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Blackstone Inc. is close to finalizing a deal worth around $2.6 billion to purchase Seibu Holdings Inc.'s Tokyo Garden Terrace Kioicho complex in Tokyo. The sale, one of the most expensive single real estate transactions in Japan, includes an agreement for Seibu to continue managing the complex. Blackstone is the frontrunner among final bidders, with Seibu aiming to sign an agreement by the end of the year as part of its shift towards an "asset-light" strategy. Overseas investors are increasingly active in Japan's real estate market, attracted by factors such as the cheap yen and strong property performance in metropolitan areas. [Extracted from the article]

Blackstone Inc. is close to finalizing a deal to purchase Seibu Holdings Inc.'s Tokyo Garden Terrace Kioicho complex for around ¥400 billion ($2.6 billion), making it one of Japan's most expensive real estate transactions. The sale would include an agreement for Seibu to continue managing the complex. Blackstone is the frontrunner in the bidding process, with other final bidders including KKR & Co. and BentallGreenOak. Overseas investors are increasingly active in Japan's real estate market due to factors like the cheap yen and strong property performance in metropolitan areas. [Extracted from the article]

French opera singer Benjamin Bernheim, known for his performances at the Paris Olympics and the Metropolitan Opera in New York, shares his travel tips for staying fit on the road. He recommends bringing flexible workout equipment like a jump rope and a TRX for resistance exercises. Bernheim also emphasizes the importance of a humidifier to keep his vocal cords hydrated and suggests going for walks to relax and recover from performances. He acknowledges the challenges of jet lag and prioritizes arriving a few days earlier to adjust his sleep. Despite his success, Bernheim often flies economy class for practical reasons. [Extracted from the article]

French opera singer Benjamin Bernheim, known for his performances at the Paris Olympics and the Metropolitan Opera in New York, shares his travel tips for staying fit on the road. Bernheim recommends bringing flexible workout equipment like a jump rope and a TRX for resistance exercises. He also emphasizes the importance of a humidifier to keep his vocal cords hydrated and suggests going for walks to relax and recover from performances. Additionally, Bernheim advises accommodating jet lag rather than trying to avoid it and mentions that flying business class is not a priority for him. [Extracted from the article]

The former headquarters of Goldman Sachs Group Inc. at 55 Broad St. in New York City has been transformed into luxury apartments that can be leased for $4,000 a month. The financial district has undergone significant changes, with the pandemic accelerating the shift away from a neighborhood dominated by the financial industry. The developers of the project expect the conversion of the 571 apartments to be completed by the middle of next year, offering amenities such as fitness centers, pet-washing stations, and a rooftop swimming pool. The city and state are also encouraging more conversions to alleviate New York City's housing shortage, including offering tax breaks for projects that include affordable units. [Extracted from the article]

The upcoming monthly report on US consumer prices is expected to show another month of muted increases, which could influence the Federal Reserve's decision on interest rates. The report is projected to reveal a 0.2% rise in both the consumer price index and the core gauge (excluding food and energy) for August, similar to the previous month. This would represent a 3.2% annual gain for the core measure, significantly lower than two years ago. The figures could lead to a quarter-point rate cut at the next policy meeting, but any downside surprises may increase bets on a half-point reduction. The report will also provide insights into rental inflation, car insurance, and apparel prices. [Extracted from the article]

Croatia is taking steps to address a housing shortage by targeting the rental of private apartments in the tourism industry. With tourism making up a significant portion of Croatia's economy, the demand for rental properties has led to a scarcity of apartments for sale and increased prices. The government's proposal aims to limit short-term rentals in apartment blocks, requiring 80% of owners to approve such activity and also placing restrictions on the number of tenants in rental apartments. This move is similar to measures taken by other tourist centers, such as Barcelona, to make housing more affordable for citizens. [Extracted from the article]

Croatia is taking steps to address a housing shortage by targeting the rental of private apartments in the tourism industry. With tourism making up a significant portion of Croatia's economy, the demand for rental properties has led to a scarcity of apartments for sale and increased prices. The government's proposal aims to limit short-term rentals in apartment blocks, requiring 80% of owners to approve such activity and also placing restrictions on the number of tenants in rental apartments. This move is similar to measures taken by other tourist centers, such as Barcelona, to make housing more affordable for citizens. [Extracted from the article]

