The Debt Ceiling Countdown, Signature Bank Lays Off Senior CRE Lending Team

Power Finance 2023: The 50 Most Important Figures in Commercial Real Estate Finance This week, Signature Bank lays off 12 of its most senior CRE lending team; the debt ceiling deadline puts commercial real estate assets at risk; Los Angeles office loans face distress; and regional bank leaders blame others for failings in a combative hearing. Still, the deals keep coming, and Madison Realty Capital closes a $585 million loan for a Paradise Valley project. So, it’s not all bad news! Debt Default Could Prove Catastrophic for Commercial Real Estate: Here’s Why [Read More](   Top Deals Of The Week   - Madison Realty Capital Originates [$585M]( Loan for $2B Paradise Valley - JBS [Refis](Suburban Miami Apartment Complex With $220M - Dwight Capital Provides $40M [HUD Financing]( on Delaware Residential Development - Värde Partners Lends $76M on [Acquisition]( of St. Regis Chicago     Q& A   Shoreham Capital’s Bill Wenner on His Florida Rental Market Strategy Bill Wenner, vice president of development at Shoreham Capital, discusses opportunities his firm is tackling in the rental market space throughout Florida and the Sun Belt. [Read More](   Guest Column   South Florida’s Office Sector May Be Cooling Off, But the Forecast Remains Sunny South Florida’s commercial real estate market is starting to feel the impacts of the Fed’s interest rate hikes to restrict inflation, writes Eric Messer, senior research manager at Cushman & Wakefield. [Read More](   Other Stories From This Week   Signature Bank’s CRE Head Joseph Fingerman Laid Off With 11 Key Team Members The $60 billion sale of Signature Bank’s loan portfolio is expected to commence shortly, but roughly 12 key members of its commercial real estate originations team were just laid off and given a last day of May 31, sources familiar with the situation told Commercial Observer. [Read More]( Sony Pictures’ Future LA Office Building Is In Trouble, Too A big loan tied to another office campus in Los Angeles is on the hot seat, despite Sony Pictures recently signing for 225,000 square feet at the development months ago. [Read More]( Brookfield Fund Late on Another Downtown LA Office Tower A Brookfield fund has missed payments on $275 million in CMBS financing tied to EY Plaza, another office tower in Downtown Los Angeles, and risks foreclosure at the property. [Read More]( SVB and Signature CEOs Blame Federal Gov’t, Media for Bank Failures Executive leadership at Silicon Valley Bank and Signature Bank avoided taking accountability for their bank failures during a Senate hearing. [Read More]( CRE Originations Decline More Than 50 Percent in First Quarter 2023 Commercial real estate lending has tightened up significantly over the past year with no group of clients feeling more pain than alternative lenders, according to new data from CBRE. [Read More]( CMBS Realized Losses Climb Higher in April CMBS transactions incurred approximately $94 million in realized losses during April via the workouts of distressed assets, according to CRED iQ. [Read More](     What We're Reading This Week   - Rise in [distressed sales]( signals new chapter for beleaguered office market [WSJ] - [Remote work]( comes with daytime drug and drinking habits [Bloomberg] - Target expects organized [retail crime-fueled losses]( to jump by $500 million this year [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 05/18/2023