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Retail sales are down in January, Fannie Mae points out losses due to mortgage fraud, CBRE has a record Q4, construction costs are up, and Wyndham has a fat pipeline of hotels entering 2025

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Capital Markets

Headlines

• Retail Sales Drop By 0.9% In January

  Headline retail sales fell 0.9% in January, more than the 0.2% decline economists had expected, the largest month-over-month decline in retail sales since January 2024

Monthly Retail Sales

• Fannie Mae Points Out Multifamily Fraud Losses

  In its latest filings, Fannie Mae pointed out shortcomings in identifying loan fraud. Fannie Mae pointed out it had experienced losses due fraud and could experience more as it works to implement changes

• CBRE Reports “Best Quarter Ever” In Q4

  In it’s latest earnings report CBRE reported Q4 GAAP EPS of $1.58; Core EPS of $2.32. The company reported an increase in sales revenue of 35%, leasing revenue of 15%, and mortgage revenue (origination fees) up 76%

• Cost of Construction Materials Rises In January

  The cost of construction materials rose by 1.4% in January, the fastest monthly pace in two years. The price was driven by rising energy prices, annual producer price increase, and tariff anticipation

• Wyndham’s Development Pipeline Consists of 2,100 As of Q4

  Wyndham’s latest earnings reported adjusted EBITDA growth of 7%. The company opened 69,000 rooms in 2024, the largest annual amount in the company’s history. As of end of Q4 Wyndham has ~2,100 hotels and 252,000 rooms in its global development pipeline

Deals Deals Deals

Sales

• Office: Equity Commonwealth to close on the sale of 17th Street Plaza, a 709K SF Denver, CO office asset, for $133mm.

• Industrial: WPT Capital Advisors acquires a 1.1mm SF warehouse in North Fort Worth, TX from LBA Realty. PCCP funded the $72mm loan

• Multifamily: Harbor Group International, LLC acquires Livano Canyon Falls, a new 300-unit multifamily property in Northlake, TX

• Multifamily: a fund advised by Blackrock Realty Advisors acquired The Commons at Southfield, 298-unit multifamily community in Weymouth, MA from John M Corcoran & Company for $103mm

• Office: Savanna acquires a 95K SF office asset in New York City’s Meatpacking district for $85mm from Invesco

• Industrial: Calare Properties acquired a 85K SF flex/industrial property at 1 Technology Way in Salem, MA for $10mm via a sale-leaseback

Debt

• Multifamily: Presidio Bay Ventures secures $108mm in structured debt to refi their construction loan at Ventana Residences, a 193-unit multifamily community in San Francisco, CA. The debt was comprised of a 10-year, interest-only, non-recourse CMBS senior loan and a 10-year Mezz piece

• Student Housing: A JV between Canyon Partners Real Estate, GMH Communities, and CRG secured a $79mm refi for The Dean Reno, a 773-bed student housing community serving the University of Nevada in Reno, NV

Developments

• Industrial: The Meridian Group and Wickshire Industrial complete a 1m SF industrial asset in One Logistics Park, a 2.8m SF industrial development project in Northern Virginia along the I-81 corridor

• Multifamily: Baron Property Group broke ground on Metro Parc North, a 559-unit multifamily development in Miami, FL’s Hialeah. Completion is expected in Q3 2027

• Multifamily: Toll Brothers Apartment Living and Equity Residential opened The Sadie, a 362-unit apartment community in Fort Worth, TX

• Student Housing: GTIS Partners and RISE to develop RISE Oxford Farms, a 504-bed, 216-unit student housing project in Oxford, MS. The project is expected to be completed before the 2026-2027 school year

• Multifamily: Willow Bridge Property Company recently opened Balsa, a 222-unit office-to-multifamily conversion in D.C.

• Multifamily: Rabsky Group acquires a vacant lot from HAP Investments at 65 Franklin St in New York City’s Tribeca that was previously set for a multifamily development

Meme Summary

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