Another CMBS Office Default; Blackstone’s Phoenix Affordable Housing Deal; and Slowing of Multifamily Cap Rate Increases

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, Brookfield defaults on a CMBS loan backing nine Class B office properties; Multifamily cap rate increases are slowing; and NYC REITs face market pressures. Brookfield Defaults on Class B Office Portfolio Debt A $161.4 million commercial mortgage-backed securities loan backing nine Brookfield-owned Class B office buildings largely in the Washington, D.C., area has gone into default. [Read More](:   Top Deals Of The Week   - Related Group Nabs $165M to [Refinance]( The Dorsey in Miami’s Wynwood - Madison Realty Capital Lends $44M on [South Carolina]( Apartments - Blackstone Provides $31M for [Affordable Senior Housing Development]( in Phoenix - Pinnacle [Nabs]( $89M for Affordable Development in Miami-Dade - Champion Real Estate Refis [Student Housing]( Near Cal State Fullerton - Dwight Capital Refis [Texas Apartments]( With $31M Loan - Urban Standard Capital Lends $20M on [Manhattan Condo Property]( Development     Q & A   David Dishy Pushes Affordable Housing in a New Direction With LMXD David Dishy is trying to tap into private capital for affordable housing projects with L+M's new development arm, LMXD. [Read More](   Guest Column   Office-to-Resi Conversions Might Save Downtowns and Help Alleviate Housing Shortage Between high rent prices and even higher mortgage rates, many consumers, businesses and legislators are desperately seeking solutions to create more affordable housing options., writes Michael Lucarelli, CEO of RentSpree. [Read More](   Other Stories From This Week   The Rise in Multifamily Cap Rates Is Slowing, New Data Suggests CBRE found that cap rates for Class A multifamily properties experienced their first significant quarterly deceleration since March 2022. [Read More]( Merchants Capital’s Mathew Wambua Draws on Government Experience The affordable housing lender was involved in some transformative initiatives in New York City during the Bloomberg administration. [Read More]( New York City’s Office REITs Struggle With Steep Stock Declines Stock declines spark speculation of Armageddon for real estate investment trusts. [Read More]( MSG Sells Tao Restaurants and Nightclub Group to Mohari Hospitality for $550M Mohari Hospitality, a Cyprus-based real estate investment firm, acquired Tao Group Hospitality from Madison Square Garden Entertainment on Monday, in a deal that valued the luxury restaurant and nightlife company at $550 million. [Read More]( Commercial Real Estate Remains Behind Kathy Hochul and Eric Adams — Results or Not The industry continues to publicly back New York's governor and New York City's mayor as each tackles issues such as affordable housing and return to office. [Read More]( CMBS Realized Losses Dip in March as Loan Workouts Continue CMBS transactions incurred approximately $36.7 million in realized losses during March via the workout of distressed assets, according to CRED iQ. [Read More](     What We're Reading This Week   - White House will keep a [close eye]( on commercial real estate, adviser says [Bloomberg] - As the office market [craters](, support for Penn Station plan evaporates [NYT] - Office building owners [snubbed]( by life insurance lenders [WSJ]   --------------------------------------------------------------- [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 04/20/2023