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10 Must Reads for CRE Investors Today (March 13, 2023)

Signature Bank, which has a sizable commercial real estate loan portfolio, was shut by regulators in the wake of the Silicon Valley Bank collapse. The Biden administration has revived a proposal to end the tax advantages provided by like-kind exchanges. These are among today’s must reads from around the commercial real estate industry.

  1. Signature Bank Is Shut by Regulators After SVB Collapse “After the financial crisis, the lender grew rapidly and became an investor darling. In 2018, Signature hired bankers specializing in crypto as part of an effort to branch out beyond commercial real estate. Other banks were reluctant to take on crypto customers, and Signature became one of the crypto market’s leading banks.” (The Wall Street Journal)
  2. Biden Looks to End ‘Sweetheart’ Deals for Real Estate and Billionaires “The White House is aiming to recover about $19 billion by closing the loophole known as the ‘like-kind exchange,’ or 1031 exchange. The loophole lets real estate firms put off paying capital gains taxes from income earned on property sales as long as they make an investment in a similar property elsewhere.” (Commercial Observer)
  3. BlackRock Lures European Wealthy With New Private Equity Funds “While rich individuals in Europe allocate less than 2% of their portfolios to alternative assets, that could rise to about 20% over time as demand for exposure to asset classes such as private equity, infrastructure and private credit increases, Conway said.” (Bloomberg)
  4. It's Time To Stop Painting Private-Market Investing With An ‘Alts' Brush “That means there is a vast array of investments—which may (or may not) be a relevant store and/or creator of value—that can technically be considered an alternative investment. Along with the more mainstream alts like real estate, private equity, venture capital, hedge-funds and private credit, we have also seen people put money into sports collectibles, physical metals and gems, art, fine wines, NFTs, and digital coins, and all could be designated ‘alternatives.’” (Financial Advisor)
  5. U.S. Senators push RealPage investigation “Congressional leaders pushed for an investigation following the ProPublica report, which raised suspicions that the software could be pushing rents above competitive levels and enabling landlords to coordinate pricing, in violation of federal antitrust laws. The report also led to RealPage and seven property management firms being hit with a class-action lawsuit for allegedly forming what lawyers called a ‘cartel’ to artificially inflate apartment prices above competitive levels.” (The Real Deal)
  6. Real Estate Finance Pro: Masha Sherman “A native of Belarus, Masha Sherman, CFO of industrial real estate firm Greek Development, moved to the U.S. when she was 19 years old to study accounting. After college, she joined Ernst & Young’s real estate group as an auditor. During her five years there, Sherman worked with high-profile clients that included Tishman Speyer and helped take Empire State Realty Trust public.” (CFO)
  7. ‘No Good Choices’: Owners Of Maturing CMBS Loans Scramble To Find New Debt “But despite strong fundamentals, owners of multifamily assets are not immune to rising interest rates that challenge refinancing across the nation. Those approaching the end of their loans may find their options are slim, even if their property is performing well on paper.” (Bisnow)
  8. Teacher Affordable Housing Proposed For Apple Site In Cupertino “Despite pledges from Apple, Meta and Alphabet, recent reports indicate the three technology giants have contributed about 1,500 units to date. The numbers fall well short of promises from the companies, who have earned the ire of locals who blame the technology boom in the Bay Area for putting many properties out of the reach of ordinary citizens.” (Bisnow)
  9. NYC Officials Push to Streamline Office-to-Residential Conversions “Office-to-residential conversions are not unique to NYC, but the stars may be aligning for more conversions to take place in the city that never sleeps. The unified plea from the borough presidents comes on the heels of city mayor Eric Adams’ recommendations to convert underused offices into homes for NYC residents.” (Propmodo)
  10. StripMallGuy on the naked truths of retail investing “That’s StripMallGuy. In real life, he’s a 40-something real estate investment manager based in New York City with nearly three dozen deals under his belt who now runs a $100 million property fund. On Twitter, he’s a cartoon brown-haired dude in a sweater vest who delivers spicy takes on the real estate business under the handle @RealEstateTrent. Since starting his account in 2021, he’s amassed more than 160,000 followers by dishing out advice on everything from life and career choices to lease negotiations and the tenant mix that will cause the least amount of strain on your strip mall’s parking lot.” (The Real Deal)
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