International students are facing an uncertain future as governments around the world crack down on immigration. In the UK, the Labour party has vowed to retain a ban on international students bringing dependents, while the Netherlands is proposing restrictions on foreign students' access to Dutch universities. Canada is clamping down on "puppy mill" colleges, and Australia is proposing caps on foreign enrollments and targeting "dodgy providers." These measures are impacting international student visa volumes, with enrollments down between 20% and 30% in the UK, Canada, and Australia. The US is benefiting from this crackdown, as it has become the preferred study destination for international students. The moves by governments are framed as improving education quality and stamping out abuse, but critics argue that they are politically motivated due to concerns about rapid immigration rates. The international education industry is a $200 billion global business, with the UK, Canada, and Australia being major players. However, political considerations are taking precedence over economic arguments in the current climate. The UK, in particular, has seen a growing number of foreign students in the past decade, contributing significantly to universities' funding. Dutch universities are also facing limitations on foreign students due to a lack of housing and a surge in numbers. In Canada, new regulations are targeting smaller colleges, and in Australia, the government's plans include enrollment limits and tougher visa requirements. These measures are already impacting universities' revenues and could lead to insolvencies in the education sector. The Australian opposition has [Extracted from the article]

International students are facing an uncertain future as governments around the world crack down on immigration. In the UK, the Labour party has vowed to retain a ban on international students bringing dependents, while the Netherlands is proposing restrictions on foreign students' access to Dutch universities. Canada is clamping down on "puppy mill" colleges, and Australia is proposing caps on foreign enrollments. These measures are impacting international student visa volumes, with enrollments in the UK, Canada, and Australia down between 20% and 30% from the previous year. The US is benefiting from this crackdown, as it has become the preferred study destination for international students. The moves by governments are framed as improving education quality and stamping out abuse, but critics argue that they are politically motivated due to concerns about rapid immigration rates. The international education industry is a $200 billion global business, with the UK, Canada, and Australia being major players. However, political considerations are taking precedence over economic arguments in the current climate. The UK, in particular, has seen a growing number of foreign students in the past decade, contributing significantly to universities' funding. Dutch universities are also facing limitations on foreign students due to a lack of housing and a surge in numbers. In Canada, new regulations are targeting smaller colleges, and in Australia, the government's plans include enrollment limits and tougher visa requirements. These measures are already impacting universities' revenues and could have long-term consequences for research funding and international rankings. Insolvencies in Australia's [Extracted from the article]

International students studying abroad are facing an uncertain future as governments in countries like the UK, the Netherlands, Canada, and Australia crack down on immigration. These governments are implementing measures such as restricting access to universities, capping foreign enrollments, and increasing visa application fees. The impact of these measures is already being felt, with visa volumes to these countries down by 20-30% compared to the previous year. While governments frame these moves as efforts to improve education quality and prevent abuse, critics argue that they are politically motivated and driven by a backlash against rapid immigration rates. The US, on the other hand, is benefiting from these crackdowns and has become the preferred study destination for international students. However, economic arguments about the benefits of the international education sector are taking a back seat to political considerations as the electoral tide swings against immigration. [Extracted from the article]

Manhattan renters are opting for smaller apartments in order to save money on rent. The average size of leased apartments in July was 9.5% smaller than the previous year, while the price per square foot increased slightly. Renters are downsizing to cope with rising leasing costs, which reached a record high last summer and have remained close to that level. The shift to smaller homes coincides with a significant increase in new lease signings, as renters reject expensive renewal increases and search for more affordable options. There is a possibility that rental prices may decline slightly if demand decreases due to lower mortgage rates, which may encourage more renters to become homebuyers. Rents in Brooklyn and northwest Queens have also decreased from the previous year. [Extracted from the article]

Airbnb hosts in the US are looking to cut out the middleman and drop Airbnb altogether due to declining earnings, oversupply, regulatory changes, and Airbnb's own policies. Some hosts are shifting to mid-term rentals, stays longer than 30 days but shorter than traditional leases, as a way to supplement their income. However, many hosts still rely on Airbnb for bookings. While Airbnb wants to retain hosts focused on longer stays, smaller players are setting up their own booking websites and forming relationships with institutions for regular business. [Extracted from the article]

