Cushman’s Michelle MacKay, and Cain Lands a $2B Construction Financing in L.A!

Cushman’s Michelle MacKay, and Cain Lands a $2B Construction Financing in L.A! This week, CO’s Cathy Cunningham sits down with Cushman & Wakefield CEO Michelle MacKay and discusses how one of the few woman executives leading a commercial real estate brokerage is helping her firm navigate annual revenue declines, short-sellers targeting her firm’s stock, and a CRE landscape that seems to be shifting beneath everyone’s feet. Then, mammoth loans have been few and far between of late, but Cain International just landed a $2 billion financing package for its latest Beverly Hills project, and Greg Cornfield has the deets. There are plenty of other loans, too, including a $118 million refinancing RXR executed through Starwood for a pair of New York projects. Until next week, dear reader! Executive Orders: Michelle MacKay Is Leading C&W Through a Challenging Market Michelle MacKay, who took the reins as CEO of Cushman & Wakefield in July, addressed her company’s 2023 performance on its fourth-quarter earnings call: the good, the bad and the ugly. [Read More](   Top Deals Of The Week   - JPMorgan Heads [$2B Construction Package]( for Landmark Beverly Hills Project - [Starwood]( Provides $118M Refi on Two RXR New York-Area Properties - Large [Office Conversion]( in Old Town Alexandria Scores $88M - JLL Real Estate Capital Provides $80M Refi for [Oregon]( Multifamily Community - Ytech Lands $104M for [Brickell]( Properties - Torchlight Lends $135M for Retail and [Office Complex]( Along Pacific - Virginia Housing, [Freddie Mac]( Provide $67M to Build Affordable Housing Complex - Keystone National Supplies $46M [Construction Loan]( for N.C. Apartments   Guest Columnist   New York City’s Most Misallocated Asset Could Help Solve Its Housing Crisis New York City currently owns about 8.5 million square feet of land under 20 million square feet of public housing. This housing stock is mostly not in great shape as evidenced by the horror stories reported in the media almost monthly. There are superblocks on which 1,500 people might live today while there could be 15,000 living on that land if it was used properly. [Read More]( Q&A   Enterprise Greece’s Marinos Giannopoulos: 5 Questions The CEO of Greece’s investment and trade agency talks at MIPIM about green development and the country’s past debt crises. [Read More](   Other Stories From This Week   Following New Yorker Note Purchase, BHI Boosts Yellowstone’s Credit Facility to $150M BHI has upsized Yellowstone Real Estate Investments’ capital call line facility to $150 million from $90 million to arm the private equity firm with capital for future optimistic acquisitions. [Read More]( NYCB’s Issues ‘Manageable’ for CRE Market: MIPIM Panelists Panelists at MIPIM's “Trend in U.S. Real Estate and Capital Markets” conference said that NYCB's issues aren't "systemic" to bank's across the country. [Read More]( DC Offering Millions in Tax Breaks for Office Conversions Downtown Washington, D.C., is offering millions in tax breaks for office conversions, in the hope it will bring more permanent residents to the city’s downtown. [Read More]( Downtown Manhattan’s Office Market Can’t Catch a Break Downtown Manhattan’s original 17th century design — if you could call it that, with its narrow, curving streets best suited to horse carts and two-story buildings — reflects what makes it such a problematic business district in 2024. [Read More]( What We're Reading This Week   - It’s a higher-for-longer world for interest [rates](, and that’s OK [WSJ] - [Miami’s]( office market was red hot. Now its tallest planned tower can’t fill its space. [WSJ] - [Inflation]( ticked up last month, backing the Fed’s caution on rate cuts [NYT]   [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 03/14/2024