Top Stories

Saks Global Files for Chapter 11 Bankruptcy, Secures $1.75B Financing Commitment

by Kristin Harlow January 14, 2026

NEW YORK CITY — Saks Global Holdings LLC, the owner of luxury retailers such as Saks Fifth Avenue, Neiman Marcus and Bergdorf Goodman, has filed for voluntary Chapter 11 bankruptcy protection in the U.S. Bankruptcy Court for the Southern District of Texas. The company secured a financing commitment of approximately $1.75 billion, comprising $1.5 billion from an ad hoc group of the company’s senior secured bondholders and roughly $240 million of incremental liquidity from its asset-based lenders. Saks Global says the financing package will strengthen its balance sheet and position the company for “a strong and stable future.” In addition, Saks Global has appointed Geoffroy van Raemdonck as CEO, effective immediately. Van Raemdonck, who previously served as CEO of Neiman Marcus Group prior to its acquisition by Saks Global in 2024, succeeds Richard Baker, who stepped down from his role as executive chairman and CEO of Saks Global, effective Jan. 13. Van Raemdonck is expanding Saks Global’s senior leadership team, appointing industry veterans and former Neiman Marcus Group leaders. “This is a defining moment for Saks Global, and the path ahead presents a meaningful opportunity to strengthen the foundation of our business and position it for the future,” says van …

January 14, 2026

Company News Development Illinois Leasing Activity Midwest Retail Top Stories

Aldi to Open 180 New U.S. Grocery Stores This Year

by John Nelson January 13, 2026

BATAVIA, ILL. — Aldi, a German discount, small-format grocer, plans to open 180 new stores across 31 states this year. By the end of the year, Aldi will operate approximately 2,800 U.S. grocery stores, including its first Maine location in Portland and 10 new stores in the metro Phoenix area. The grocer has operated stores in the United States for 50 years and has gained a loyal following in recent years as the demand for discount grocery items increases in the face of inflation. The company disclosed that 17 million Americans shopped at Aldi for the first time in 2025. “One in three U.S. households shopped at Aldi this past year, and in 2026, we’re focused on making it even easier for customers to shop our aisles first,” says Atty McGrath, CEO of Aldi U.S. Aldi, whose U.S. headquarters is in Batavia, plans to continue its expansion over the next five years in the Southeast and West regions. In the Southeast, Aldi continues to convert former Winn-Dixie retail locations following Aldi’s acquisition of Winn-Dixie and Harveys Supermarket from Southeastern Grocers in 2023. Aldi plans to reposition 80 former Winn-Dixie stores by the end of the year and 200 total by 2027. …

January 13, 2026

Industrial Leasing Activity Northeast Pennsylvania Top Stories

DrinkPAK Signs 1.4 MSF Industrial Lease at Bellwether District in Philadelphia

by Taylor Williams January 12, 2026

PHILADELPHIA — California-based canned beverage manufacturer DrinkPAK has signed a 1.4 million-square-foot industrial lease at The Bellwether District, a 1,300-acre logistics campus in South Philadelphia. The Bellwether District is a redevelopment of the former Philadelphia Energy Solutions refinery campus that can support traditional industrial uses, as well as life sciences and other innovative and manufacturing uses. Hilco Redevelopment Partners (HRP) is the master developer of The Bellwether District. Jim Belcher, Nick Pickard, Stephen Cook and Mike Spaeder of Newmark represented DrinkPAK in the lease negotiations. According to the Newmark’s analysis of CoStar Group’s data, the deal represents one of the largest industrial transactions in the history of the Philadelphia market and the largest lease since 2020. “DrinkPAK’s commitment at The Bellwether District represents a defining moment for both the project and the region,” says Pickard. “This type of investment brings significant upside to greater Philadelphia, fueling job creation, supply chain expansion and regional economic growth.” Newmark also recently represented DrinkPAK in its negotiations for a pair of industrial lease expansions totaling 2.9 million square feet in Fort Worth. — Taylor Williams

