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Good Morning Everyone

Welcome to your weekly Commercial Real Estate market update. We're breaking down the biggest deals and revealing the lending criteria that's driving them.

🏢 Domestic & Global Deals
🏆 Winners & Losers
🔦 Deal Spotlights
👤 Lender Profiles
💡 Opportunities
📝 New Loan Programs
😲 Didn’t See That Coming

Let’s dive in.

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Bridge Loan Guy
Top Loans of the Week

Largest US single deal: $650 million (Inter Miami CF stadium/mixed-use) by JP Morgan

Largest Global single deal: Valor Real Estate Partners and QuadReal Property Group £260 million ($347 million) refinancing deal with Blackstone

Lender of the Week: J.P. Morgan was involved in at least two major deals—the massive $650 million Inter Miami CF stadium financing (as sole lender) and the $343 million Bronx affordable housing development (alongside NYC housing agencies).

🏢 TOP CRE DEALS

Domestic Market
◾ J.P. Morgan $650M for Inter Miami CF stadium – Link
◾ Ares/Monarch $413M for PMG's Miami tower duo – Link
◾ NYC Housing agencies/J.P. Morgan $343M for Bronx affordable housing – Link
◾ PGIM Private Capital $340M for Nexamp's solar portfolio – Link
◾ Bank OZK $156.3M for Heatherwood's Long Island apartments – Link
◾ BHI/Bank Hapoalim $113M for Yellowstone's hotel repurposing – Link
◾ SCALE Lending $105M for MG Developer's transit-oriented apartments – Link
◾ Acore Capital $89.2M for build-to-rent townhomes in Virginia – Link
◾ City National Bank $51M for PSAI's Silicon Valley R&D facility – Link

Global Market
◾ Blackstone Real Estate £260M for Valor/QuadReal's London urban logistics portfolio) – Link
◾ Eldridge Real Estate Credit €117.6M for Vita's Glasgow student housing – Link 

🏆 WINNERS & LOSERS

🔦 DEAL SPOTLIGHT

Inter Miami CF $650M Stadium & Mixed-Use Financing

Loan Amount: $650 million
LTV: 60-65% (estimate based on sports venue financing norms)
Interest Rate: SOFR + 2.25% to 2.75% (estimate based on similar large construction projects)
Loan Term: 5-year senior construction loan ($450M), plus senior term loan/revolving credit facility ($200M)
Property Type: 25,000-seat stadium with future phases including 750-room hotel, 400,000 sqft office, 600,000 sqft retail
Borrower Profile: MLS team backed by billionaire owners, including Jorge and Jose Mas, with David Beckham as minority investor
Unique Feature: Two-in-one financing combines construction capital with operational flexibility through a revolving component
Strategic Significance: This structure represents the commercial real estate equivalent of a Swiss Army knife. The construction piece gets the stadium built, but the revolving component gives the team breathing room during those awkward early years when fan attendance might be as unpredictable as the Miami weather

👤 LENDER PROFILES

International Cross-Border Transaction Specialist
Focus: Hospitality repurposing, urban repositioning, mixed-use redevelopment
LTV Range: 60-70% (market estimate)
Interest Rate: SOFR + 275-375 bps (market estimate)
Geographic Scope: Primary US markets with a focus on gateway cities
Deal Size: $25 million to $150+ million
Key Criteria: Properties with multiple potential use cases, experienced sponsors with repositioning expertise, strategic locations in core urban centers, clear demand drivers
Key Differentiator: Their experience with hotel conversions and adaptive reuse positions them perfectly for the current wave of asset repurposing

Struggling with your deal?
Email [email protected] for strategy, deal structure, and lender intros.

💡 GEOGRAPHIC OPPORTUNITY LOCATIONS

◾ Palm Desert has moved to the top position due to clear validation of DSRT Surf breaking ground, and a defined development timeline.
◾ Nashville remains strong for hospitality and mixed-use, but with a shift toward value-add rather than ground-up development.
◾ Ashburn, VA, continues to offer university-adjacent opportunities, though with increased caution due to inventory growth.
◾ Miami requires significantly more caution due to potential oversupply, though transit-oriented locations remain advantageous.

LENDERS
◾ Transit-Oriented Development (TOD): Miami-Dade/Broward, Brooklyn/Bronx, Long Island
◾ Affordable Housing: Bronx/Brooklyn, Miami-Dade/Broward, NorCal Bay Area
◾ University-Adjacent Properties: SEC/Big Ten Markets, NYC University Areas, Mid-Atlantic Research Triangle

Smaller Sponsors ($5M-$20M)
2nd/3rd Sun Belt Markets: Jacksonville/Raleigh-Durham, Charlotte/Tampa, San Antonio
Stable Midwest Markets: Indianapolis/Columbus, Appleton, Minneapolis
University-Adjacent & TOD: Newark, DE, West Hempstead, near major universities

📝 NEW LOAN PROGRAMS

◾ eXp Luxury unveils seller financing partnership to boost luxury home deals. Read
◾ Washington Trust launches new HELOC product for homeowners. Read

 😲 DIDN’T SEE THAT ONE COMING

◾ Buca di Beppo's Chapter 11 and $10 million in unredeemed gift cards prove Americans would rather starve than eat family-style with their actual families RetailWire 
◾ Forever 21 declares bankruptcy after discovering they're actually 41 years old and having an existential crisis CNN

Lastly, no content provided by Bridge Loan Guy or Loans, Lenders & Leverage should be considered tax, investing, or financial advice. This email and any other content we provide are for entertainment and education purposes only. We do not claim to provide tax, investment, financial, or other legal advice. Any content provided by Bridge Loan Guy or Loans, Lenders & Leverage is the personal opinion of our owners and/or staff – you should always conduct your own research