Another Record South Florida Loan and a $335M Manhattan Hotel Refi

Another Record South Florida Loan and a $335M Manhattan Hotel Refi This week, as the summer heat takes hold in the Northeast, South Florida brought its own sizzle with another record-breaking construction loan. Bank OZK and Related Fund Management provided $668 million of debt for a PMG-led joint venture to complete the the Waldorf Astoria Hotel & Residences Miami project, which is now hot to trot. In New York, Izak Senbahar’s Alexico Group landed a $335 million refinance for The Mark Hotel on Manhattan’s Upper East Side, led by Goldman Sachs; and on the gloomier side we explore two recent office defaults in Washington, D.C. PMG Scores $668M Record Construction Loan for Waldorf Astoria Tower in Miami A PMG-led joint venture scored $668 million from Bank OZK and Related Fund Management to complete the Waldorf Astoria Hotel & Residences Miami, which is poised to become one of the tallest U.S. buildings south of New York. [Read More]( Top Deals Of The Week   - Alexico Group [Seals]( $335M Refi for Manhattan’s The Mark Hotel - Northwestern Mutual Provides $165M Refi to [JP Morgan]( for Midtown Rental - Affinius Capital Refis [Long Beach](, NY Resi Tower With $150M Loan - [East End Studios]( Seals $130M Construction Loan for LA Production Space - [Goldman Sachs]( Provides $120M Acquisition Loan for 680 Madison Purchase - Affinius Capital Provides $52M [Acquisition Loan]( on $68M NYC Apartment Purchase - PGIM Refis [NYC Self-Storage]( Portfolio With $100M Loan - [Wells Fargo]( Lends $97M on Fort Greene Affordable Housing Portfolio Acquisition - Bank OZK Loans $84M for [West Palm Beach’s]( Nora Mixed-Use Project - Heitman, Freddie Mac Provide $79M [Acquisition Financing]( for NJ Community - IDI Group and PTM Partners Land $60M Refi for Luxe [NoVA Apartments]( - First Citizens Bank Provides $52M Construction Loan for [Florida]( Logistics Center - Affinius Capital Provides $55M Refi for 387-Unit [Fort Worth]( Multifamily Complex - South Florida Office Leased to Carl Icahn and Jared Kushner Secures $42M [Refinancing]( - Basis Industrial Secures $40M Loan for Project in [Westchester County]( - Calmwater Capital Supplies $34M Refi on [Denver-Area]( Apartments - S3 Capital Partners Provides $32M in [Construction Financing]( for Flatbush Multifamily Guest Columnist   Was the Signature Shutdown a Big Bank Robbery? The unusual circumstances leading to the FDIC’s shutdown of Signature Bank is explored by George Klett, president of New York Real Estate Capital Corporation and former chairman of Signature’s Bank’s commercial real estate committee. [Read More]( Here Comes the Biggest Selloff in New York City History Robert Knakal, founder, chairman and CEO of BK Real Estate Advisors, anticipates two or three years in a row with 5 percent to 6 percent turnover as owners struggle with current market conditions. [Read More]( People Moves   Sammy Greenwall and Adam Pratt Launch an AI Tool to Create Broker Deal Decks Greenwall and Pratt have launched Henry, an AI “co-pilot” that builds deal decks for commercial real estate brokers. [Read More](   Other Stories From This Week   Ares Management and Monument Realty’s DC Office Tower on Brink of Foreclosure Liberty Building is the latest in a string of defaults and foreclosure notices for offices in the nation’s capital. [Read More]( Beacon Capital Partners’ Lafayette Centre in Downtown DC Sent to Special Servicing Beacon Capital Partners’ $243 million loan on the Lafayette Centre property has transferred to special servicing and is on the brink of default, according to data sourced from Trepp. [Read More]( Macerich Hands Over Santa Monica Mall to Lender After Default The REIT bought the retail center in its hometown about 25 years ago, but failed to meet payment deadlines since the pandemic. [Read More]( What We're Reading This Week   - Rent hikes loom, posing threat to [inflation fight]( [WSJ] - Buyers snap up aging and empty [office buildings]( for deep discounts {NYT] - [Bank of England](holds rates in ‘finely balanced’ decision; traders up bets on August cut {CNBC]   [View in Browser]( | [Advertise]( | [Forward to a Friend]( [Manage your email preferences or unsubscribe]( [Share your thoughts: Help us improve with our quick feedback survey!]( [Commercial Observer]( © Copyright 2024 [Observer Media]( 1 Whitehall Street, Floor 7, New York, NY 10004 This newsletter was published 06/20/2024