Konrad Bicher, known as the "Wolf of Airbnb," has been sentenced to 4 1/4 years in prison for defrauding New York City landlords by illegally listing apartments for short-term rental. Bicher, who adopted the nickname in reference to the "Wolf of Wall Street," admitted to wire fraud and faced up to 20 years in prison. Prosecutors stated that Bicher took advantage of the Covid-19 pandemic, knowing that landlords would have difficulty evicting tenants. This case highlights the ongoing crackdown on short-term rentals in New York City, with new laws requiring hosts to apply for a license. Bicher leased multiple apartments that were not permitted for short-term rental and failed to pay rent while listing the units on platforms like Airbnb, earning over $1.17 million in income. He also obtained government-guaranteed loans meant for pandemic relief. Bicher will forfeit over $1.74 million and pay over $2.22 million in restitution. The defense argued that some landlords were aware of Bicher's actions and sought him out when they struggled to find renters. [Extracted from the article]

Konrad Bicher, known as the "Wolf of Airbnb," has been sentenced to 51 months in prison for defrauding New York City landlords by illegally listing apartments for short-term rental and taking advantage of a Covid-19 relief program. Bicher leased apartments in Manhattan that were not allowed to be rented out and failed to pay rent while listing them on platforms like Airbnb, earning over $1 million in income. This case comes as the city continues to crack down on short-term rentals, with new laws requiring most hosts to apply for a license. Critics argue that platforms like Airbnb have led to higher rents and limited housing, while hosts say they rely on the income. Bicher was also accused of obtaining loans through a Covid-19 relief program. The defense argued for leniency, stating that Bicher had paid rent to landlords for years and that many were aware of his temporary housing use. [Extracted from the article]

London's rental market is showing signs of improvement, with a surge in available properties leading to the smallest increase in rents across the UK. Rents in London rose by 4% from the previous year in May, which is slower than the pace of wage increases. The severe shortage of rental properties in London has also eased, with a drop in tenants looking to move to the city and a rise in available properties. However, despite these improvements, young people in London still face financial strain due to higher monthly rental payments compared to other regions in the country. [Extracted from the article]

Barcelona plans to ban all short-term home rentals for tourists from 2029 in an effort to address rising rent costs for locals. The city will no longer issue new licenses and will not renew existing ones, meaning that by 2029, no homes will be permitted to be rented as tourist accommodation. The mayor stated that this measure aims to provide more housing supply for the working middle class and prevent them from being priced out of the city. Barcelona has already implemented other measures to limit short-term rentals, but rental prices continue to rise. [Extracted from the article]

Manhattan apartment rents experienced an unexpected decline in May, despite the typically busy leasing season. The median rent for new leases was $4,250, a 3.3% decrease from the previous year. However, rents remained at the second-highest level on record for May and were unchanged from the previous month. The market has seen a rise in leasing activity, with a 41% increase in new leases compared to the previous year. Listing inventory also increased, helping to keep prices stable. The president of Miller Samuel, Jonathan Miller, believes that landlords demanding high renewal prices and high mortgage rates have contributed to the increase in leasing activity. He expects the current dynamics of the Manhattan rental market to continue through the summer, with rents slightly increasing. In Brooklyn, leasing activity surged, with a 161% gain in lease signings compared to the previous year. The median rent for new leases in Brooklyn reached a record high of $3,600. In Queens, leasing activity also reached a record high, with a 113% increase in new signings compared to the previous year. Median rents in Queens fell slightly to $3,400. [Extracted from the article]

New York City's $86 billion pension fund for civil employees, NYCERS, is investing $60 million in a partnership led by the Community Preservation Corp. The partnership aims to preserve nearly 35,000 rent-stabilized units affected by the collapse of Signature Bank. The majority of the apartments are located in Manhattan and the Bronx, with the remaining units in Brooklyn and Queens. The investment is part of an effort to protect and expand affordable housing in the city. [Extracted from the article]

