Good Morning!

The manhunt is over for the CEO shooter, the Fed is dealing with sticky inflation, Fannie Mae and Freddie Mac could be going private, multifamily outlook for 2025 looks positive, and RealPage reports the DOJ is dropping their investigation

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Capital Markets

Headlines

• UnitedHealth CEO Suspect Caught and Charged

  On Monday afternoon the suspect in the UnitedHealth shooting was charged with murder after being caught in a McDonald’s in Pennsylvania

• Privatization of Fannie Mae and Freddie Mac on the Table

  Trump’s incoming presidency has reignited conversations of privatizing the two agencies an action that would raise questions around how mortgage-backed securities being sold would be guaranteed going forward

• Strong Outlook for Multifamily in 2025

  U.S. net absorption is projected to outpace new deliveries for the first time since 2021. Effective rents have on average remained in line with January 2022 levels

• Inflation Sticking Around

  Tomorrow CPI inflation will released with economists largely expecting inflation to come in higher in November over the prior month. The Fed has been struggling to get from ~2.5% inflation to its target of 2%

• DOJ Drops RealPage Criminal Investigation

  RealPage announced on Friday that the Department of Justice (DOJ) was dropping its criminal investigation for multifamily rental housing pricing practices

Deals Deals Deals

Sales

• Industrial: INDUS Realty Trust acquires a majority interest in a 4.3mm SF 21-property industrial portfolio in Charlotte, NC and Charleston, SC. The portfolio is valued at $575mm

• Industrial: Blackstone’s Link Logistics sells a south Florida portfolio for $206mm

• Office: Banyan Street Capital acquires a 196K SF office asset in DC from Equity Commonwealth for $28mm

• Industrial: A JV between Clear Height Properties and Long Wharf Capital acquired a 92K SF warehouse in Chicago, IL’s O’Hare submarket

• Multifamily: Blackstone’s LivCor sold a 349-unit asset in Miramar, FL to Bell Partners Inc. 

• Multifamily: Gindi Equities acquires a 252-unit asset in Fargo, ND from Property Resources Group

Debt

• Hospitality: Fontainebleau Development secures a $1.2bn and $550mm refinancing package for Fontainebleau Miami Beach and the JW Marriott Miami Turnberry Resort & Spa from Goldman Sachs and J.P. Morgan

• Multifamily: Vanbarton Group secured a $280mm loan for a the office-to-residential conversion project at 77 Water Street in New York City

• Multifamily: Grover Corlew secures a $114mm refinancing for a 355-unit luxury multifamily asset in Ft. Lauderdale, FL from Fannie Mae 

• Retail: Ares lends an additional $67mm to Related Companies for its mixed-use asset, CityPlace, in West Palm, FL

• Multifamily: XAG Group secures a $59mm construction loan to start work on a 326-unit multifamily community outside of Houston, TX

• Industrial: Proficiency Capital secures a $32mm loan to acquire McGee Business Park in Pomona CA, a 232K SF small-bay business park

Developments

• Multifamily: Woodfield Development delivered a 295-unit multifamily community outside Atlanta, GA

• Hospitality: Starlife Group is building a 200-unit apartment project outside Miami, FL with a target completion date in early 2027

• Multifamily: Invest Atlanta to restore the 5-story Atlanta Constitution building to include 197 affordable units

• Industrial: Faropoint launches a 195K SF industrial development in New Jersey’s Exit 9 submarket. The two-building portfolio is scheduled for deliver in Q4 2026

Distress

• Office: U-Haul acquires the 549K SF office tower at 20 E Thomas Road in Phoenix, AZ for $24mm from an entity controlled by Bank of America. BofA foreclosed on LBA Realty earlier this year

Meme Summary

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