Good Morning/Afternoon!

Retail sales came in hot, the FTC is banning hidden fees in hotel pricing, SoftBank will invest $100bn in the US, Holiday retail sales are expected to spike in 2024, CRE loan extensions could be coming to an end in 2025, and REBNY fights back again the removal of landlord rep’s apartment leasing fees in NY

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Capital Markets

Headlines

• US Retail Sales Outperform

  US retail sales increased by 0.7% vs. the 0.6% increase forecasted. Prior month sales increase was 0.5%

• REBNY Files Lawsuit to Stop New Law Removing NY Broker Fees

  The Real Estate Board of New York and a group of brokerages and landlords filed a lawsuit to stop a new law intended to free multifamily tenants from paying large upfront broker fees to landlord agents in Manhattan federal court on Monday

• FTC Bans Hidden Junk Fees in Hotel Prices

  The U.S. Federal Trade Commission will require ticket sellers, hotels, and vacation rental sites to disclose total prices, including fees upfront

• SoftBank to Invest $100bn in The US

  SoftBank and Trump announce plans to invest $100bn in U.S. A.I. infrastructure over the next 4 years

• Loan Extensions Coming to an End in 2025?

  As lenders begin to accept the reality of a long term high interest rate environment the appetite to extend loans to avoid booking a loss is beginning to fade

• Holiday Retail Sales Expected to Increase in 2024 

  Retail sales are expected to increase 2.4%-3.6% over 2023, with in-store sales still dominating e-commerce’s growing share

Deals Deals Deals

Sales

• Multifamily: The Brookview Cos. acquired a 268-unit multifamily property in Greenfield, WI for $58mm from Fiduciary Real Estate Development Inc.

• Multifamily: JVM Realty Corp. acquired a 236-unit apartment community in Wauwatosa, WI for $54mm from Atlantic Residential

• Hospitality: Elliot Investment Management acquired the 230-key Gates Hotel South Beach in Miami, FL for $53mm from Rockpoint Group. Deutsche Bank provided a $83mm acquisition loan

• Retail: Publix acquires a 90K SF retail center in Miami, FL from two private investors for $40mm. The center was anchored by Publix

• Retail: Ziff Real Estate Partners acquires a 70K SF shopping center for $11mm in Charlotte, NC from Camfield 

• Multifamily: West Shore acquired The River Lofts at Tobacco Row, a 742-unit multifamily complex in Richmond, VA

• Hospitality: Ohana Real Estate Investors acquired the 347-key Hyatt Regency in Renton, WA

• Multifamily: Mesa Capital Partners acquires a 276-unit multifamily community outside Charlotte, NC from Thompson Thrift

• Multifamily: A JV between Sagard Real Estate, ArrowMark Partners and Western National Group acquired a 158-unit garden-style multifamily community in Riverside, CA

Debt

• Multifamily: TF Cornerstone secured a $205mm, 35-year, interest-only Fannie Mae loan from M&T Realty Capital Corporation for a 584-unit apartment asset in Long Island City

• Multifamily: Leon Multifamily sourced $42mm in construction financing from Alerus Financing for a 231-unit multifamily project in Gilbert, AZ

• Multifamily: Broadway Bank provided $34mm in construction financing for a Mansfield, TX multifamily project

• Multifamily: RM Communities and Crawford Hoying secure a $31mm loan to acquire a 229-unit multifamily asset in Columbus, OH from ACRE

• Industrial: Consolidated Investment Group secured an $18mm five-year, fixed-rate loan for two industrial assets totaling 236K SF in Aurora, CO

Developments

• Industrial: OpenStore to develop and operate a 113K SF distribution center in Kansas City, MO

Distress

• Office: The $130mm loan tied to Donohoe-owned FEMA HQ in D.C. has been transferred to special servicing

Leasing

• Office: SouthState Bank signed a long-term, 87K SF lease at New York Life Real Estate Investors’ 433K SF Prominence Tower in Atlanta, GA

Meme Summary

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