New York City's $86 billion pension fund for civil employees, NYCERS, is investing $60 million in a partnership led by the Community Preservation Corp. The partnership aims to preserve nearly 35,000 rent-stabilized units affected by the collapse of Signature Bank. The majority of the apartments are located in Manhattan and the Bronx, with the remaining units in Brooklyn and Queens. This investment is part of a program overseen by the city comptroller's office to generate market rate returns through investments in affordable housing and economic development. The investment is significant as less than 1% of the pension fund's assets are currently invested in financing affordable and workforce housing. [Extracted from the article]

New York City's $86 billion pension fund for civil employees, NYCERS, is investing $60 million in a partnership led by the Community Preservation Corp. The partnership aims to preserve nearly 35,000 rent-stabilized units affected by the collapse of Signature Bank. Signature Bank's failure raised concerns about the impact on its loan portfolio of rent-stabilized buildings. The investment by NYCERS is part of a program overseen by the city comptroller's office to generate market rate returns through investments in affordable housing and economic development. Currently, less than 1% of the pension fund's assets are invested in financing affordable and workforce housing. [Extracted from the article]

A study commissioned by the organizers of the Paris 2024 Olympics suggests that the event could bring an economic boost of up to €11.1 billion ($12 billion). The study breaks down the economic impact into different categories, including €4.58 billion from organizing the event, €3 billion from construction, and €3.56 billion from tourism. The report also provides estimates for a "low overall impact" of €6.7 billion and a medium scenario of €8.99 billion. The International Olympic Committee has been working to make the bidding process more streamlined and less competitive, aiming for cheaper and more sustainable Games. The head of Paris 2024, Etienne Thobois, expressed confidence that the Games will be delivered on budget at €4.4 billion. The budget for infrastructure spending is around €4.5 billion and is designed to avoid creating unnecessary projects after the Games. The study estimates that the Games could attract between 1.34 million and 1.85 million spectators, generating a direct tourism impact of up to €1.52 billion. [Extracted from the article]

Manhattan apartment rents reached a new high for April, indicating that the upcoming summer may break records as well. The median rent for new leases was $4,250, a $9 increase from the previous year. Landlords continue to raise prices, and with low vacancy rates, prospective tenants have little choice but to pay more. However, the rate of price growth this year has been more moderate compared to 2023. Leasing activity has increased, with 42% more deals signed in April 2024 compared to the same month in 2023. In Brooklyn, rents also reached a record high for April, while in northwest Queens, the median rent decreased by 8% annually. [Extracted from the article]

According to a survey by Alignable, the delinquency rate for US small businesses has reached a three-year high due to rent spikes and declining revenue. 43% of small businesses were unable to pay their rent in full, with independent restaurants being the most affected. More than half of small-business owners reported that their rents are higher now than they were six months ago. Additionally, the survey found that fewer than a third of businesses founded before March 2020 are earning as much or more each month than before the pandemic, and 34% of businesses have one month or less cash on hand. [Extracted from the article]

Goldman Sachs has informed its employees that any trips to Paris during the Olympic Games must be approved by the finance department. The bank wants to prevent employees from setting up meetings in Paris as an excuse to attend the sporting events with the company covering part of the expenses. While high-profile events like the Olympics are opportunities for companies to host clients and employees, banks are vigilant about controlling costs and preventing unnecessary expenses. The Paris Olympics and Paralympics are expected to attract over 15 million tourists and sports enthusiasts to the city this summer. [Extracted from the article]

Parisians hoping to rent out their luxury apartments during the upcoming Olympics are facing disappointing demand and an oversaturated market. Real estate agencies are cutting prices for luxury rentals and tempering owners' expectations. Many owners listed their apartments at inflated prices, only to find few takers. Some experts believe that current listings may continue to struggle, as most visitors booked accommodations a year ago. High-end homeowners may choose to abandon the rental market rather than lower their prices. [Extracted from the article]

