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March 23, 2023

‘Let’s File Now’: Developers Aim To Avoid Fee Hike On Boston Labs But May Delay Construction

Boston is preparing to double the fees developers must pay to build life sciences projects in the city, but a series of new filings representing hundreds of thousands of square feet of lab space could avoid the hike, even if they don’t start construction right away.

‘Let’s File Now’: Developers Aim To Avoid Fee Hike On Boston Labs But May Delay Construction

Mayor Michelle Wu in December proposed to make linkage fees for life sciences higher than all other commercial projects, the first time since these fees were enacted in 1983 that they have been split. The proposal would raise the fee from $15.39 per SF to $30.78 for life sciences and $23.09 for…

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Bank Contagion Fears Shake The Foundation Of Commercial Real Estate At Its Core

The lifeblood of the commercial real estate industry is under threat as regional banks reel from the recent marquee failures of two of their own. Roughly 80% of U.S. commercial real estate lending is provided by banks that have assets of less than $250B, Goldman Sachs economists wrote in a recent report. Increasingly those loans — worth a combined $2.3T, according to Trepp — are being looked at as another source of stress for small and regional banks.

Bank Contagion Fears Shake The Foundation Of Commercial Real Estate At Its Core

With Silicon Valley Bank and Signature Bank being taken over by regulators and First Republic Bank needing emergency cash infusions to stay solvent, fear of broader contagion is likely to curtail regional banks’ lending activity, which could leave a huge swath of CRE investors struggling to find the money. “I think a…

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Fed's Interest Rate Hikes May Be Almost Done, But Lending Will Still Get Tougher

Despite the stunning failures of two banks this month and widespread anxiety over the potential for systemic contagion, the Federal Reserve isn't changing course on raising its key interest rate — for now — in what amounts to a mixed picture for real estate. The Fed signaled Wednesday it could be at the beginning of the end of a series of rate hikes that have spiked the cost of borrowing. But those holding commercial real estate mortgages could be in for a painful interlude as lenders pull their purse strings even tighter.

Fed's Interest Rate Hikes May Be Almost Done, But Lending Will Still Get Tougher

The Federal Open Market Committee raised the target range for the federal interest rate by 25 basis points to 4.75% at its Wednesday meeting. The FOMC didn't change its year-end projection for the interest rate of a shade over 5%, according to the committee's internal survey of its members.The FOMC cited improving job growth…

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Secondary Marketplaces Offer New Liquidity Options As Nontraded REITs Limit Redemptions

Secondary Marketplaces Offer New Liquidity Options As Nontraded REITs Limit Redemptions   In the first week since LODAS Markets listed Blackstone Real Estate Income Trust shares, the secondary marketplace saw more interest than it has in the full month since it listed the nontraded REIT’s largest competitor. “We've actually had more response for BREIT already than we have for SREIT,” LODAS CEO Brian King told Bisnow, referring to Starwood REIT, which listed in February.  While Blackstone, the world’s largest owner of commercial real estate, is one of several firms to limit investor withdrawals for its nontraded REIT in recent months, BREIT’s listing on a secondary marketplace is offering investors a new way to liquidate. And outsiders say it is a good thing.“It is something that is another outlet,” said Kevin Gannon, CEO of Robert A. Stanger & Co., a real estate investment banking and financial advisory that tracks nontraded REITs. “More liquidity is better than less liquidity, right? So I think that's good. We’ll just see…

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