This week, we dive deep into the M&A deal that's all anyone in institutional CRE can talk about. Savills – yes Savills! – is buying Eastdil Secured for $1.1B. That gives the Brits some serious capital-markets firepower stateside, but the devil lies in the details of the golden handcuffs. Next, we strap on our Lucchese boots and head to Dallas, where legendary dealmaker Ray Washburne has grand plans for a convention center. We discuss his HoF deal for Highland Park Village and how he's part of a dying breed of CRE cowboy we’re obsessed with.
Plus, our "Punch List" rundown of the newsiest industry happenings: JPM marking down private-credit portfolios; BTR neutering bill passes Senate; chaos at US Attorney's office hampers mortgage-fraud investigations; and Ben Ashkenazy's big LA deal.
Sponsors:
1) This episode is supported by Bravo Capital, a leading HUD and bridge lender. See how their precision underwriting means quicker approvals and higher proceeds for sponsors by visiting bravocapital.com
2) This episode is supported by LoanBoss, the industry-leading debt management software. Featuring one-click covenant testing, instant cash flow forecasting, and our favorite nerdy delight: Live forward curves! Check them out at loanboss.com
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Further reading/listening:
The Savills-Eastdil Postgame
Paper Chasers on Top
Roy March Leading Voices Interview
The Liar's Ball
King of Capital: The Remarkable Rise, Fall, and Rise Again of Steve Schwarzman and Blackstone
The New Emperor of Highland Park Village
Ray Washburne on the Highland Park Deal