The article discusses the recent airstrike in Damascus that killed high-ranking Iranian military leaders and a Syrian family. The attack was cited by Tehran as the reason for Iran's first direct assault on Israel. The article highlights the role of Iran's proxy forces in Syria, Lebanon, Iraq, and Yemen, and the potential for these forces to play a more prominent role in the conflict. It also discusses the vulnerabilities and capabilities of Hezbollah, Iran's most important regional proxy force. The article concludes by emphasizing the potential for escalation and the dangers of the situation. [Extracted from the article]

Manhattan apartment rents experienced an unexpected decline in March, marking the first decrease in four months. However, experts believe this is not indicative of a softening market but rather a sign of stability. The decline in prices may be attributed to increased competition and a rise in available units. In contrast, leasing in Brooklyn and Queens reached record highs, with significant increases in new leases and median rents. [Extracted from the article]

Chile is facing a deepening crisis in its real estate market, with a surplus of empty apartments and falling home prices. The main factors contributing to this crisis are restrictive mortgage terms and high interest rates. As a result, construction companies are filing for bankruptcy, construction workers are losing their jobs, and real estate companies are struggling. The government is considering buying some of the empty homes, and developers are exploring new strategies such as building rentals instead of for-sale apartments. However, there is hope for a recovery in buyer confidence as inflation slows and political uncertainty decreases. [Extracted from the article]

Chile is facing a deepening crisis in its real estate market, with a surplus of empty apartments and falling home prices. The main factors contributing to this crisis are restrictive mortgage terms and high interest rates. As a result, construction companies are filing for bankruptcy, construction workers are losing their jobs, and real estate companies are struggling. The government is considering buying some of the empty homes, and developers are exploring new strategies such as building rentals instead of for-sale apartments. However, there is hope for a recovery in buyer confidence and a slowdown in inflation and political uncertainty. [Extracted from the article]

Manhattan apartment rents increased in February due to a strong economy and a competitive sales market. The median rent for new leases signed last month was $4,230, a 3.3% increase from the previous year. Prices in Brooklyn also rose by 2.9% to $3,499, while in northwest Queens, the median rent increased by $1 to $3,239. Despite the winter season typically seeing a drop in rents, prices remained higher than expected this year due to low unemployment and high mortgage rates, making it difficult for potential buyers to purchase property. As spring approaches, apartment costs are expected to continue rising. [Extracted from the article]

Tilman Fertitta, owner of Golden Nugget casinos and the Houston Rockets, has purchased the River Oaks District, a luxury open-air mall in Houston's wealthiest neighborhood, for $450 million from JPMorgan Chase & Co. The mall includes luxury retail brands, office space, and apartment units. This is Fertitta's second luxury real estate purchase in the past year and a half, following his acquisition of California's Montage Laguna Beach resort. Fertitta also owns the Post Oak Hotel and a luxury car dealership in Houston. The River Oaks District features an Equinox gym, trendy restaurants, and is fully leased for office space and apartments. [Extracted from the article]

Billionaire Tilman Fertitta has purchased the River Oaks District, a luxury open-air mall in Houston's affluent neighborhood, from JPMorgan Chase & Co. for $450 million. The development includes luxury retail brands, office space, and apartment units. This acquisition adds to Fertitta's real estate holdings, which already include the Post Oak Hotel and a luxury car dealership in Houston. Fertitta aims to enhance the dining and shopping experience at the River Oaks District and sees it as a valuable addition to his luxury portfolio. The complex is already home to an Equinox gym, trendy restaurants, and a financial services firm as the main tenant. [Extracted from the article]

Canada's new cap on international study permits is expected to slow the growth in demand for rental units from foreign students by about half this year, according to Royal Bank of Canada. The number of international students in Canada is projected to grow by 100,000 in 2024, which is 55% less than the net increase seen last year. This slowdown in arrivals is expected to result in a halving of the increase in international students' demand for new rentals compared to 2023. If the visa cap continues beyond its 2025 expiry, there could be a decline in the number of international students in Canada starting in 2026. The cap is intended to address public concerns about a housing shortage exacerbated by an influx of foreign students and temporary workers. The impact of the cap is expected to be most significant in Ontario and British Columbia, where foreign student enrollments outweigh the number of residents. However, Quebec and the Prairie provinces are not expected to see a restraint in rental demand due to the cap. [Extracted from the article]

