In November, Barry Sternlicht touted Starwood Property Trust’s stash of dry powder and the strength of its hotel business. Turns out there was trouble in paradise. Weeks earlier, the firm’s parent company Starwood Capital, had seen an $800 million loan backing 138 hotels go into special servicing. Starwood, listed as the portfolio’s institutional sponsor, had failed to make the balloon payment due when the mortgage matured in October, according to Fitch Ratings. Starwood has since
In November, Barry Sternlicht touted Starwood Property Trust’s stash of dry powder and the strength of its hotel business. Turns out there was trouble in paradise. Weeks earlier, the firm’s parent company Starwood Capital, had seen an $800 million loan backing 138 hotels go into special servicing. Starwood, listed as the portfolio’s institutional sponsor, had failed to make the balloon payment due when the mortgage matured in October, according to Fitch Ratings. Starwood has since
The post Starwood wheels and deals to fix $800M loan default appeared first on The Real Deal New York. Commercial Real Estate, Home Page, barry sternlicht, defaults, Distress, distressed debt, Hotels, lending, Starwood Capital The Real Deal New York
Lead by real estate veteran Robert Khodadadian, Skyline Properties has been instrumental in many multi-million dollar commercial developments, including a $12 million contract for the White House Hotel, a 99-year ground lease of a four-story commercial site in Harlem, and a retail co-op on Prince St. for $50 million.
Robert Khodadadian has long had a simple philosophy about selling real estate. There are approximately a million buildings in the city, and the broker that gets to sell any one among the multitude that will hit the auctioning block at a given moment is, sometimes, simply the person who happens to pitch their services to the right seller.
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These projects survived the 421a apocalypse
REBNY’s Basha Gerhards with 1727 Amsterdam Avenue and 806 Ninth Avenue
REBNY’s Basha Gerhards with 1727 Amsterdam Avenue and 806 Ninth Avenue (Getty, REBNY, Think! Architecture & Design, The Hudson Companies)
These projects survived the 421a apocalypse
Mortgage applications surge 25% in the new year as interest rates drop
(Photo Illustration by Steven Dilakian for The Real Deal with Getty)
Mortgage applications surge 25% in the new year as interest rates drop
Chera family SPAC is back on the hunt
From left: Crown Proptech Acquisitions’ Richard Chera, CIIG Partners’ Gavin Cuneo and Michael Minnick (Getty, CIIG Partners)
Chera family SPAC is back on the hunt
Husband charged with murder of Tishman Speyer exec
A photo illustration of missing Tishman Speyer executive Ana Walshe and charged husband Brian Walshe (Getty, LinkedIn)
Husband charged with murder of Tishman Speyer exec
Shahs of Sunset Park: Maguire, Watermark acquire massive Brooklyn dev site
Marvin Azrak of Maguire Capital and An aerial of 6208 8th Avenue (Google Maps)
Shahs of Sunset Park: Maguire, Watermark acquire massive Brooklyn dev site
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Macerich’s Thomas O’Hern with 3065 NY-50 (Google Maps, Getty, Macerich)
Macerich eyes residential component for upstate mall
By TRD Staff | January 18, 2023 01:00PM
Macerich’s Wilton Mall in Saratoga Springs is wilting, but its plan to add luxury homes isn’t germinating with the…
Macerich eyes residential component for upstate mall
D.R. Horton’s Donald Horton with The Church of the Visitation and the Diocese of Trenton (D.R. Horton, Alchetron, Getty)
D.R. Horton in contract for 31 acres of NJ woodlands
By TRD Staff | January 18, 2023 12:00PM
New Jersey’s hottest development drama is Breton Woods, where 31 acres of woods are caught between a church, a…
D.R. Horton in contract for 31 acres of NJ woodlands
Redfin’s Glenn Kelman (Redfin, Getty)
National
Glenn Kelman: Redfin should have shuttered “risky” iBuying earlier
By TRD Staff | January 18, 2023 11:15AM
Glenn Kelman has at least one regret from a tumultuous 2022: keeping his company’s iBuyer going as long as…
Glenn Kelman: Redfin should have shuttered “risky” iBuying earlier
(Photo Illustration by Steven Dilakian for The Real Deal with Getty)
National
Mortgage applications surge 25% in the new year as interest rates drop
By Holden Walter-Warner | January 18, 2023 09:50AM
A drop in U.S. mortgage rates last week appeared to open the door for those who had purchases and…
Mortgage applications surge 25% in the new year as interest rates drop
Brickless brings its high-tech construction method to Fort Myers
National Sponsored
Brickless brings its high-tech construction method to Fort Myers
December 28, 2022 11:00AM
Brickless is supporting the American construction industry with its innovative, high tech building method and competitive pricing. The Real…
Brickless brings its high-tech construction method to Fort Myers
(Photo Illustration by Steven Dilakian for The Real Deal with Getty)
Manhattan retail market rises again, but momentum wanes
By Holden Walter-Warner | January 18, 2023 08:45AM
The Manhattan retail market continued its upward swing in the fourth quarter — barely. Across 16 of Manhattan’s shopping…
Manhattan retail market rises again, but momentum wanes
