Distressed Funds Target CMBS Debt in Revival of Crisis Playbook Hedge fund Axonic Capital and startup Metamorphosis Hotel Capital Partners are picking apart CMBS as they hunt for bargains. Bloomberg | Jun 03, 2021
(Bloomberg) As distressed real estate investors struggle to find enough properties to snatch up, at least two money managers think they’ve found an untapped source of troubled hotels, offices and retail space: commercial real estate bonds.
Hedge fund Axonic Capital and startup Metamorphosis Hotel Capital Partners are picking apart commercial mortgage-backed securities as they hunt for bargains, according to people with knowledge of the funds’ strategies. The two have different plans for how to gain possession of the underlying assets, but their end goals are similar: to take control of, fix and flip ailing properties for significant profit.
A New York investment firm is putting one of the old Arinc buildings on Riva Road up for redevelopment, seeking developers for a 6.75-acre mix of residential and commercial buildings.
Loop office building goes back on the market
The owners of 200 W. Jackson are shopping the property again after a 2019 deal fell apart.
200 W. Jackson Blvd.
More than two years after a deal to sell the office building at 200 W. Jackson Blvd. fell apart, the owners of the Loop property are trying again.
A joint venture of Chicago-based White Oak Realty Partners and New York-based Angelo Gordon has hired the Chicago office of Cushman & Wakefield to sell the 29-story tower. The asking price for the 487,000-square-foot building is unclear, but sources familiar with the offering said bids are expected in the range of $150 million.
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As U.S. retailers celebrate a boom lifting one of the pandemic’s hardest-hit sectors, scars left by a year of bankruptcies and delayed vendor payments could threaten to undermine their recovery – just as the crucial back-to-school shopping season begins.
After watching their receivables mount last year, vendors of apparel and other goods demanded change. In order to ship, many began requiring payment upon delivery of the goods or even in advance, according to people with knowledge of the demands, which were made of distressed and healthy clients alike. For merchants, that’s a big cash drain at a time of great uncertainty.
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