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JoAnn’s is shutting down all stores, Canadian CRE lenders expect to debt activity to pick up in 2025, Redfin reports the average down payment is up 7.5%, and Blackstone scoops up a large marina portfolio

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Capital Markets

Headlines

• JoAnn Fabrics To Close All Stores After Filing For Bankruptcy Last Month

  The arts and crafts supplies retailer announced it would close all ~800 stores after being sold to GA Group and prepetition term lender. Full list here (note: the article with the list is full of ads)

• Canadian CRE Lenders Planning To Increase Origination In 2025

  A survey from CBRE, showed 75%, of the 37 Canadian and foreign lenders surveyed, are planning on increasing the origination volume in 2025. Most lenders see competition growing for debt deals and property values being the key issue at hand. Single-family housing and data centers are at the top of the list for most lenders

• Redfin Reports Typical Homebuyer Down Payment Is 16%

  As of December 2024, the typical U.S. homebuyer put down roughly $63,000 when buying a home, about $4,000 (~7.5%) more than last year, largely driven by a jump in home prices

• Sun Communities To Sell Safe Harbor Marinas Business To Blackstone For $5.65BN

  On Monday, Sun Communities announced it entered into a definitive agreement to sell 100% of its interests in the Safe Harbor Marinas business to affiliates of Blackstone Infrastructure. The sale furthers Sun Communities’ strategic goal of re-focusing on manufactured housing and RV communities

Deals Deals Deals

Sales

• Multifamily: Origin Investments acquired the Queens Wedgewood-Houston, a 221-unit multifamily community in Nashville, TN, for $79mm from Proffitt Dixon

• Multifamily: Bridge Investment Group acquires Bridges at Crosstown, a 344-unit multifamily community in Tampa, FL, from Starwood Capital Group for $76mm. The deal was financed with a $52mm, five-year Freddie Mac loan

• Multifamily: Cannon Hill Capital Partners acquired 33 East 18th St, a multifamily building in New York’s Flatiron District, for $38mm from Colliers (ender the entity 33 Realty Associates) 

• Office: PEBB Enterprises and Contrarian Capital Management complete the disposition of Meridian Office Center, a 61K SF office asset in Boca Raton, FL, to 6601 Park of Commerce Holdings, LLP for $14mm

• Office: Signature Acquisitions acquires One Jefferson Road, a 100K SF office asset in Parsippany, NJ, from Office Properties Income Trust

• Self Storage: Strategic Storage Growth Trust III Inc. acquired five self storage facilities, totaling over 500K SF, across Florida, Texas and Arizona via Delaware Statutory Trusts (DSTs). Westport Properties sold three of the assets and Strategic Asset Management the other two

Debt

• Multifamily: Alpine Residential secures two loans totaling $81mm for a pair of multifamily properties in Jersey City, NJ. Atlas (169 units) and Sterling (39 units) secured a pair of five-year, interest only fixed-rate Freddie Mac loans

Developments

• Multifamily:  Metropolitan Realty Group secures a $90mm Fannie Mae affordable housing loan for Cromwell Towers Apartments, a 320-unit multifamily asset in Yonkers, NY. The fixed-rate, five-year term loan had 35-year amortization period with two years of interest-only payments

• Multifamily: The Spectrum Cos., and Heitman, began work on Spectrum Indian Trail, a 320-unit upscale multifamily community in Indian Trail, NC. the project is expected to deliver in 2027

• Data Centers: Karis Critical acquires 180 acres from 5a7 for $45mm in Hoffman Estate, IL. Karis is a known developer of data centers. No plans have been submit with the city yet

Capital Raising

• Multifamily: FPA Multifamily completed the final close of Apartment Opportunity Fund IX, raising $1.77bn from over 40 institutional investors.

• Diversified: Finmarc Management seeking to deploy $200mm on value-add assets across D.C. area. The company has invested across office, retail, and industrial 

• Diversified: The Illinois Municipal Retirement Fund approved over $100mm in commitments to real assets

Meme Summary

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