A $1B South Florida Loan and Kevin Cullinan Departs Mack Real Estate

A $1B South Florida Loan and Kevin Cullinan Departs Mack Real Estate This week, a Fitch Ratings report showed that Citigroup is originating a $1 billion refinance for Michael Dell’s Boca Raton Resort & Club; we saw two big commercial real estate people moves with Kevin Cullinan leaving Mack Real Estate for Ohana Real Estate Investors and Ronnie Levine departing Meridian Capital Group to start private equity firm Green Pine Real Estate; and Arbor Realty Trust reports its first earnings results since news of a federal probe into its lending practices. Michael Dell’s MSD Capital Nearing $1B CMBS Refi for Boca Raton Resort & Club Michael Dell’s MSD Capital is closing on $1 billion to refinance the Boca Raton Resort & Club, a luxury 1,047-room property in South Florida. [Read More]( Top Deals Of The Week   - Bridge Industrial Nabs [$430M]( SoCal Industrial Refi Package - Deutsche Bank, JVP Management [Lend]( $195M on Upper East Side Condo Building - TPG Provides $173M Bridge Financing for Brooklyn Multifamily Property - Centaur Holdings [Lands]( $160M Loan for Second Phase of [South Florida]( Luxury Community - Hoteliers Ian Schrager and Ed Scheetz Land $121M Loan Toward [West Hollywood](Hotel - Morgan Stanley Provides $89M Refi for [Refinery Hotel]( in Midtown Manhattan - Dwight Mortgage Trust Refis [Michigan Apartments]( With $51M Loan - Columbia Pacific, Nuveen Green Capital Lend $48M on [Seattle]( Area Townhomes Project - Sunrise Realty Trust, Southern Realty Trust Provide $42M Refi on [San Antonio]( Hotel - Orion Lands $40M Refi for [Miami-Dade Mall]( People Moves   Mack Real Estate’s Kevin Cullinan Joins Ohana Real Estate Investors Kevin Cullinan, previously co-head of credit strategies at Mack Real Estate Group, has joined Ohana Real Estate Investors as a partner and head of credit. [Read More]( Ronnie Levine Leaves Meridian Capital Group to Start CRE Private Equity Firm Ronnie Levine, who has served as a senior managing director at Meridian Capital Group since 2005, has left the New York-based commercial real estate brokerage to begin Green Pine Real Estate, a CRE private equity firm that he co-founded. [Read More]( Q&A   Kushner’s Nicole Kushner Meyer and Laurent Morali Talk Going Big in New Jersey Kushner Companies’ Nicole Kushner Meyer and Laurent Morali discuss why they are bullish on New Jersey and what makes for an appealing apartment tower. [Read More](   Other Stories From This Week   As Global Stock Markets Nosedive, Heat Is On Fed to Cut Rates Deeply in September The tremors of U.S. recession fears that roiled global markets Monday could set the stage for a larger interest rate cut in September than previously expected. [Read More]( TSX Broadway Seized by Goldman-Led Consortium After L&L, Fortress Default A Goldman Sachs-backed consortium of lenders seized control of the recently-completed TSX Broadway development in Times Square after the project’s owners defaulted on its debt. [Read More]( Arbor Realty Trust Surpasses Earnings Expectations Despite Troubled Loans, Probe Mortgage REIT’s CEO Ivan Kaufman said short sellers with “baseless claims” preceded the Department of Justice’s probe into its lending practices. [Read More]( Starwood Property Trust’s Net Income Drops 49%, But Firm Remains Flush With Liquidity Starwood Property Trust reported net income of $77.9 million in the quarter, a 49 percent drop from its net income numbers for the first quarter of 2024, and one that included a nearly $43 million credit loss provision set aside for the threat of impaired assets. [Read More]( What We're Reading This Week   - Fannie, Freddie are poised to [tighten]( real-estate lending rules [WSJ] - [Tax revenues]( from New York City office buildings rise, despite vacancies [NYT] - Weekly mortgage refinance demand [soars]( 16% as rates sink to lowest level in over a year [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 08/08/2024