Can Fortress deal ignite the industry? Bespoke brings 1% commissions to Manhattan ... and more

The best national real estate stories from The Real Deal. Sep 09, 2023 [View in Browser]( | [$1 for 1 Month]( [The Real Deal Logo](   [The National Logo](   In today’s newsletter, we look at [one firm’s attempt to break through the thick layer of ice]( covering the industry, and a potential deal that could lead to a further thaw in a difficult lending landscape. Plus, [Bespoke brings its business]( — and its 1 percent commission structure — to NYC, [WeWork has news for its landlords](, and a small cohort of investors [crack the multifamily code in South Florida](. These and more stories below.   [In harsh environment for lending, commercial real estate adapts]( In the hottest year on record, the dealmaking landscape has been ice-cold. That’s especially true for lenders looking to offload debt. But some big-time moves by bold actors have sparked a glimmer of hope that things could turn for the better. Fortress Investment Group is used to making moves in a frigid market. The private equity firm is known for pouncing on deals in times of distress, and it did just that when it purchased a $1 billion portfolio of Capital One office loans in August. Industry observers have speculated — or hoped — that the deal could generate FOMO amongst investors who have been sitting on the sidelines. Wall Street has struggled to find buyers for commercial loans all year, especially in troubled classes like office, hotel, and multifamily. Buyers and sellers have been stuck in a standoff: Sellers are unwilling to cut their losses and sell at a discount, and buyers don’t want to buy loans close to par when distress is mounting. The Fortress deal hasn’t done much to change that situation, as the most essential details of the transaction have remained unclear. But another potential deal could change that. The FDIC has kicked off its effort to [offload Signature Bank’s $33 billion commercial loan book](. The sale will include an $18 billion debt portfolio tied to mostly healthy market-rate multifamily properties and another $15 billion in loans secured by [troubled rent-stabilized buildings](. The eventual sale could be the catalyst that the industry is looking for. But for one group — either buyers or sellers — that might not be a good thing.   Together with Hilco Redevelopment Partners How a Former Power Plant is Making Boston Greener 776 Summer Street – Boston, MA The former Edison Power Plant in South Boston was once a beacon of ingenuity, harnessing the culture of invention that animated the city at the turn of the century. Nearly 100 years later, the site will be reborn as a sustainable 21st century hub for innovation. The transformation Hilco Redevelopment Partners (HRP) is bringing to the former power plant will play a vital role in building a brighter future for the Boston community. The project supports the latest in remediation and green development, including: - Rebuilding the existing seawall and raising the grade at the waterfront, protecting the site from future climate change impacts - Reducing carbon emissions, improving water quality, and decreasing the urban heat island effect - Adaptive reuse of Thomas Edison’s historic turbine halls and providing nearly 6 acres of new public open space [Learn more]( to see how HRP is building a better place to live, work, and play.   [I'm an image]( [Bespoke brings 1% commissions to Manhattan]( Residential brokerage Bespoke is looking to bring its 1 percent commission structure to Manhattan. Low-commission model brokerages have often struggled in the city, but Bespoke’s Cody Vichinsky says this is different. [I'm an image]( [WeWork tells landlords it intends to renegotiate “nearly all” its leases]( WeWork is fighting for its life, as its mounting losses have raised questions about its ability to survive another year. In the meantime, the co-working firm told its landlords to expect major changes to its leases, including possible exits from underperforming locations. [I'm an image]( [Hot summer sales in South Florida]( A perfect storm of economic headwinds has made multifamily investing an especially tricky business in South Florida. A handful regional players have cracked the code, though, and they’re reaping the rewards.   Advertisement   [I'm an image]( [Brand Studio MHS Architecture: the Go-To Firm for High-Rise Development in New Jerseyise Development in New Jersey]( [I'm an image]( [The business of multifamily lending: Inside Arbor’s books]( Multifamily investors know and love Arbor Realty Trust. The lender has more than $43 billion spread across multiple multifamily portfolios. But some of those loans have started to go bad. [I'm an image]( [Why multifamily developers are having a brutal year in LA]( It’s been a tough year for multifamily. But few have had it as bad as LA’s developers. Some have abandoned the city entirely, seeking greener pastures (and friendlier governments) in places like Denver and Austin. A few things will need to change before they return. [I'm an image]( [How H-E-B rewrote the retail playbook]( Grocery chain H-E-B is a household name in Texas. The company isn’t just a major player in groceries — it’s also shown an acumen for retail real estate. After a few years of upheaval in the industry, H-E-B has rewritten its playbook. [I'm an image]( [Brand Studio Yodezeen Architecture & Interior Design studio makes waves in U.S. by blending site-specific authenticity with international elegance]( [I'm an image]( [They’re baa-aack: Bidding wars return to San Francisco]( San Francisco is one of the tightest housing markets in the country, with high prices and limited inventory. And rising interest rates hit the city hard, leaving some sellers discouraged. Now bidding wars are back, especially for single-family homes over $1 million. [I'm an image]( [Jimmy Buffett’s real estate legacy: luxury homes and Margaritaville hospitality]( Jimmy Buffett was a master of branding. The man leveraged a hit song into a hospitality empire. But his real estate holdings weren’t limited to Margaritaville hotels and resorts. Buffett owned a handful of luxury homes, and there’s even a Margaritaville-branded retirement community.   SUBSCRIPTION SUMMER SALE [1 dollar for 2 months]( [CLAIM OFFER](   [The Real Deal Logo]( [Facebook]( [Twitter]( [Instagram]( [LinkedIn]( [YouTube]( [Manage Newsletters]( | [Unsubscribe]( | [Privacy Policy]( | [Subscribe]( | [Advertise]( The Real Deal 450 West 31st Street, New York, NY 10001 ©2023 TheRealDeal. All rights reserved. [View Online](