According to a report by Miller Samuel Inc. and Douglas Elliman Real Estate, Manhattan apartment leases surged in January, leading to an increase in rents for the first time since October. The median price on new leases was $4,150, up 1.3% from January 2023. Despite the increase, rents remain below the all-time high reached in July. The demand for apartments in Manhattan has remained strong, even during the winter months, and while listing inventory has increased, it is still historically low. Outer boroughs such as Brooklyn and northwest Queens are also experiencing robust demand for rentals. [Extracted from the article]

Canada's affordable housing crisis has worsened, with the vacancy rate for rental apartments dropping to an all-time low and rent increases reaching a record high in 2023. The national vacancy rate for apartment buildings fell to 1.5%, the lowest since data collection began in 1988. The average monthly rent for a two-bedroom unit increased by 8% to C$1,359. The housing crisis is linked to high levels of immigration and decades of underinvestment in affordable housing. The report also highlights the lack of affordable rental units for low-income individuals in Vancouver, Ottawa, and Toronto. [Extracted from the article]

Canada's affordable housing crisis has worsened, with the vacancy rate for rental apartments dropping to an all-time low and rent increases reaching a record high in 2023. The national vacancy rate for apartment buildings fell to 1.5%, the lowest on record, while the average monthly rent for a two-bedroom unit increased by 8% to C$1,359. The housing market is seen as the epicenter of a national cost of living crisis, with underinvestment in affordable housing and high levels of immigration contributing to the problem. Despite efforts to address the issue, such as capping the number of foreign students and boosting rental construction, the impact of these measures will take time to be felt. The report also highlights the financial burden on renters, particularly for new tenants in turnover units, where rent control rules allow rates to catch up to market conditions. The number of affordable rental units for low-income individuals is statistically zero in Vancouver, Ottawa, and Toronto, and the proportion of renters falling behind on their rent in Toronto has risen to nearly 20%. [Extracted from the article]

Singapore rents have fallen for the first time in over three years, providing relief to tenants due to increased housing supply and expectations of an economic slowdown. The index of rents for private homes in Singapore dropped by 2.1% in the fourth quarter, the largest decline since the global financial crisis in 2009. This decrease was seen across all market segments and was attributed to increased competition among landlords and tenants seeking cheaper options in suburban areas. Despite the decline, private residential rents still grew by 8.7% in 2023. Analysts have differing opinions on the outlook for rents and prices in 2024, with some expecting a decline and others predicting a gain or sideways movement. [Extracted from the article]

Tokyo apartment prices have reached a record high for the third consecutive year, driven by low supply and rising building costs. The average price of a new apartment in the Japanese capital and surrounding areas increased by 29% to 81 million yen ($548,000). Construction costs and a labor shortage are the main factors behind the price growth, with developers having no choice but to raise prices. The number of new units for sale in the Tokyo metropolitan area decreased by 9.1% last year, but it is expected to rebound in 2024. Other factors contributing to the increase include the sale of high-end properties and the rise of dual-income households. Despite the increase in condo prices, local homebuyers still have access to low mortgage rates due to the Bank of Japan's monetary policy. The increase in prices is seen as a sign of inflation taking hold in Japan after years of deflationary pressure. Even if the central bank abandons its negative interest-rate policy, it is unlikely to have a significant impact on mortgage costs or demand for apartments. [Extracted from the article]

Singapore rents have fallen for the first time in over three years due to increased housing supply and expectations of an economic slowdown. The index of rents for private homes in Singapore dropped by 2.1% in the fourth quarter of 2023. This decline is attributed to increased competition among landlords and tenants seeking cheaper options in suburban areas. Despite this decrease, private residential rents still grew by 8.7% in 2023. Home prices in Singapore have also risen, with a 2.8% increase in the fourth quarter and a 6.8% increase for the year. [Extracted from the article]

Tokyo apartment prices have reached a record high for the third consecutive year in 2023 due to low supply and rising building costs. The average price of a new apartment in the Japanese capital and surrounding areas increased by 29% to 81 million yen ($548,000). Analysts predict that prices will continue to rise in 2024, despite a slowing economy and the Bank of Japan's potential abandonment of its negative interest-rate policy. Factors such as the sale of high-end properties and the rise of dual-income households are also contributing to the increase. [Extracted from the article]

