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Wholesale prices rise above expectations, home foreclosures filings are down from a year a ago, Nightingale CEO admits to fraud, Equinix plans Saudi Arabia datacenter, and demand for manufacturing space is making a comeback

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Capital Markets

Headlines

• Nightingale Properties CEO Admits To CrowdStreet Fraud

  Nightingale Properties CEO Elie Schwartz pleaded guilty to felony wire fraud in federal court on Wednesday. Swindling more than 800 crowdfunding investors out of nearly $63M in failed bids. The money was never placed in escrow and instead went into the CEO’s personal bank accounts and was used for luxury purchases

• Equinix Planning $1BN Data Center In Saudi Arabia

  Equinix announced at the Leap summit in Riyadh the facility would provide 100MW of capacity. Microsoft also announced plans to open a data center academy in Saudi Arabia.

• Home Foreclosures Filings Up in January, Down From A Year Prior

  According to ATTOM, U.S. there were a total of 30,816 U.S. properties with foreclosure filings in January, up 8% from December but down 7% from a year ago

• Wholesale Prices Rise 0.4% In January

  The producer price index increased by a seasonally adjusted 0.4% on the month, compared to the Dow Jones estimate for 0.3%

• Manufacturing Demand For Industrial Space On The Rise

  Manufacturing real estate requirements have increased by 50% since 2020 and are expected to make up 25% of U.S. industrial demand by 2028

  Historical Industrial Demand (Warehouse vs. Manufacturing)

  

  JLL Research, 2024-2025 Industrial Tenant Demand Study

Deals Deals Deals

Sales

• Office: EY Ventures LLCZ acquired 515 Post Oak, a 275K SF office building in Houston, TX from New York Life Real Estate Investors.

Debt

• Multifamily: Cymbal DLT Companies secured $114mm in permanent financing from Apollo Global Management and RXR Realty Investments for Laguna Gardens, a 341-unit multifamily property in west Miami, FL

• Industrial: WPT Capital Advisors secured a $72mm loan from PCCP to acquire two 100% leased warehouse buildings totaling 1.1mm SF in North Fort Worth, TX

• Hospitality: Gaw Capital and Button Capital secure a $65mm CMBS loan from Barclays to refinance Soho House Chicago

• Senior Housing: Silver Creek Equity secured a $20mm Freddie Mac loan for Lake Place, a 110-unit luxury active adult community in Chanhassen, MN

Developments

• Multifamily: Alliance Residential Company delivered Prose Lakeside, a 391-unit multifamily community in Lakeland, FL

• Multifamily: Rosewood Property Company and Barings break ground on The Gilman, a 370-unit multifamily community in Irving, TX. The asset is expected to deliver in 2027

• Multifamily: Royal Palm Companies secured $17mm in preferred equity investment through FCP to develop Royal Palm at Nona, a 320-unit multifamily development in Orlando, FL

• Multifamily: Housing Trust Group commenced development on Rainbow Village, a $185mm 310-unit affordable housing development in Miami, FL

• Multifamily: Rudin Management planning an office-to-residential conversion of 355 Lexington Avenue, an office asset in Manhattan, New York

• Multifamily: Crain Co to acquire the entire Eastern Nazarene College campus, a small private school in Quincy, MA. The company plans redevelop the site into 30 single-family lots and 2 multifamily lots

• Retail: SimonCRE acquired an 89K SF retail center located in Spanaway, WA with plans to redevelop the property and add a grocery anchor

Distress

• Multifamily: PH Realty and Rocklege acquired $61mm in loans held by PIMCO, and backed by a 442-unit portfolio of 6 rent-stabilized multifamily buildings in The Bronx, NY, at the discounted price of $28mm

Capital Raising

• Diversified: Brookfield Asset Management raised $500mm for Brookfield Strategic Real Estate Partners V in Q4 2024, taking the total it has raised for the fund to $8.5bn. The fund started raising capital in 2023 with a target of $15bn

Meme Summary

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