Dustin Stolly Departs Newmark, and Office Stress Extends CMBS Pain

Dustin Stolly Departs Newmark, and Office Stress Extends CMBS Pain   This week, all-star broker Dustin Stolly separated from Newmark after seven years of helping the firm become the nation’s leading capital markets brokerage; distressed debt is prolonging headwinds confronting the commercial mortgage-backed securities market; and UBS Managing Director Nick Galeone discussed the potential of CMBS in 2025 as the Federal Reserve focuses on interest rate cuts. Dustin Stolly Exits Newmark The superstar broker, who helped propel Newmark to become the nation’s top capital markets brokerage, has officially moved on from the firm after seven years, Commercial Observer first reported. [Read More]( Top Deals Of The Week   - [JP Morgan]( Leads $578M Package for 10-State Industrial Portfolio - Valley National Bank Leads $155M[Construction Loan]( on Brooklyn Resi Project - Walker & Dunlop Provides $137M Acquisition Loan for[Boston]( Multifamily Complex - Durst Lands $105M Recap From Affinius for[Long Island City]( Resi Tower - [Société Générale]( Provides $94M Refi for Boston-Area Life Sciences Property - SMBC Lends $90M on[Life Sciences]( Portfolio - Bronx Office Tower Leased to [Montefiore Medical Center]( Gets $85M Refi - Maxim Capital, BH3 Lend $74M on [South Florida]( Condos Development - Dwight Refis [Sacramento]( Apartments With $33M Loan People Moves   Job Warshaw Lands at Iron Hound After Leaving Starwood Special Servicer Job Warshaw has landed a new role at Iron Hound Management after leaving his position as head of special servicing for Starwood-affiliated LNR. [Read More]( Q&A   UBS’s Nick Galeone On CMBS Financing’s Potential Next Year (Yes, Including Office). UBS Managing Director Nick Galeone talks about commercial mortgage-backed securities financing's potential in 2025 after the Fed rate cut. [Read More](   Other Stories From This Week   As CMBS Office Distress Takes Longer to Resolve, Focus Turns to the Pain Points Underwriting distressed office has never been more difficult, especially for office assets attached to the nebulous world of CMBS financing. [Read More]( Commercial Real Estate CLOs Confront Rising Distress From Higher Interest Rates As commercial real estate collateralized loan obligation issuance accelerated in 2024, so did mounting distress from rising interest rates. [Read More]( New Guidelines Arm NYC C-PACE Program With Fresh Energy The New York City Commercial Property Assessed Clean Energy program is poised for momentum now that City Hall has released updated guidelines. [Read More]( Cross River Bank Sells $217M New York Loan Portfolio to Keystone Equities The New York-based real estate private equity firm acquired a $217 million portfolio of performing loans originated by the New Jersey regional bank, Commercial Observer first reported. [Read More]( Vanbarton Group Seeking $265M Acquisition and Construction Loan for 77 Vanbarton Group sought proposals for $265 million in acquisition and construction financing, CO first reported. [Read More]( RFR Trying to Stop Ground Lease Termination on Chrysler Building Cooper Union took action to terminate RFR Holding’s ground lease on the Chrysler Building and seized control of the building on Sept. 27, but RFR is seeking to block that move. [Read More]( What We're Reading This Week   - Is [return-to-office]( finally a reality? [NYT] - [Jersey City]( landlord explores options for $450M property [Bloomberg] - Lower interest rates don’t guarantee a [soft landing]( [WSJ]   [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 10/03/2024