(Bloomberg) -- Blackstone Inc. is adding to its bet on rental housing with a $3.5 billion deal for Tricon Residential Inc.Blackstone agreed to pay $11.25 a share for Tricon, a Toronto-based company that owns single-family rental homes and apartments, the companies said in a statement Friday. Blackstone Real Estate Partners X is teaming up with Blackstone Real Estate Income Trust for the deal.©2024 Bloomberg L.P.By Patrick ClarkReported by Author [Extracted from the article]

The Federal Deposit Insurance Corp. (FDIC) has sold a 20% stake in a venture that holds approximately $9 billion in real estate loans from Signature Bank to Santander Bank NA for $1.1 billion. The FDIC will retain an 80% interest in the venture, which consists of loans backed by rent-stabilized or rent-controlled apartment properties. This transaction is part of the FDIC's plan to offload around $33 billion of commercial-property loans held by Signature Bank, which failed earlier this year. Other investors, including Blackstone Inc., Canada Pension Plan Investment Board, and Related Fund Management, have also purchased stakes in ventures holding loans tied to rent-regulated apartments. [Extracted from the article]

The Federal Deposit Insurance Corp. (FDIC) has sold a 20% stake in a venture that holds approximately $9 billion in real estate loans to Santander Bank NA for $1.1 billion. The FDIC will retain an 80% interest in the venture, which consists of loans backed by rent-stabilized or rent-controlled apartment properties. This transaction is part of the FDIC's plan to offload around $33 billion of commercial-property loans held by Signature Bank, which failed earlier this year. Other investors, including Blackstone Inc., Canada Pension Plan Investment Board, and Related Fund Management, have also purchased stakes in ventures holding loans tied to rent-regulated apartments. [Extracted from the article]

Related Fund Management, in partnership with two nonprofits, has won a stake in Signature Bank's loan book. The Federal Deposit Insurance Corp. (FDIC) sold a 5% equity interest in two ventures that hold approximately $5.8 billion of loans tied to rent-controlled and rent-stabilized apartment buildings. The sale helps the FDIC offload a significant portion of Signature Bank's loans, with the aim of preserving the properties that back the loans. The Community Preservation Corp. will lead the partnership and be responsible for servicing the loans. [Extracted from the article]

Related Cos., led by Steve Ross, has partnered with two nonprofits, the Community Preservation Corp. and Neighborhood Restore HDFC, to acquire a portfolio of property loans from Signature Bank. The loans are tied to rent-controlled and rent-stabilized apartment buildings. The Federal Deposit Insurance Corp. (FDIC) sold a 5% equity interest in two ventures that hold approximately $5.8 billion of loans to the partnership. This sale will help the FDIC offload a significant portion of the loans from Signature Bank, which failed earlier this year. The deal includes 868 permanent loans backed by properties with about 35,000 units, 80% of which are rent regulated. The FDIC has included requirements in the transaction to ensure the preservation of the properties. [Extracted from the article]

Florida is experiencing some relief from rising prices, as the growth in housing costs slows down. In Tampa, the inflation rate fell by 1.5 percentage points in November compared to the previous year, the largest drop among twelve US metropolitan areas reporting inflation data. The annual rate of inflation in Tampa was 5.2% last month, which is about half of its peak in mid-2022. The slowdown in housing costs is a major factor contributing to this moderation, with shelter prices in Tampa rising at the slowest rate in two years. Rent inflation tends to lag behind marketplace data, and in the private market, new lease and apartment rents in major Florida markets are either flat or negative. The construction of new apartments in fast-growing cities like Atlanta, Austin, and Phoenix is also helping to cool rents. However, despite these improvements, the inflation rate in Florida cities remains above average, with consumer prices up 3.1% nationally from a year earlier. In October, Miami had the highest inflation rate in the nation at 7.4%. It will take more time for the slight moderation in rents to provide significant relief to Floridians, as rents in the Tampa area rose by 43% and in metro Miami by 51% between October 2020 and October 2023, compared to a 29% increase across the US. [Extracted from the article]