Starwood Nabs Blackstone’s Jonathan Pollack, a Deep Dive Into NYCB

Starwood Nabs Blackstone’s Jonathan Pollack, a Deep Dive Into NYCB This week saw some shake-ups! Case in point, Cathy Cunningham broke the news that Blackstone’s Jonathan Pollack is jumping to Starwood to become the firm’s new president, and Linda Foggie has exited Citigroup. In other news, Brian Pascus takes a deep dive into the recent upheaval in the U.S. regional banking system, and how commercial real estate loans almost took down New York Community Bank. We also have a unique look at how one urban market that’s been battered in this cycle, San Francisco, actually has a path forward under its surging retail sector. If that’s not enough, our loans include $150 million acquisition of a six-property industrial portfolio and a new $160 million construction loan for a 100 percent affordable housing complex in Manhattan. Till next week, dear reader! Starwood Capital Group Hires Blackstone’s Jonathan Pollack as President Jonathan Pollack, global head of Blackstone Real Estate Credit and head of the firm’s structured finance group, has left his position at Blackstone for the lofty role as new president of Starwood Capital Group. [Read More](   Top Deals Of The Week   - Maverick [Secures]( $247M of Signature CRE Loans from Blackstone-Led Venture - Affinius Capital Provides $150M [Acquisition Financing]( on 1.8M-SF Industrial Portfolio - Douglaston Development Lands $106M in Construction Financing for [Affordable Housing]( - Columbia Pacific, Nuveen Green Capital Lend $89M on Seattle-Area [Winery Project]( - Slate Property Group, LibreMax Capital Lend $60M on Queens[Condo Tower]( - Historic [Long Beach Hotel]( Nabs $122M Refi   Guest Column   Newmark CEO: Here’s Why We Beat Other Brokerages on Talent Newmark CEO Barry Gosin dishes on how his brokerage has poached some of the hottest names in all of commercial real estate. [Read More]( People Moves   Linda Foggie Exits Citi, Joins Board of Proptech Firm OfficeSpace Software Foggie spent the last two years at Citigroup as the bank’s global head of real estate operations. [Read More](   Other Stories From This Week   How CRE Loans Threaten New York Community Bank and Other Regionals in 2024 NYCB's losses show that banks probably can’t extend commercial real estate loans long enough to avoid enormous fallout. [Read More]( JLL Revenue Up in Q4 as Cash Flow Down Sharply in 2023 The firm saw its earnings before expenses decline 41 percent last year behind a plummet in transactions. [Read More]( CLO Loan Secured by Fort Lauderdale Office Tower Enters Special Servicing A $58.5 million loan backed by the 276,572-square-foot property transferred to special servicing in February due to maturity default, according to CRED iQ. [Read More]( Bay It Forward: The Case for Optimism in San Francisco RetailRetail is giving real estate observers in San Francisco reason to believe that things are going to warm up in the long run. [Read More]( Migrant Crisis a Lifeline for New York City Hotels The city is prepared to pay to house migrants in hotels for the next three years. Many hotel owners are fine with that.. [Read More]( What We're Reading This Week   - The [Fed governor]( who proved Larry Summers wrong [WSJ] - Another Chinese [property giant]( faces a creditor who wants it dismantled [NYT] - A [banking crisis]( could be closer than you think [Barron's]   [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 02/29/2024