Newmark Shepherds Signature Loan Sales; an S&L Time Warp; $56 million in financing for an indoor organic farm.

This week, the nonperforming loan on Soho Properties’ luxury condo tower at 45 Park Place in Tribeca is being marketed for sale; billionaires Vlad Doronin and Len Blavatnik score a $243M loan for Aman in Miami Beach; and we bring you the latest on the Commercial Real Estate Finance Council (CREFC) conference in Miami. This week, Newmark spearheads loan sales of Signature Bank’s commercial real estate debt. Also: Banking challenges spur comparison to Savings & Loan crisis, and a Vornado executive heads to Cortland.   Newmark to Shepherd Sale of $60B in Signature Loans The federal government is leaning on the private sector to help unwind Signature Bank’s vast commercial real estate loan portfolio. [Read More](   TOP DEALS OF THE WEEK - Affinius Capital Refis Arlo [Midtown Hotel]( With $83M Loan - X-Caliber Rural Capital Lends $56M on Georgia [Indoor Farming Development]( - Fifield Nabs $53M [Construction Loan]( for Wynwood Rental - Savanna [Nabs]( $55M Construction Loan for First South Florida Venture - Jacob Riis Park Bathhouse Gets [$47.5M]( in Financing for Reboot - MF1 Provides $37M [Bridge Loan]( for Apartment Renovation in LA’s Hancock Park     GUEST COLUMN Former Signature CRE Head: Government Is Mucking Up the Rescue Regulators are responsible for auditing banks, but they are not supposed to dictate what businesses banks should be involved in, writes George Klett, former chairman of the commercial real estate committee at Signature Bank. [Read More](   PEOPLE MOVES Cortland Hires Vornado Executive to Lead Debt Capital Markets Multifamily investor Cortland has hired Jan LaChapelle from Vornado Realty Trust to lead its debt capital markets business. [Read More](     OTHER STORIES FROM THE WEEK Forget Comparisons to 2008. Today’s Banking Crisis Looks Like the S&L Crash. A comparison of the new banking crisis shows stark differences to 2008 and more similarities to the savings-and-loan financial chaos that struck in the late 1980s. [Read More]( First Citizens Assumes $72B in Silicon Valley Bank Loans Under Acquisition Plan First Citizens Bank is acquiring the loans and deposits of Silicon Valley Bank (SVB) on the heels of the tech-focused SVB’s sudden collapse. [Read More]( Greystone Seeks to Facilitate Sale of Signature CRE Loans With billions of Signature Bank’s rent-regulated commercial real estate loans on New York properties now up for grabs — and hitting headlines — multifamily lender Greystone is looking to play a central role in finding a new home for this challenged debt. [Read More]( Bayport Funding Launches $200M Credit Facility With Webster Bank Bayport Funding has closed a $200 million senior credit facility with Webster Bank, with eyes toward expanding its deal footprint in the multifamily and single-family rental market. [Read More]( Chetrit Group Sells 850 Third Avenue to Its Lender at $156M Loss The Chetrit Group is finally severing ties with 850 Third Avenue and has offloaded the building to its lender, two years after struggling to keep the building out of foreclosure. [Read More]( PacWest Hooks $1.4B Lifeline After Losing 20% of Deposits PacWest Bank secured $1.4 billion in cash proceeds from Apollo Global Management’s Atlas SP Partners after watching customers take back a fifth of its total deposits this year. [Read More]( CRE CLO Interest Rate Cap Agreements Take Spotlight Interest rate cap agreements are taking on an increased importance for commercial real estate collateralized loan obligations. [Read More](     WHAT WE'RE READING - Distress in office market [spreads]( to high-end buildings [WSJ] - Commercial real estate could become a [problem]( for midsize banks [Washington Post] - Credit Suisse whistleblowers say Swiss bank has been helping wealthy Americans [dodge]( U.S. taxes for years [CNBC.com]   To forward this newsletter to a friend, [click here](. To manage your email preferences or unsubscribe [click here](. Visit the [Commercial Observer]( for the latest commercial real estate news. For advertising information, [download the media kit](. © Copyright 2023 [Observer Media]( 1 Whitehall Street, Floor 7, New York, NY 10004 This newsletter was published 03/30/2023. [View this email in a browser](.