Montgomery Street Partners’ Luke Pak with 353 West 57th Street (Montgomery Street Partners, Google Maps, Getty)
Washington Heights apartments sell for $16M, leading quiet week for i-sales
By Pat Ralph | January 18, 2023 08:00AM
The city’s sluggish investment sales market all but paused last week, with just four deals for commercial properties valued…
Washington Heights apartments sell for $16M, leading quiet week for i-sales
Photo illustration of Pacaso’s Austin Allison (Illustration by Kevin Rebong for The Real Deal)
National
Pacaso’s Austin Allison on the who, what and why of co-ownership
By Hiten Samtani | December 13, 2022 08:45AM
Pacaso is in the eye of two torrential storms. The housing market is one of the most turbulent in…
Pacaso’s Austin Allison on the who, what and why of co-ownership
REBNY’s Basha Gerhards with 1727 Amsterdam Avenue and 806 Ninth Avenue
These projects survived the 421a apocalypse
By Suzannah Cavanaugh | January 18, 2023 07:00AM
It was no surprise when project filings for multifamily buildings nosedived 59 percent in the five months after the 421a tax abatement expired June 15. The surprise, rather, was that developers were starting new…
These projects survived the 421a apocalypse
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INSIDE THE NATIONAL ISSUE
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The Closing: Thad Wong
The Closing: Thad Wong
The Closing: Thad Wong
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“Recipe for fraud”: The alleged scam that rocked South Florida’s biggest HOA
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(Photo-illustration by Kevin Rebong/The Real Deal)
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Sizing up LA’s new transfer tax
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Survivors of the proptech apocalypse share lessons learned
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Back to reality for Miami’s top residential brokers
Back to reality for Miami’s top residential brokers
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The Lion King: Can Robert Rivani conquer Miami’s restaurant jungle?
The Lion King: Can Robert Rivani conquer Miami’s restaurant jungle?
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From left: Crown Proptech Acquisitions’ Richard Chera, CIIG Partners’ Gavin Cuneo and Michael Minnick (Getty, CIIG Partners)
Chera family SPAC is back on the hunt
By Orion Jones | January 17, 2023 07:51PM
The Chera family, one of New York’s biggest retail landlords, is renewing plans to take a real estate startup public through a merger with a blank-check company — months after a first attempt fell…
Chera family SPAC is back on the hunt
A photo illustration of missing Tishman Speyer executive Ana Walshe and charged husband Brian Walshe (Getty, LinkedIn)
National
Husband charged with murder of Tishman Speyer exec
By TRD Staff | January 17, 2023 04:25PM
Authorities have charged the husband of missing Tishman Speyer executive Ana Walshe with murder, WCVB reported. Walsh, a 39-year-old…
Husband charged with murder of Tishman Speyer exec
241 Water Street (Avison Young, Getty)
Blue Man Group’s Seaport school building hits market for $28M
By Pat Ralph | January 17, 2023 04:00PM
Blue Man Group has built an entertainment empire on silence. But their landlord hopes to make some noise with…
Blue Man Group’s Seaport school building hits market for $28M
30 Front Street
Olympia Dumbo penthouse tops Brooklyn luxury contracts
By Sheridan Wall | January 17, 2023 03:00PM
Olympia Dumbo is back on top of Brooklyn’s luxury contracts. A penthouse unit at 30 Front Street last asking…
Olympia Dumbo penthouse tops Brooklyn luxury contracts
10750 Oregon Road, Southold Town supervisor Scott Russell (Loopnet, Getty, Town of Southold)
Tri-State
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By TRD Staff | January 17, 2023 02:00PM
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Signature Bank’s Joseph DePaolo and Sam Bankman-Fried (SignatureNY, Getty)
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As Signature severs crypto arm, CRE lending to suffer
Marvin Azrak of Maguire Capital and An aerial of 6208 8th Avenue (Google Maps)
Shahs of Sunset Park: Maguire, Watermark acquire massive Brooklyn dev site
By Keith Larsen | January 17, 2023 11:45AM
Maguire Capital and Watermark Capital have acquired the site of a long-stalled megaproject in Brooklyn’s Sunset Park. They hope…
Shahs of Sunset Park: Maguire, Watermark acquire massive Brooklyn dev site
Sortis Holdings’ Paul Brenneke, Ace Hotel on 20 West 29th Street (Googlwe Maps, Sortis Holdings, Getty)
Ace Hotel operator sold to hospitality firm for $85M
By TRD Staff | January 17, 2023 11:00AM
A Portland-based hospitality firm now has an ace up its sleeve after picking up the hotel group behind a…
Ace Hotel operator sold to hospitality firm for $85M
CNB Charts New Lending Territory in 2023
National Sponsored
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January 17, 2023 07:00AM
The Real Deal caught up with City National Bank’s Jorge Gonzalez on the floor of the South Florida Real Estate Showcase and Forum to learn about CNB’s lending strategy for the next year. In…
CNB Charts New Lending Territory in 2023
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