An Office REIT Shines Amid Storm Clouds; Chicagoland Data Center Loan; and the Fallout From Signature Loan Sale

An Office REIT Shines Amid Storm Clouds; Chicagoland Data Center Loan; and the Fallout From Signature Loan Sale This week, we examine how Empire State Realty Trust has bucked the trend of office REITs with its healthy performance in 2023; Thorofare Capital Lends $54 million on a data center portfolio in in suburban Chicago; and the commercial real estate market reacts to reports that a Related Companies affiliate has won the rights to Signature Bank’s loans on rent-regulated assets — despite getting outbid by at least 10 cents on the dollar. For Empire State Realty Trust, a Curiously Successful Run While many of the major office REITs have seen their stock price take a beating of late, Empire State Realty Trust’s stock is up 29 percent year-to-date, and 17 percent on the year. [Read More](   Top Deals Of The Week   - Affinius, Clarion Originate [$158M]( Refi for Salt Lake City Multifamily - Thorofare Capital Lends $54M on Chicago-Area [Data Center]( Portfolio - Bank OZK Provides $173M[Construction Financing]( for Lido Key Beach - MF1 [Lends]( $51M on California Multifamily Complex - Peachtree Group Lends $50M on [Birmingham]( Hotel Development - Nationwide Lends $50M on [New Jersey]( Apartments Project - BridgeCity Lends $44M on [Gowanus]( Resi Tower Build - JPMorgan Chase Lends $29M on First-of-Its-Kind [Orlando]( Affordable Housing Project - Thorofare Capital Lends $25M on Chapel Hill [Life Science](s Development   Guest Column   How to Navigate Distress in the Commercial Real Estate Market Commercial mortgage-backed securities are designed to mitigate risk, but this attractive financing method has a labyrinth of rules that can ensnare even the most diligent borrowers, writes Shlomo Chopp, managing principal at Terra Strategies. [Read More]( How the FDIC’s Poor Decisions Led to the Latest Signature Loan Sale The Federal Deposit Insurance Corp.’s selection of a Related Companies affiliate bid for a Signature Bank’s multifamily package at 69 cents per $1 of principal was based on political appearances rather than financial benefits, writes George Klett, president of New York Real Estate Capital Corporation and former chairman of the commercial real estate committee at Signature. [Read More](   Q & A   Bayport’s Marcia Kaufman On the Lending Dynamics in D.C. and Florida The New York-based lender spoke with Commercial Observer about Bayport’s successful recipe, what she’s seeing in the fix-and-flip space, and how she makes her move into new regions. [Read More](   People Moves   Greystone’s Blake Okland Adds Role, Will Lead C&W’s Multifamily Capital Markets Blake Okland, who was appointed Greystone’s chief revenue officer in June, is taking on an expanded and dual role leading Cushman & Wakefield’s multifamily capital markets platform as part of the two firms’ strategic joint equity, debt and structured financing partnership, Commercial Observer first reported. [Read More](   Other Stories From This Week   Starwood Solutions Launches, Ready to Tackle Loan and Portfolio IssuesStarwood Property Trust’s new third-party services business was unveiled Nov. 8 during the firm’s third-quarter earnings call, with Starwood Property Trust President Jeffrey DiModica telling listeners, “There has never been a better time to launch this vertical — one we hope will become our eighth business line.” [Read More]( Related Slated to Win Signature’s Rent-Regulated Loan Pool, Despite Being Outbid A Related Companies affiliate is poised to win a pool of Signature Bank loans tied to New York rent-regulated apartments, despite getting outbid by more than 10 cents on the dollar from rival firms, Commercial Observer first reported. [Read More]( Invesco Real Estate Buys Minority Stake in Faropoint Invesco Real Estate inked a strategic investment with Faropoint aimed at scaling its industrial portfolio into more last-mile warehouse properties. [Read More](   What We're Reading This Week   - Owners Keep [Zombie Malls]( Alive Even When Towns Want to Pull the Plug [WSJ] - ECB Warns Banks’ Commercial Real Estate [Hits]( Could Worsen Stress [Bloomberg] - JPMorgan CEO Jamie Dimon to Business leaders: ‘Help [Nikki Haley](’ [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 11/30/2023