiring Christopher Jordan in leading specialty real estate finance within the bank’s commercial real estate group. [Read More](   Guest Column   It’s Not Just Florida, Southeast Region Leads the Nation in Key Growth Metrics The Southeast has been the national darling for demographic, economic and commercial real estate growth in recent years for good reason, writes Christa DiLalo, director of Southeast research for Cushman & Wakefield. [Read More](   Other Stories From This Week   New York City C-PACE Program Remains in Holding Pattern Nearly two years since the first Commercial Property Assessed Clean Energy loan was executed in New York City, the financing strategy has failed to gain traction in the Big Apple. [Read More]( Kushner Companies, RFR Seeking $435M Refi for Dumbo Heights Office Project Kushner Companies and RFR Holdings are seeking up to $435 million in debt to refinance the joint venture’s five-building Dumbo Heights creative office campus in Brooklyn. [Read More]( The Janus Face of Multifamily Real Estate A pair of reports by data research firms Yardi Matrix and MSCI paint a dueling picture of the national multifamily market. [Read More]( Blackstone Raises $30B for New Global Real Estate Fund Blackstone has raised $30.4 billion to invest in real estate worldwide in its largest private equity drawdown fund to date. [Read More]( Brett Rosenberg Went From Intern to UCC Foreclosure Wiz at JLL JLL’s Brett Rosenberg is ready for as many commercial foreclosures as a rocky market can throw at her. [Read More]( Middle Eastern Commercial Real Estate Investors Shift FocusThe big sovereign wealth funds are not so much interested in conventional properties, but more niche assets and secondary markets. [Read More]( Largest MSAs Saw Uptick in CRE Distress Last Month The majority of the biggest metropolitan statistical areas tracked by CRED iQ saw increased distressed rates in outstanding commercial real estate debt in March. [Read More](     What We're Reading This Week   - A $1.5 trillion wall of debt Is [looming]( for U.S. commercial properties [Bloomberg] - Concerns grow as tighter lending [threatens]( commercial real estate [NYT] - Fed expects banking crisis to cause a [recession]( this year, minutes show [CNBC.com]   --------------------------------------------------------------- [View in Browser]( | [Advertise]( | [Forward to a Friend]( [Manage your email preferences or unsubscribe]( [Commercial Observer]( © Copyright 2023 [Observer Media]( 1 Whitehall Street, Floor 7, New York, NY 10004 This newsletter was published 04/13/2023