Lender Seizes Margaritaville Times Square Property, Barings Bets on BTR Sector

Lender Seizes Margaritaville Times Square Property, Barings Bets on BTR Sector This week: The struggling Jimmy Buffett-branded Margaritaville Resort Times Square Hotel is scooped up by its lender, Arden Group, in a Uniform Commercial Code foreclosure auction; a Barings and Foulger Pratt joint venture snaps up a roughly $50 million build-to-rent community in North Carolina; and Scale Lending closes a $142 million construction loan for a multifamily building in Jamaica, Queens. Arden Group Captures Margaritaville Resort Times Square in UCC Foreclosure Auction Lender Arden Group captured a Uniform Commercial Code foreclosure auction for the Margaritaville Resort Times Square Hotel as the lone bidder after Sharif El-Gamal’s Soho Properties filed for Chapter 11 bankruptcy protection. [Read More](   Top Deals Of The Week   - Scale Lending Provides $142M [Construction Loan]( for 521-unit Queens Multifamily Project - Dedeaux Lands $190M from [New York Life]( for SoCal Logistics Portfolio - Värde Partners Lends $63M on D.C. [Student Housing]( Refinancing - Arbor Commercial Mortgage Provides $30M Construction Loan on [Jersey City]( Apartments - Amalgamated Bank Refis [Union Square]( Office Building With $24M Loan - PGIM [Lends]( $84M for SoCal Industrial Center - Capital One Closes $36M [Acquisition Loan]( for Affordable Apartments in Alexandria - River Bank & Trust Lends $20M on [Alabama]( Mixed-Use Build   Guest Column   How to Kill Jobs, Hurt Communities and Narrow NYC’s Tax Base Robert Knakal, head of the New York private capital group at JLL, breaks down the cost of New York City’s missed economic development opportunities. [Read More](   People Moves   Florida Brokerage Foundry Commercial Expands to DC Region Foundry Commercial, an Orlando, Fla.-based brokerage and advisory firm, has expanded to the Washington, D.C., market, tapping real estate veterans Andrew Genova and Justin Barker to lead the effort [Read More](   Other Stories From This Week   Valuation of San Francisco Luxury Apartment Building Dips 49% From 2018: Trepp A 754-unit luxury apartment complex in San Francisco owned by Crescent Heights has lost nearly half its value since a CMBS deal for it four years ago, according to Trepp. [Read More]( Barings and Foulger Pratt Acquire N.C. Build-to-Rent Community for $50M A joint venture between Barings and Foulger Pratt has acquired a 172-unit build-to-rent community in Wendell, N.C., for around $50 million, Commercial Observer first reported. [Read More]( Meet the ‘Storage King’ of the USA How Andover Properties’ Brian Cohen built an empire in self-storage that he’s using to conquer other assets, including recreational vehicle parks and manufactured housing. [Read More]( Is Multifamily a Safe Haven Amid Rising Interest Rates? Multifamily loan issuance in primary markets have experienced a significant decrease over the past 36 months, according to CRED iQ data. [Read More](   What We're Reading This Week   - Deutsche Bank CEO Says [Hard Time](s Ahead for Commercial Real Estate [Bloomberg] - The Great [Reset]( of Property Prices Is Underway. Brace for More Carnage. [Barron's] - JPMorgan Chase CEO Jamie Dimon [Warns]( This Is ‘the Most Dangerous Time’ for the World in Decades [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 2023 [Observer Media]( 1 Whitehall Street, Floor 7, New York, NY 10004 This newsletter was published 10/19/2023