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Big hotel acquisition announced, tariffs on steal and aluminum could give rise to higher construction costs, real estate investment platform Landa in hot water, core fundraising spiked in 2024 setting up CRE favorably in 2025

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Capital Markets

Headlines

• U.S. Imposes 25% Tariffs On Steel And Aluminum

  The United States gets most of its steel from Canada, Brazil and Mexico, the tariffs however, were aimed at China. The tariffs could increase the cost of production of everything from consumer goods such as cars and appliances to large scale infrastructure projects which use steel and aluminum

• Landa Ordered To Hand Over 119 Properties To Lender

  The real estate investing platform, Landa, entered into a dispute with Viola Credit and L Finance after an appointed manager noted many properties were vacant and Landa’s exec’s had ordered tenant’s to pay their rents to a new bank account after being issued an injunction

• Hyatt Hotels To Acquire Playa Hotels & Resorts For $2.6BN

  The acquisition follows rising interest in upscale and luxury offerings outside the U.S. as more Americans take advantage of a stronger dollar. Hyatt said it would identify third-party buyers for Playa’s owned properties and expects to gain at least $2bn from the sale of assets by 2027

• Core Fundraising Spiked In 2024, CRE Condition Set To Improve In 2025

  According to Colliers Research, core fundraising rose to $9.5bn in 2024, serving as an early indicator of market sentiment and recovery. Fund lifecycles are ending, leading to pent-up seller activity, while debt maturities will further support deal volume

Deals Deals Deals

Sales

• Medical Office: BayCare Health System acquired three Tampa, FL medical office buildings from Highwood Properties for $145mm

• Industrial: Zilber Property Group acquired a 363K SF fully-leased industrial building in Beloit, WI

• Multifamily: Avdoo & Partners Development to acquire 5 multifamily properties in New York’s Upper East Side for $52mm from Gatsby Enterprises

• Life Sciences: Pfizer sells its 82K SF building at the Imperial Center in Durham, NC to Lightstone Group for $41mm

• Industrial: High Street Logistics Properties acquires Granite Point Business Center, a 145K SF industrial building located in Denton, TX from TA Realty

• Industrial: Heritage Capital Group acquired a five-property, 509K SF industrial flex portfolio in Chesapeake, VA, for $45mm from DSC Partners and Iron Point Partners

• Office: Bolour Associates completed the disposition of Cerro, a 71K SF office property in Mission Viejo, CA for $24mm. The buyer was undisclosed

Debt

• Office: Ivanhoé Cambridge secured a $1.125bn refinance of 3 Bryant Park, an office tower in Midtown Manhattan. The refi was lead by Wells Fargo, Bank of America, and Bank of Montreal

• Multifamily: A JV between Magellan Development Group, RAS Union Square Development, Cypress Equity Investments, and Affinius Capital secured a loan from Northwestern Mutual to refinance Prospect Union Square, a 450-unit apartment community in Somerville, MA

• Hospitality: Baywood Hotels and Dolphin Capital Partners secure a $36mm loan from Synovus Bank to refinance Moxy Miami Wynwood, a 120-key hotel.

• Student Housing: Palladius Capital Management secures a $31mm bridge loan from Tremont Realty Capital for the acquisition of The Lodge, a 258-unit, 696-bed student housing asset in San Marcos, TX serving Texas State University

Developments

• Retail: PEBB Enterprises, BH Group, and The Related Group are redeveloping the 29-acre 651K SF Office Depot corporate campus in Boca Raton, FL into a 43K SF of retail, a 36K SF of wellness uses, 500 units of multifamily, and renovating 405K SF of existing office

• Multifamily: Flournoy Development Group is developing Tanner Road, a 461-unit multifamily community in Greenville, SC. The project is expected to deliver in Q1 2027

• Multifamily: A JV between Flournoy Development Group and Japan-based JR West broke ground on Ellison Nona, 377-unit multifamily development in Orlando, FL. The project is expected to deliver in 2027

Distress

• Hospitality: Reade Hotel Capital acquired the 208-key Embassy Suites Nashville at Vanderbilt for $58mm from Moody National Reit II Inc. The Nashville, TN hotel previously sold for $66mm in 2015

Capital Raising

• Diversified: New York State Retirement Fund commits over $1bn to real estate in December. The Fund committed $500mm to IPI Partners III 

• Student Housing: TPG Angelo Gordon and Hollybrook announce student housing platform aimed at acquiring and developing 2,000+ student housing units in the U.K.

• Diversified: New Jersey Division of Investment considering committing $400mm to Stepstone Real Estate Partners SMA 

Meme Summary

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