Moody’s CMBS Conduit/Fusion Delinquency Tracker ticked up to 8.17% in April, surpassing the previous pandemic peak of 7.95% in July 2020. In April, $2.31 billion in loans entered delinquency, 52.6% of which was secured by office loans, 17.2% secured by retail loans and 8.8% secured by hotel loans.
The 401(k) giant Empower will start allowing private credit, equity and real estate in some of the accounts it administers later this year. The firm is expected to announce Wednesday that it has joined with seven firms to offer these investments.
Live Nation committed to lease a 5,300-seat entertainment venue at Centennial Yards, the more than $5 billion mixed-use megaproject under construction next to the Atlanta Hawks’ basketball arena and Mercedes-Benz Stadium.
Brookfield raised $5.9 billion for its new real-estate fund in the first quarter, signaling growing investor appetite for distressed commercial property. Brookfield is taking advantage of the sharp drop in property prices, buying foreclosed properties and relatively healthy ones where sellers want to cash out. The fund has invested about a quarter of its money, mostly in apartment buildings and warehouses, at prices well below replacement cost.
Coinbase Global has agreed to acquire Deribit, the world’s biggest trading platform for bitcoin and ether options, for roughly $2.9 billion.
The latest Job Openings and Labor Turnover Survey (JOLTS) revealed the hiring rate ended March at 3.4%. When excluding the pandemic, the hiring rate is hovering near its lowest levels of the past decade.
DoorDash said it struck a $1.2 billion cash deal to buy closely held software concern SevenRooms, whose technology helps hotels and restaurants manage reservations.
Boston’s office-vacancy rate has increased to a record 14.2% from 6.7% in 2019.
Office demand in New York is back at pre-pandemic levels, with 7.9 million square feet of office space in Manhattan leased in Q1.
