Capital Markets & Debt

VFI Capital, tied to the Galleria Farms family, says Alirio Torrealba personally guaranteed loans on MG NBV in North Bay Village and a Coral Gables townhome project.

The ground-up construction loan is a bet that Florida's aging population and tightening senior-housing occupancy will keep filling beds long after the building opens.

Nuveen Green Capital's CPACE Lending Fund IV posted a $1B+ first close, its largest vintage yet, pushing the Fund Series to $3B in commitments since 2023.

A buyer with no retail track record wrote a nine-figure-adjacent check for a Doral shopping center, a signal that grocery anchors are pulling capital from outside the sector even as SoFla office and condo distress dominates headlines.

Builders and the banks financing them are telling two different stories about credit conditions for the first time since NAHB started comparing the surveys in 2013.

A repositioned suburban Doral office campus just got bank debt at roughly $184 per square foot, a live basis check for owners betting on the same play.

A 106-key Broward Hampton Inn sold for $9.75M, about $1.7M under its 2015 price, a fresh below-basis comp for pricing distressed SoFla hotel assets.

Starwood Property Trust refinanced NRI's roughly 200-unit apartment building at Thesis Miami in Coral Gables with a $135M loan, about $650K per unit.

Justice Andrew Borrok's temporary order buys Penn-Florida time on the Mandarin Oriental Boca Raton condo tower, but the underlying mortgage foreclosure keeps running in Palm Beach County.

A New York countersuit accuses Madison Realty of installing an inexperienced decision maker and ordering vendors starved, raising the stakes on lender control of branded-condo construction.

MFD International and Yosse LLC say MG defaulted on a $2.2M preferred-equity stake and loans tied to a Coral Gables project and a Miami airport hotel.

The loan follows a $31.1M city construction permit pulled a week earlier, tying the financing directly to a project now cleared to break ground.

Richman Group refinanced three stabilized Florida apartment towers, including Miami-Dade's Vista Sur, for $225M at rates from 5.74% to 6.15%.

The winning bid, and a $23.9 million backup offer, reset the market for entitled land in the airport corridor.

Goldman Sachs is buying sale-leaseback firm LCN Capital Partners for up to $410M, a bigger counterparty for owners facing 2026-27 debt maturities.

Office construction debt is scarce nationally, and this sponsor group still got a $125 million loan closed on a speculative building.

A New York judge has already blocked the lender's UCC auction once, with a hearing set for October 1.

A KBRA presale report puts a hard leverage number on a large SFR portfolio clearing the securitization market, useful math for anyone with 2026 debt coming due.

The firm bought the Old Post Office ground lease for $375 million in 2022 with $285 million in floating-rate debt, then lost it two years later.

Varia US Properties, managed by SWI Group's Stoneweg, moves 13 of 17 US multifamily assets into a $694M JV with Brookfield.

A trophy oceanfront asset found fresh capital less than a year after its loan went to special servicing, a readable comp for other sovereign-owned SoFla hotels.

The non-traded REIT's second-quarter filing is a clean read on where institutional capital is rotating out of and into.

1789 Capital closed its debut real estate fund at $1.2B, targeting Sun Belt development in Florida, Texas, Tennessee, Georgia and the Carolinas.

A fully-leased, credit-tenant office tower is headed toward default anyway, and that tells sponsors where the real risk sits.

A public REIT just set the price for large-scale luxury resort real estate, and disclosed exactly how it plans to pay for it.

PNC Bank's construction loan funds the first of roughly 1,000 planned units on a Bird Road site Coastland assembled for $14.5 million.

Six MOUs, no signed checks yet, and a developer's cost of capital just moved anyway.

Fermi signed TensorWave to a 15-year, $6.5B lease at Project Matador in Carson County, Texas, its first anchor tenant on the power campus.

Anthropic, Macquarie Asset Management and GIC launched Theseus Infrastructure to fund, build and lease hyperscale data centers to Anthropic.

Vornado, Citadel and Rudin lined up a $3.3B construction loan for 350 Park Avenue, showing office capital is open only for fully pre-leased trophy towers.

Newmark CEO Barry Gosin, in the role since 1979, steps down Dec. 31. The board expects a successor by year end; Gosin stays as operating-company chairman.

Tishman Speyer is asking $450M, or $584/sf, for 6 Grand Central. Its last office trade, CitySpire, closed six months ago at $364/sf.

Duke Energy will issue $10 billion in equity through 2030 to fund the gas and battery buildout its 7.8GW of signed data-center contracts already require.

Brookfield raised a record $77B in Q2 2026 and topped $1 trillion in AUM. Its real estate arm deployed $5.2B, more than the $4.3B it raised.

Clara Homes secured a $101.5 million refinancing from Hudson Bay Capital on the first two phases of its Clara Bay Harbour project in Bay Harbor Islands.

The bank is adding lending capacity, not subsidy, to the affordable stack. Developers and builders should read the fine print before they price it in.

A South Florida company is putting its capital into rural Arkansas power capacity instead of home-market land, and that says something about where site selection is headed.

Interface Properties paid $40M, about $211 a foot, for the 95%-leased Fountains Center campus in west Boca Raton.

The floating-rate, interest-only structure shows what agency lenders will still write against student housing at scale, and at what price.

The off-market, sub-5% cap rate trade shows how tight rental townhome supply has gotten in Broward's Emerald Hills.

