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Hope you everyone survived last night largely unscathed. CMBS delinquency is largely unchanged, office leasing is improving, downtown multifamily units are seeing an increase in demand, immigration raids in apartment building are raising concerns with landlords, and the Eagles demolish the Chiefs in Super Bowl LIV

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Capital Markets

Headlines

• CMBS Delinquency Rate Remains Flat In January

  The overall CMBS delinquency rate remained flat (1bps decrease). Office delinquency dropped from 11.01% in December to 10.23%, the delinquency rate rose for all other asset classes

• ICE Raids On Apartments Leave Landlords In Legal Limbo

  Sweeps by Immigration and Customs Enforcement are leaving apartment owners and employees scrambling to determine what their legal obligations are and how to handle the interactions with law enforcement

• Office Leasing Returning to Pre-Pandemic Levels

  A recent report from JLL shows positive net absorption in Q4, for the first time since Q1 2021. Leasing activity also returned to similar pre-pandemic levels. Moving forward the supply of office is expected to decrease as conversions and redevelopments into other uses pick up

• Downtown Multifamily Districts Are Recovering

  A new report by Cushman & Wakefield, shows the population increase in downtown districts and recovering performance by urban multifamily assets vs. suburban assets

• Chiefs Get Smoked In Super Bowl LIV

  Eagles win 40-22, Chiefs did not put up points until the second half

Deals Deals Deals

Sales

• Industrial: Westmount Realty Capital acquired a 9-building, 37-tenant, 391K SF industrial portfolio in Chicago, IL from Unilev Capital and Mandalay Industrial

• Industrial: James Campbell Co. acquired Beltway Crossing Northwest, a 664K SF industrial park in Houston, TX, from BGO. The transaction also included a 7.4 acre parcel

• Office: Melrose Solomon Enterprises acquired Tavern Square, a 172K SF office building in Alexandria, VA for $39mm from Westport Capital Partners

• Medical Office: Northside Hospital acquired Glenridge Point, a 185K SF office in Sandy Springs, GA. Richmond Honan Development & Acquisitions sold the two-building property for $14mm

Debt

• Industrial: Cannon TTM secures a 10-year, fixed-rate $60mm CMBS loan for a two-property, 2mm SF industrial portfolio fully-leased to Winn-Dixie in Jacksonville, FL and Hammond, LA

• Multifamily: Habitat secured a new $73mm Freddie Mac loan plus an additional $30mm in new equity from Torchlight Investors, to refinance Columbus Plaza, a 47-story, 534-unit apartment high-rise in Chicago, IL

• Multifamily: MassHousing is providing the nonprofit NeighborWorks Housing Solutions with a $5mm permanent loan, $23mm in tax credit bridge financing, and $2mm in workforce housing financing for a 94-unit redevelopment of an industrial site

Developments

• Student Housing: California Polytechnic State University and FullStack Modular to develop 4,200 new student housing beds in San Luis Obispo, CA. Total construction costs are expected to be at $1bn

• Multifamily: Thompson Thrift announced that it will develop Velara, a 312-unit multifamily community near Jacksonville, FL

Capital Raising

• Multifamily: Cinnaire closed the Cinnaire Fund for Housing Partnership 42, a $190mm Low-Income Housing Tax Credit fund. The fund will support the creation or preservation of 1,478 affordable multifamily units across 21 properties

• Student Housing: Forum Asset Management announces Brookfield Asset Management will invest up to $100mm in Forum's private REIT, the Forum Real Estate Income and Impact Fund

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