Term Sheet: CDPQ’s real estate balance; Hudson Pacific’s CMBS refuel; Nuveen’s leadership change
PERE Credit
PERE Credit is the source for insight and analysis on alternative real estate credit strategies.
Caisse de dépôt et placement du Québec (CDPQ) 's real estate business is finding more alignment between risk and return across its C$77 billion portfolio; Hudson Pacific Properties lines up $475 million of CMBS financing to recharge a half-dozen grouping of West Coast offices; Nuveen, a TIAA company taps Chad Phillips to succeed Chris McGibbon to lead its global real estate platform; and more in this week's Term Sheet.
Tips & feedback to Samantha Rowan or email samantha.r@pei.group
They said it
“In the last two decades, I have not seen a bigger supply-demand imbalance than what we’re currently seeing in the data center sector”
Marc Zahr , co-president and global head of real assets at New York-based manager Blue Owl Capital , wrote this week on LinkedIn, noting there is not enough available funding to get essential assets up and running.
April/May edition live now
Striking a balance
The April/May edition of PERE Credit is live now, featuring a cover story with Rana Ghorayeb , executive vice-president and head of real estate at Caisse de dépôt et placement du Québec (CDPQ) , on how the C$475 billion ($331 billion; €304 billion) Montreal-based state pension is balancing risk and return across its C$77 billion commercial real estate portfolio in the current market. Continue reading...
What’s new
Shopping center of attention
Credit is playing a unique role in one of this week’s most significant real estate acquisition deals. A 100-property US shopping center portfolio is changing hands in a $1.8 billion transaction backed by Los Angeles-based Ares Management Corporation and New York-based Goldman Sachs Asset Management alongside a pair of bank lenders.
Collateral bandage
Commercial real estate’s collateralized loan obligation market is regaining some form this week. New York-based manager TPG ’s commercial real estate finance company TPG Real Estate Finance Trust (TRTX) closed on a $1.1 billion CRE CLO with $962.5 million of investment-grade securities placed with institutional investors.
Read more here.
The PERE Podcast
Staying mainstream
Last Friday’s episode of The PERE Podcast, hosted by affiliate Real Estate Capital Europe deputy editor Lucy Scott, focused on the growing presence of the commercial property-assessed clean energy financing sector despite a recent sentiment shift toward the mention of environmental, social and governance considerations when making sustainability-geared investments.
Recommended by LinkedIn
Trending
Basis for growth
Private credit lenders are bulking relations with regional and local banking institutions. Basis Investment Group, LLC ("Basis") this week announced a commercial real estate debt origination partnership with the The Harbor Bank of Maryland , a minority-owned depository institution in Baltimore. Continue reading...
Blending, not pretending
The combination of senior and mezzanine financing in the current market is creating more dynamic capital stacks. New York-based manager Benefit Street Partners this week opted to create such a stack on its own origination accord, providing a $154.5 million floating-rate package for a luxury condominium project in Austin, Texas.
Data snapshot
Slight rise
After slight drops to start 2025, commercial mortgage-backed securities delinquency rates jumped back up from $36 billion in February to $39.3 billion in March according to a report published this week by New York-based data provider Trepp, Inc. . The multifamily sector clocked one of the largest increases in March, rising 98 basis points to 5.44 percent. The office sector was the only asset class to not see an increase and fell 2 basis points to 9.76 percent in March. Dive in the detail here.
People
Nuveen names Phillips as real estate head
Nuveen, a TIAA company is making changes at the top of its real estate business. The firm last week named Chad Phillips as head of its global real estate platform, as reported by PERE. Phillips replaces Chris McGibbon, who is retiring in June after more than 24 years with the company.
Read more here.
Investor’s corner
Chicago Teachers’ turnaround
Investing in real estate debt funds continues its trend in 2025 with Chicago Teachers’ Pension Fund marking the latest investor move to be featured on PERE Credit, following a swath of activity in the fourth quarter of 2024. The $12.9 billion institutional investor plans to make a $30 million commitment to BIG Real Estate Fund III, a real estate private credit strategy managed by Basis Investment Group, LLC ("Basis") , Fernando Vinzons, CTPF chief investment officer, confirmed this week to PERE Credit.
Loan in focus
Rock, rock, Rockaway Beach
Summer beach trips are starting early for New York-based manager Tishman Speyer . This week the firm lined up $166 million of financing for an affordable apartment development in the Far Rockaway neighborhood of Queens, New York. The manager secured the financing through its affordable housing platform, TS Communities, opting for a more creative capital structure to fund development of Edgemere Commons A2.
Get the details of this week's Term Sheet here.