Inside the Signature Loan Sale, Deals Galore, and a “Tsunami of Distress”

Inside the Signature Loan Sale, Deals Galore, and a “Tsunami of Distress” This week, we present you with the inside story of how the much-anticipated Signature Bank loan sale went down. Hint: Not everyone was happy about it. We also have some interesting market data on why brokers believe we’ll see an uptick in multifamily investment sales in 2024, and economists have identified a new trend of investors moving toward five-year CMBS conduit deals, given last year’s capital movements. As usual, we’ve got half a dozen juicy loans for you to move through (yep, the spigot is officially open), and there’s also a long Q&A with Harbor Group’s Jordan Slone about what he called “a tsunami of distress” heading toward the market. Grab your life vests and enjoy reading! Signature Sale Hangover Still Felt in 2024 The inside story of the massive real estate auction that left a lot of bidders furious. [Read More](   Top Deals Of The Week   - KeyBank Leads $520M Financing Package for [Workforce Housing]( Portfolio - Freddie Mac Multifamily Refis [Gowanus]( Apartments With $166M Loan - [Bank OZK]( Provides $215M Construction Loan for Phase 1 of Florida Community - [Nonperforming]( $111M Senior Loan on 462 Broadway Hits the Market - Monarch Alternative Capital Refis [Tampa Hotel]( With $100M Loan - [3650 REIT]( Provides $145M in Construction Financing for Two SoCal Projects - Valley National Bank Lends $71M on [Forest Hills]( Condos Build   Q&A   Harbor Group International’s Jordan Slone Is Not Worried Jordan Slone, the chairman and chief executive of Harbor Group International, foresees what he called “a tsunami of distress” careening toward the market. But he also coolly leans on trend lines and the data behind them to guide what’s become one of the more successful real estate investment firms out of the pandemic. [Read More]( People Moves   Matthews Hires More B6 Brokers in NYC Expansion Matthews Real Estate Investment Services continued the rapid expansion of its new Manhattan office with the addition of a new broker team from B6 Real Estate Advisors, Commercial Observer first reported. [Read More](   Other Stories From This Week   Watergate Office Building Resolves Delinquent CMBS Loan, Landlord Says Debt service payments for the historic Watergate Office Building are now back on track after a December delinquency notice and were initially missed only because of an administrative error from the CMBS loan’s master servicer, according to the property's landlord. [Read More]( A Frustrated Gov. Hochul Cedes New York’s Housing Future to Legislature New York Gov. Kathy Hochul on Tuesday called the state’s housing shortage a “dire situation” that demanded “immediate action” but offered few solutions to address it while chiding the state legislature for failing to pass anything last year. [Read More]( Brokers Expect 2024 Uptick in Multifamily Investment Sales, Poll Finds After lending volume was largely silent in 2023, commercial real estate lenders are poised for an increase in deal activity in 2024. [Read More]( The Craft Brewery Boom Is Over Rising real estate and ingredient costs caused the boom to go flat, and the millennials’ temperance didn’t help. [Read More]( Investors Flocked to 5-Year CMBS Conduit Loans in 2023: KBRA A new report from Kroll Bond Rating Agency on metrics across the CMBS space found that five-year loans represented 45 percent of CMBS conduit issuance in 2023 and are expected to take an even bigger slice of the pie in 2024. [Read More]( What We're Reading This Week   - [Mortgage rates]( and inflation could draw attention to the Fed this election [NYT] - [The Fed](URL: launched a bank rescue program last year. Now, banks are gaming it. [WSJ] - [China’s]( new growth strategy brings a fresh set of challenges [FT]   [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 2024 [Observer Media]( 1 Whitehall Street, Floor 7, New York, NY 10004 This newsletter was published 01/11/2024