Finance & Lending

The loan will be used to repay existing debt, fund future leasing costs and capital upgrades for wellness and lifestyle amenities.

The pandemic supercharged home sales, but aggressive rate hikes by the Federal Reserve have caused the business to sputter and led to job cuts across the industry.

The UK-based movie theater chain, which draws most of its revenues from the US after the acquisition of Regal Cinemas in 2018, filed for Chapter 11 protection on Wednesday.

Backers for the 5 Times Square loan, which runs through May 2026, include Morgan Stanley, Apollo Global Management Inc. and American International Group Inc. RXR and its partners have invested another $300 million to help renovate the site.

KKR likened the high-yield trade to opportunities available in early 2020, when the onset of the global pandemic sparked a debt-market plunge.

We are seeing investors shift into smaller tertiary markets where competition is weaker, value-add properties where the potential for rent increases is higher.

The mall did not make an $8.8 million payment on municipal bonds that was due Monday.