Michelle Herrick Named Head of CRE at J.P. Morgan, and $3.5B Rockefeller Center CMBS Office Deal Oversubscribed

Michelle Herrick Named Head of CRE at J.P. Morgan, and $3.5B Rockefeller Center CMBS Office Deal Oversubscribed   This week, Commercial Observer had an exclusive on Michelle Herrick getting named J.P. Morgan Chase’s new head of commercial real estate, replacing Al Brooks starting Jan. 1; several big loans closed in the last week, including a $375 million construction loan from Tyko Capital for a condo conversion of the Flatiron Building; there was another big shakeup at Meridian Capital Group as Morris Betesh departed with 12 team members to launch a new advisory firm; and a $3.5 billion CMBS office deal for Rockefeller Center generated large-scale investor demand. Michelle Herrick Named Head of CRE at J.P. Morgan Chase Al Brooks will become a vice chair for commercial banking when Herrick steps into her new role on Jan. 1. [Read More]( Top Deals Of The Week   - Ares Management Real Estate Secures $475M in[CMBS Financing]( for Industrial Portfolio - Tyko Capital Lends $357M on[Flatiron Building]( Condo Conversion - RXR, Hudson Bay Capital Secure $320M to Acquire and Recap 620 Avenue of the Americas - SMBC Provides [KKR]( With $145M Acquisition Financing in Deal to Buy The Paxton - MF1 Supplies $170M [Takeout Construction Loan]( on Brooklyn Apartments - [Strategic Hotels & Resorts]( Secures $85M CMBS Refi for Essex House Hotel - BD Hotels Lands $75M for [South Florida Hotel](, Its First Outside NY - Benefit Street Partners Lends $35M on Apartments Near [Texas A&M]( - S3 Supplies $25M Construction Loan for [Upper East Side]( Condos People Moves   Morris Betesh Exits Meridian With 12 Team Members, Launches New Advisory Firm The capital markets firm is named Arrow Real Estate Advisors and will 'target' debt and equity transactions nationwide. [Read More]( Guest Columnist   New York’s 485x Development Incentive Stumbles Out of the Gate The new tax abatement program has the potential to discourage large-scale development, writes New York City CRE attorney Joshua Stein. [Read More](   Other Stories From This Week   Rockefeller Center $3.5B CMBS Deal Was Oversubscribed, Boosting Class A Office Market A report by Trepp cited Fitch Ratings’ concerns about occupancy for two buildings. [Read More]( PGIM Real Estate and Citymark Capital Form $500M Joint Venture for Multifamily Loans The firms join forces to buy performing and nonperforming multifamily loans. [Read More]( Risks of Weakening Labor Market Could Be Next Barrier for Office Sector: Moody’s A weakening labor market would add another headwind to struggling office property owners meeting their debt obligations, according to Moody’s Ratings. [Read More]( Crusoe, Blue Owl, Primary Digital Form $3.4B JV for Data Center Project Crusoe Energy Systems has teamed up with artificial intelligence infrastructure company Blue Owl Capital and investment firm Primary Digital Infrastructure on a $3.4 billion joint venture equity partnership to finance a large-scale Texas data center. [Read More]( What We're Reading This Week   - The 'irresistible' real estate [bet]( gripping investors [Bloomberg] - [Retail space]( Is going fast and pushing out local shops [WSJ] - 10-year [Treasury yield]( briefly tops 4.25%, hits highest level since late July [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 10/24/2024