Benefit Street Partners is prepared to deploy up to $10B for its U.S. real estate debt strategy, including $3B in equity commitments, marking the largest fund-raise in the firm’s history.
The New York-based, credit-focused alternative asset manager announced the final close of BSP Real Estate Opportunistic Debt Fund II, which has $10B in investable capital across $3B in equity commitments, according to a news release. The fund is focused on originating senior and junior commercial real estate debt investments across major U.S. markets.
The fund was launched in 2023 in partnership with Franklin Templeton. BSP’s first opportunistic debt strategy closed in 2022 with $518M in…
Indiana Gov. Mike Braun is upping the tempo on an aggressive push to lure the Chicago Bears to a new home in the Hoosier State.
Braun said in an interview on 21Alive News the state has had “a lot” of communication with the Bears organization since team President and CEO Kevin Warren announced in December the team was exploring a move to Indiana. The governor said the approach to luring the team has to be methodical and executed when the organization is thoroughly ready.
“We’re going to do everything to make it happen,” he said.
The Securities and Exchange Commission is investigating an Austin-based real estate debt syndicator for fraud.
The SEC probe into Alan Stalcup, the founder and CEO of GVA Real Estate Group, stems from a barrage of lawsuits from angry investors who allege that Stalcup misappropriated up to $100M of their cash.
The Kingston Common Council overrode the mayoral veto of a rent control resolution, in a largely expected move. A two-thirds majority would’ve been sufficient to override the veto; the vote was unanimous, the Times Union reported. “Upholding rent stabilization is not just a sound policy choice; it is our responsibility as local lawmakers to ensure that families can remain in their homes,” majority leader Michelle Hirsch said after the vote on Tuesday, which drew a standing ovation from onlookers. Mayor Steve Noble was present for the council meeting, though he did not appear during a public comment period. The city’s […]
This article originally appeared on The Real Deal. Click here to read the full story.
A bankruptcy judge has rejected the city’s bid to pause the auction of more than 5,000 mostly rent-stabilized New York apartments, clearing the way for a possible takeover by Summit Properties. The apartments were put up for sale as part of a bankruptcy suit connected to Joel Wiener’s Pinnacle Group. The judge’s decision represents not only a likely change in ownership in New York’s multifamily market but a reminder of the limits to city power when it comes to the dealings of private companies. The Mamdani administration earlier this week had asked for a 30-day pause on the sale to […]
This article originally appeared on The Real Deal. Click here to read the full story.
Lexin Capital sold a unicorn in today’s market: a development site eligible for the lapsed 421a tax abatement program. Metin Negrin’s firm offloaded the parcel at 75-83 Nassau Street to Full Time Management and Montgomery Street Partners for $53 million, the Commercial Observer reported. The partners are planning a mixed-use development at the site. Lexin put the development site up for sale last summer, seeking a valuation of around $75 million in either an outright sale or stake sale for one of the last 421a-eligible development sites in Manhattan. For many, that’s huge, as 421a is more favorable to developers […]
This article originally appeared on The Real Deal. Click here to read the full story.
Sometimes, winning a housing lottery isn’t what it’s cracked up to be. A Newsday newsletter on Tuesday caught my attention with this headline: “A lottery could help some Long Islanders buy a condo for less than $300G.” The story said 16 two-story townhomes in the Beechwood Organization’s 152-home Yaphank development can be purchased at a discount by buyers who meet income guidelines and are selected in the random drawing. I immediately thought back to a November story in Newsday about a condo lottery in Westhampton Beach. Winners would pay $535,875 for seven of the 45 homes in an Inland Real […]
This article originally appeared on The Real Deal. Click here to read the full story.
President Trump appears committed to laying claim to Venezuelan oil for a long time. But there are plenty of reasons for U.S. businesses to be wary.
The monthly trade deficit continued to shrink in October after President Trump imposed sweeping tariffs on foreign imports.
🏆 Residential: The priciest residential real estate sale recorded in New York City was for a townhouse at 22 East 68th Street on the Upper East Side that changed hands for $10.5 million. The home stands four stories tall and measures just over 3,300 square feet, pricing the transaction at roughly $3,200 per square foot. The seller, an LLC named after the address, purchased the townhouse a decade ago for $12.6 million. The buyer in the latest deal was LDN Investments LLC. 🏆 Commercial: In Hudson Square, a six-story office building at 183 Varick Street sold for $63 million, marking […]
This article originally appeared on The Real Deal. Click here to read the full story.