US - Commercial Real Estate & Reits

[behappyalways]

Surging Distress In CRE CLO Loans Spurs Lender Rush To Repurchase Delinquent Multifamily Mortgages
https://www.zerohedge.com/markets/surgi ... ultifamily

[behappyalways]

Office Tower Turmoil In NYC Worsens Ahead Of Trillion Dollar Maturity Wall
https://www.zerohedge.com/markets/offic ... urity-wall

[behappyalways]

Burnett Plaza, the tallest building in Fort Worth, has been sold at foreclosure auction for $12.3 million.

It previously sold in 2021 for $137.5 million.
https://x.com/unusual_whales/status/1788627437414383678


JUST IN: Invesco sells Bethesda Maryland apartment complex at a massive $78M loss

Invesco paid $207M or $576k per unit in 2016

They just sold it for $129M or $361k per unit
https://x.com/TripleNetInvest/status/17 ... 1455657130

[behappyalways]

Sternlicht's Starwood REIT Running Low On Cash As Redemptions Soar Amid CRE Storm
https://www.zerohedge.com/markets/stern ... -cre-storm

[behappyalways]

JUST IN: Owner of Seattle's Pacific Place Mall takes a $270M loss just ~10 yrs after being acquired

The mall (+ parking garage) just sold for $88M
https://x.com/TripleNetInvest/status/17 ... 7188013478

[behappyalways]

Office Building In Philadelphia's Popular Old City Section Sells For 38% Discount To Assessed Value
https://www.zerohedge.com/markets/offic ... ssed-value

[winston]

The Great Emptying

Not long from now, almost one-quarter of all US office space may be vacant.

And if work-from-home—the key culprit—persists, commercial-property values will be further decimated by up to $250 billion, Moody’s warns.

When combined with the impact of lower rents and lease turnovers, the vicious post-pandemic cycle will reduce revenue for office landlords by as much as $10 billion.

That in turn could translate into a quarter-trillion dollars of “property value destruction,” Moody’s officials said.

Source: Bloomberg

https://www.bloomberg.com/news/newslett ... =undefined

[behappyalways]

Blackstone Mortgage REIT Slashes Dividend By 24% As Distress Piles Up In CRE World
https://www.zerohedge.com/markets/black ... -cre-world

[behappyalways]

"Absolutely Stunning": CRE Analyst Lists Latest Office Tower & Mall Valuation Collapses
https://www.zerohedge.com/markets/absol ... -collapses

[behappyalways]

1 Million Square Foot Office Building In Center City Philly Appraised For 25% Less Than 2021
https://www.zerohedge.com/markets/1-mil ... e_vignette