Key facts
- Apollo is closing its mortgage REIT.
- The REIT's $9 billion loan portfolio has been sold.
- The sale marks a significant shift in the real estate investment landscape.
Apollo is preparing to shutter its mortgage real estate investment trust (REIT) following the sale of its $9 billion loan portfolio. This strategic move signals a significant shift in the real estate investment sector, which is currently navigating a complex market.
In related real estate news, Green Street has launched an infrastructure solution, highlighting the blurring lines between infrastructure and traditional commercial real estate. The sector also mourns the passing of affordable housing pioneer Michael J. Levitt, who died at the age of 94. Meanwhile, Brookfield has sold the Mayfair Hotel in South Florida for $110 million, and Beam Reach is proposing to convert a former Google building into multifamily housing.
Further illustrating the market's challenges, a distressed suburban mall in Philadelphia has been valued at $30 million, a 73% decrease from its previous valuation. DataBank has secured $1.45 billion in financing for two deals in the DFW area. Hanover has completed an industrial development in South Houston, and Welcome Group is starting another. Executives are also navigating a fraught job market, with some fund managers attempting to convince investors that a new cycle is beginning.