Large Platform Events | Issue 23.13

 

Summary of Transaction Headlines

The Wall Street Journal | “Signature Bank $60 Billion Debt to be Sold by Newmark Group”

The Federal Deposit Insurance Corp. has hired Newmark Group Inc. to sell about $60 Billion of Signature Bank loans, according to people familiar with the matter, a process that is expected to intensify pressure on falling commercial real-estate values. Signature collapsed earlier this month after its customers rushed to pull deposits. The bank held $35.7 Billion in real-estate loans at the end of 2022, which accounted for nearly half of its total loans at the time, according to FDIC data. The Manhattan-based bank was especially active in New York City, where it issued the largest number of commercial real-estate mortgages since Jan. 1, 2020, according to an analysis by the property news and data company PincusCo. Signature lent out $13.4 Billion against New York City buildings with loan amounts of $5 Million or more during that period, PincusCo. said.

IREI | “Aggregate Sells Portuguese Unit VIC Properties for €670 Million ($723 Million)”

Aggregate Holdings has agreed to sell Portuguese residential real estate developer VIC Properties for €670 Million ($723 Million) to a group led by institutional investors and the existing VIC Management Team. The transaction provides VIC Properties with a significantly strengthened and more flexible financial structure upon completion, said Aggregate in a press release. ”It demonstrates the long-term commitment of the new investors, led by AlbaCore Capital Group, Mudrick Capital Management, L.P. and Owl Creek Asset Management, L.P., to the Portuguese residential market and their confidence in the existing VIC Management Team to lead VIC Properties into a new growth phase.” As part of a new strategic plan, VIC Properties will receive significant new funding, on terms and in a quantum to be agreed, to continue and further accelerate the development of its three large residential projects in and around Lisbon.

CoStar | ”Aimbridge Acquires Terrapin Hospitality’s Management Portfolio”

Aimbridge Hospitality has acquired Houston-based Terrapin Hospitality’s management portfolio of 71 hotels across the U.S. The deal adds 8,100 rooms in 21 states in the upper-midscale and upscale segments to Aimbridge’s Select Service Division, according to a news release. The hotels operate under all major brand companies. Plano, Texas-based Aimbridge will build on its existing relationship with Waramaug Hospitality and Terrapin Investments, two hotel owners in the Terrapin Hospitality portfolio. Aimbridge will increase the number of hotels it manages for Waramaug and Terrapin Investments from 12 to 42. The companies have entered into a long-term strategic development relationship they expect will generate incremental unit growth as early as the first half of this year.

GlobeNewswire | “Coastal Ridge has Recently Welcomed Mark Yale to the Team as Chief Financial Officer”

Coastal Ridge Real Estate (“Coastal Ridge”) a national multifamily investment, management, and development firm, announced today that Mark Yale has joined the firm as Chief Financial Officer. Mr. Yale was most recently an Executive Vice President and Chief Financial Officer of Washington Prime Group following the Company’s January 2015 acquisition of Glimcher Realty Trust. Washington Prime Group was a publicly traded retail REIT that owned and managed a diverse portfolio of assets located throughout the United States. There, he was responsible for the Company’s financial management and reporting and oversaw the accounting, finance, investor relations, treasury, tax, and information services functions for the Company.  While at Glimcher, Mr. Yale served as its Chief Financial Officer since August 2004.

Commercial Observer | “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. LaChapelle will oversee all asset- and fund-level financing out of the firm’s Atlanta headquarters in her role as Executive Vice President, and Head of Debt Capital Markets. She was previously Executive Vice President, and Head of Capital Markets for Vornado in New York. In her new role, LaChapelle will report to Jason Kern, Cortland’s president of investment management.

Pensions & Investments | “Pretium Partners Brings on Managing Director Asset Management”

Ms. Gersper will lead the asset management of Pretium’s equity real estate portfolio across the U.S., including more than 90,000 single-family residential homes managed by Progress Residential, according to a news release Monday.Progress Residential is an operating company of Pretium. Ms Gersper is a senior hire who will be augmenting Pretium’s existing asset management team, a spokesman said in an email. She will report to Josh Pristaw, senior managing director and head of real estate, the spokesman added. Ms. Gersper most recently was chief operating officer at global real estate private equity firm ACRE Management, where she was responsible for the oversight of property management and asset management. ACRE could not be reached for further details.

PR Newswire | “Centerspace Announces CEO Transition of Mark Decker, Jr to Anne Olson”

Centerspace, Inc.  (NYSE:CSR) announced today the transition of Mark Decker, Jr., the Company’s President and CEO since 2017. As part of the succession plan, the Board of Directors has appointed Anne Olson, the Company’s Executive Vice President, Chief Operating Officer, and General Counsel, to succeed Mr. Decker as President and CEO effective March 31, 2023, at which time she will also join the Centerspace Board. Mr. Decker will continue to serve on the Company’s Board of Directors through the end of his current term in May and will remain an advisor to the Company during that time to ensure a smooth transition.