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June 24, 2024

LA City Officials Recommend Finishing Convention Center Expansion Before 2028 Olympics

JLL & J.H. Snyder To Host LA Office Summit At SAG-AFTRA Plaza July 17

Los Angeles city officials released a report recommending the city council complete the expansion of the convention center before the 2028 Summer Olympics.

The city has a partnership with AEG and Plenary Group to renovate and expand the Los Angeles Convention Center but reconsidered the project in the face of budget cuts in late 2023.

LA City Officials Recommend Finishing Convention Center Expansion Before 2028 Olympics

The recommendation to move ahead with the project comes with some potential hurdles: a completion date that falls before the 2028 Olympics and an anticipated price tag of $1.4B, according to Urbanize LA.The chief legislative analyst and city administrative officer recommend…

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Oceanwide Plaza Could Hit The Auction Block In September

Oceanwide Plaza Could Hit The Auction Block In September

The unfinished, 1.4M SF Oceanwide Plaza in Downtown Los Angeles could be up for auction as soon as Sept. 17. In its present state, the project at 1101 S. Flower St. has been appraised at $434M, according to The Real Deal. The development, three towers reaching as…

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This Week's LA Deal Sheet

This Week's LA Deal Sheet  

Gortikov Capital secured a $49.5M refinance for Luxe Villas, an apartment complex in Brentwood. Gortikov closed on a floating-rate senior bridge loan from an undisclosed U.S.-based debt fund. Gortikov Capital's Bryan Gortikov led the capital markets team representing the borrower.  The 60-unit Luxe Villas was developed in 2005 and comprehensively…

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The $2T Wall Of Maturities Is Being Climbed Behind Closed Doors

The $2T Wall Of Maturities Is Being Climbed Behind Closed Doors  

With a record $2.2T in commercial real estate loans coming due by 2028, nearly $1T expected to mature this year, there had been some expectations among investors that a wave of distressed assets would hit the market. 

That hasn't quite happened yet, as transaction activity remains at cyclical lows. And rather than during the Global Financial Crisis, when lenders were “packaging up anything and securitizing it,” the recovery from this market downturn will look different because of the increased variety of lenders,  MSCI Real…

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Commercial Property Appraisers Are Growing In Influence As Market Morphs

 

In the least certain market in more than 15 years, understanding the value of a property has taken on a recharged importance and a new layer of difficulty. With an estimated $1.2T in commercial mortgages set to mature by the end of 2025 and an existential reset occurring in the office market, commercial property owners are going to the bank in droves, searching for refinancing options to keep their properties afloat.

Those who play a major role in setting values used by owners and lenders to refinance or sell a property are also those who tend to fly under the radar in an industry filled with big personalities and bigger dollar values. Appraisers are needed for just about every CRE transaction and in today’s market have an even larger role as the playing field realigns. 

“Beyond the general role of an appraiser in any market, in today's market it becomes even more crucial,” said Keyvan Ghaytanchi, chief investment officer at BEB Capital. “You have a lot of uncertainty as to values. There's a lot of conservative lenders. … When you have volatility, most people just become more conservative to be safe. To have an appraiser who can counteract that a little bit and bring some sanity to the table is always helpful.”

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