Coupons of 5.00% to 5.80% on the new notes show what the largest data-center landlord is paying to fund the AI-driven buildout.

Madison Realty Capital and Yellowstone Real Estate took out Post Road's construction debt at partial lease-up, a signal on what lenders will fund today.

The joint venture's own release confirms the price, footprint and lender group. Our math on that release puts the basis at about $169 a square foot.

Four banks required about 50% preleasing to fund a 46-story Manhattan tower. The spread, the step-down triggers, and the loan-to-cost ratio are the clearest public benchmark yet for what new office construction debt costs in 2026.

Redondo Beach-based InSite paid $32.72 million, $265 a square foot, for a stabilized Allapattah self-storage building sold by a Howard Pryor entity.

The county's own parcel record still codes the 1.49-acre site as vacant land, even with a tower standing on it.

A life-company insurer underwrote a density-bonus workforce tower at scale, giving Broward developers a lender comp to point to.

The loan did not clear on the sponsor's name. It cleared on a presale book that was functionally sold out before a shovel moved.

A single balance sheet will write nine figures against a stabilized rent roll again. It still will not do it against a construction budget.

The largest South Florida distress event of the month is an 11-year luxury project that missed its completion deadline with buyers already suing.

The dominant development story of the cycle is a spending curve, and even a booming cloud business could not keep the market from flinching.

One platform, 51 campuses, 6.4 gigawatts, and a fresh $5 billion to build more.

A financing model that skips the 4% credit is the news, not the 102 units.

The most photographed failed project in America finally has a buyer. Graffiti removal starts within 30 days.

A luxury REIT is liquidating into a soft transaction market and still clearing $1.34M a key. That number is the comp.

Three years after the collapse, the recovery is being counted. It is a useful lesson in what a deposit is actually worth.

Five years after paying $94M for the dirt, Witkoff has construction money for phase one. The other two towers do not.

Storage is the alternative asset still getting debt in South Florida, and the thesis is written in supply, not demand.

The lender authorized itself to $25.85M and never needed a dollar of it. What it takes back is 1.23 acres of RM-30 oceanfront it has no reason to operate.

Private capital is still racing into data centers. The public market just flinched. Watch which one is early.

A record single-bank apartment conduit tells developers the private-label debt window is reopening, and where it favors.

The financing shows how a $2 land buy plus a public lender pencils affordable units in one of Brooklyn's costliest submarkets.

A German bank and a value-add equity partner are still funding new high-rise rental in Dallas' densest submarket.

The read for developers: the 1980s-scale supply wave is being absorbed, and the timing window on distressed deals is starting to close.

The new law caps what big landlords can buy. It says nothing about what they can borrow against.

The biggest office workout of the cycle got done by extending, not foreclosing. That is the template now.

A trophy oceanfront resort just cleared a nine-figure cash-out, lenders are underwriting Palm Beach room revenue again.

Trophy-hotel debt is thawing for well-capitalized sponsors, and a lender is willing to underwrite Brickell room rates again.

Infill industrial in Miami-Dade still commands a premium, and buyers are willing to wait years to get it.

The maturity wall is real, but for stabilized 2019-2023 product, the refinancing window is reopening.

Mid-Wilshire office is repricing to land value, and the lender is now the one deciding what happens next.

One contrarian keeps buying the block nobody wanted. The vacancy numbers are starting to move his way.

The moves are small in basis points but clear in direction: pricing is drifting up, and the window to lock capital may be closing.

A vote of confidence in downtown rentals just as new supply dries up and the maturity wall forces owners to recut 2019 debt.

A clean read on the office bifurcation: new, fully leased, blue-chip-tenanted space trades near replacement cost while commodity space languishes.

Office-to-resi gets the headlines, but the sharper conversion math is often in oddball assets.

A marquee vote of confidence in Manhattan's West Side office, at a moment when most capital still avoids the sector.

SF's distressed-office repricing is where the next cycle's basis gets set, and buyers are assembling at pennies on the prior dollar.

Geopolitics keeps adding upside risk to yields, a reminder to stop penciling 2026 rate cuts into the pro forma.

One of the year's larger Edgewater multifamily financings sends a 36-story tower toward a 2028 delivery.

A $25M funding gap and tariff-driven cost pressure stalled the 357-unit project, testing mass timber's economics.

A housing-policy week from Washington to the states, a first sign of data-center cooling, and a capital market that would not sit still. The week that was in US development.

A master-planned Palm Beach County community adds a hospital campus as healthcare real estate keeps drawing construction capital.

A Houston office park changes hands out of bankruptcy, a reminder that distress is still clearing the market's weakest assets.

New York's Dependable Equities lines up early financing for a 2-million-square-foot bet between the New and Tarpon rivers.

A 789-foot rental tower in the Financial District draws a nine-figure debt package as it climbs past the halfway mark.

The owner of the storied Fairfax studio lot faces a forced sale as its $357M debt sours alongside other Hackman studio bets.

The 176-unit Civic Lofts changed hands for $30 million, less than half the $63 million paid at the 2021 peak, as rising vacancy resets values in Denver's core.

The 5.8-acre uptown site, entitled for more than 550 apartments, changed hands twice in two months after Peachtree Group's foreclosure filing.

A nine-figure-adjacent construction loan for a New Jersey rental signals private lenders still funding well-located multifamily starts.

The former HUD housing chief returns to the private sector to advise clients navigating agency financing and shifting policy.