The Promote Podcast Apollo's Sister Act, ICE Age & the Doomed Tower of Power
This week, we discuss how the Chrysler Building has laid waste to the best-laid plans of so many global titans. With Tishman Speyer reportedly coming back for another go at the Art Deco icon, we trace its rich and rollicking deal history, from Jack Kent Cooke to Abu Dhabi. We then discuss how the ICE immigration crackdown is putting another big question mark on the Sunbelt multifamily market and leaving landlords in limbo. And finally, we discuss Apollo's sister act: REIT ARI is selling its $9B loan book to insurance arm Athene, and patting itself on the back for doing so.
We also do a "Pardon the Interruption" style rundown of the biggest industry happenings: Carlyle's NYC self-storage mammoth sale to StorageMart; Brookfield's misplaced OZ fund; Fed chair nominee Kevin Warsh; and Donald Bren's Chicago tower listing.
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 Chrysler Building: Doomed Art Deco tower of global power
How tycoon behind Chrysler Building and Selfridges was forced out
Immigration Crackdown Creating 'Havoc' For Some Apartment Owners