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Hope you all had a good new years!

Welcome to 2025! CMBS delinquency rose to close out the year, offshore drilling is going to be limited going forward, the hotel sector outperformed 2023 December (mostly), and Hines released their outlook for 2025 with many predicting now is the time to buy

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Capital Markets

Headlines

• CMBS Delinquency Rises in December

  According to Trepp, overall CMBS delinquency rose to 6.57% in December, with office delinquency at 11.01%, retail at 7.43%, multifamily at 4.58%, and industrial at 0.29%. The overall delinquency rate was 4.51% 12 months prior. Of those loans being tracked only 2.10% fell under the foreclosure category

• New Offshore Drilling Halted Across US

  Biden is ruling out future oil and gas leasing along the US East and West Coasts, the eastern Gulf of Mexico and a part of the Northern Bering Sea.The action doesn’t affect energy development under existing offshore leases

• U.S. Hotels Have Positive Performance in 2024

  For the week of Dec 15th-21st occupancy was up 11% over the same week the prior year, ADR was up 3% and RevPAR was up 14%. For the week of Dec 22nd-28th, occupancy was down 5% over the same week the prior year, ADR was down 2% and RevPAR was down 7%. Tampa and NYC reported some of the highest notable growth

• Hines 2025 Outlook

  Hines’ 2025 outlook predicts 2024-2025 to be the bottom of the cycle for various markets and asset classes. With many predicting now being the time to buy

Deals Deals Deals

Sales

• Industrial: Thor Equities sells a 312K SF industrial facility leased to Amazon in Brooklyn, NY for $157mm

• Industrial: Rexford REIT acquires a 300K SF Los Angeles, CA industrial facility for $137mm from JP Morgan

• Hospitality: Prospect Ridge acquires NoVa Marriott Hotel for $64mm in Tysons, VA from Rockwood Capital

• Retail: Garden Commercial Properties acquires a 95K SF grocery-anchored center in Lake Worth, FL for $37mm from Kitson & Partners

• Retail: Asana Partners sold two Atlanta, GA retail centers, Plaza on Ponce for $36mm and Morningside Village for $31mm

• Office: BXP acquires a 300K SF office tower in D.C. for $34mm from Hines

• Industrial: Partners Capital acquired a 196K SF flex industrial facility in Houston, TX from WMF Investments. The asset was financed by Veritex Community Bank

• Industrial: Realterm acquired a 6 acre industrial outdoor storage facility in Roseville, MN

Debt

• Multifamily: Terra secures a $291mm loan from JVP Management and Hudson Bay Capital for a mixed-use asset in Miami, FL

• Multifamily: Hudson Meridian Construction Group and Paredim Partners secure a $110mm senior loan and $20mm in preferred equity from MF1 Capital and Mavik Capital for a 398-unit multifamily building in New Haven, CT

Developments

• Data Centers: Atlas Development planning a $17bn data center complex outside of Atlanta, GA with a possible 13 data centers spanning 378K SF each

Distress

• Multifamily: Clear Investment Group acquires a 674-unit multifamily complex in D.C. for $59mm out of a foreclosure sale

• Multifamily: Thor Equities defaults on $51mm of CMBS tied to two assets in East Harlem in NY

Meme Summary

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