What’s Happening at SL Green, WeWork Problems, and a Few Good Loans

What’s Happening at SL Green, WeWork Problems, and a Few Good Loans This week, life comes at you pretty fast if you’re an office landlord, or in the case of SL Green, if you are New York City’s largest office landlord. Commercial Observer peeked under the hook of SL Green and even sat down with CEO Marc Holliday to discuss the status of the beleaguered REIT following the departure of president Andrew Mathias, who’d been at the helm of the firm for 26 years and stepped down Oct. 9. But aside from SL Green, there’s also been some big activity on the loan front, with MF1 Capital refinancing a massive L.A. apartment complex with $163 million, and Fort Partners getting $401 million for the refinancing of the Four Seasons Resorts in Surfside Beach, Fla. Moreover, the nervous whispers continue around WeWork, with questions arising over whether the firm’s impending bankruptcy could impact up to $2.6 billion in CMBS debt tied to its less-than-popular properties. What’s Happening at SL Green? New York City’s biggest private office landlord just had a big shakeup with the departure of Andrew Mathias. Is everything OK?. [Read More](   Top Deals Of The Week   - [Blackstone]( Supplies $78M Acquisition Loan for Times Square Hotel - Brooklyn’s [Kingswood Center’s]( $66M Loan Hits the Market - [M&T Bank]( Lends $30M on 111 West 57th Street Tower - MF1 Capital [Refis]( Massive L.A. Apartment Complex With $163M Loan Package - Fort Partners Lands $410M to Refi [Four Seasons Resorts]( in Surfside, Palm Beach - PGIM Provides $43M for [Inland Empire Warehouse](   Guest Column   How Landlords Can Benefit From Flex Space Amid an Office Market in Flux Despite moderate flex demand in North America this year, the shift to flex is an evident and compelling point of consideration for landlords. [Read More](   People Moves   Thorofare Capital Scales Growth With Three Senior Investment Hires Thorofare Capital’s national growth as a commercial real estate lender has taken a step forward with the addition of three new senior investment professionals in the Miami, Los Angeles and Charlotte markets. [Read More](   Other Stories From This Week   How WeWork’s Bankruptcy Would Ripple Through Commercial Real Estate Some landlords who reported that WeWork was among their largest tenants owe about $2.6 billion in CMBS debt, with about half of those loans reaching maturity within the next 12 months. [Read More]( Student Housing Rents Approach Record Highs: Report The average cost to rent a bed in off-campus student housing is nearly $846 per month, according to Yardi Matrix [Read More]( CMBS Third-Quarter Workouts Incur Big Losses The third quarter saw 18 notable CMBS workouts classified as dispositions, liquidations or discounted payoffs, according to CRED iQ data. [Read More](   What We're Reading This Week   - [America’s Downtowns]( Are Empty. Fixing Them Will Be Expensive. [WSJ] - How the Highest [Bond Yields]( in 16 Years Could Chill the Hot U.S. Economy [WSJ] - he Big [AI and Robotics]( Concept That Attracted Both Walmart and Softbank [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 10/26/2023