January 12, 2026

Development New York Northeast Office Top Stories

Partnership Invests $150M to Redevelop 1540 Broadway Office Tower in Midtown Manhattan

by Abby Cox January 9, 2026

NEW YORK CITY — A partnership between GFP Real Estate and BDT & MSD Partners has invested $150 million to redevelop 1540 Broadway, a 907,000-square-foot office tower in the Times Square area of Midtown Manhattan. The transformation is intended to reframe the original tower, which was completed in 1990 and designed by Skidmore, Owings & Merrill. Renovations are expected to be complete by late 2026. “Our shared vision is to create a workplace that is purposeful, well-crafted and thoughtfully executed, raising expectations for what defines a leading New York City office tower,” says Brian Steinwurtzel, co-CEO and principal of GFP Real Estate. “This is a full reintroduction of the building.” Affiliates of Apollo (NYSE: APO) will provide financing for the project, while GFP Real Estate will oversee operations with BDT & MSD. JLL will serve as the leasing agent for the building. Designed by Fogarty Finger, the renovation will feature extensive interior improvements and the inclusion of more than 45,000 square feet of amenities across two levels of the building. A 27,000-square-foot “amenity hub,” located on the eighth floor, will comprise upgraded wellness facilities, a reimagined fitness center, new locker rooms, a dedicated recovery and movement zone and enhanced communal areas. …

January 9, 2026

Acquisitions California Multifamily New Jersey Northeast Top Stories Washington Western

JRK Acquires Three-Property Multifamily Portfolio for $400M

by Hayden Spiess January 8, 2026

LOS ANGELES — Real estate investment firm JRK has announced its acquisition of a portfolio of three multifamily properties for $400 million. The portfolio includes apartment communities located in Seattle; Hoboken, N.J.; and Los Angeles totaling 803 units. The seller was Equity Residential (NYSE: EQR), a Chicago-based multifamily REIT. Centennial in Seattle features 408 units, 77 Park Avenue in Hoboken comprises 301 units, and C on Pico in Los Angeles totals 94 units. According to Trulia.com, C on Pico offers two-bedroom units, with monthly rental rates beginning at $3,325. Monthly rental rates at 77 Park Avenue begin at $3,655, according to Zillow.com. “These recent acquisitions exemplify the type of high-quality, well-located assets we continue to target in today’s market,” says Daniel Lippman, president of JRK. “We believe the multifamily sector has reached an inflection point whereby we can acquire assets at a unique time where new supply subsides and long-term fundamentals remain strong. These dynamics create a compelling backdrop that gave us the conviction to be one of the nations’ most active buyers in 2025.” JRK closed approximately $1.3 billion in acquisitions in the second half of 2025 totaling 3,400 units. According to MSCI Real Assets, multifamily sales in the first …

January 8, 2026

Affordable Housing Development District of Columbia Loans Multifamily Office Southeast Top Stories

Nuveen Green Capital Provides $465M C-PACE Financing for Office-to-Residential Conversion Project in D.C.

by Kristin Harlow January 7, 2026

WASHINGTON, D.C. — Nuveen Green Capital (NGC) has provided $465 million in C-PACE financing for The Geneva, an office-to-residential conversion project in Washington, D.C. The transaction represents the largest Commercial Property Assessed Clean Energy (C-PACE) financing in history as well as D.C.’s largest office-to-residential conversion to date, according to NGC. The borrower, Philadelphia-based developer Post Brothers, also received a $110 million senior loan from investment firm Mavik, bringing total financing to $575 million. The project’s overall price tag is $750 million, according to The Wall Street Journal. Located at 1825-1875 Connecticut Ave. NW, the 604,000-square-foot office property is comprised of two nine-story towers at the confluence of D.C.’s upscale Kalorama, Dupont Circle and Adams Morgan neighborhoods. The property will be converted into a 15-story luxury apartment building with 429 market-rate units, 42 extended-stay rentals, 61 affordable housing units and 57,000 square feet of commercial space. A timeline for construction was not provided. The $465 million in C-PACE financing was administered through DC Green Bank, which serves as the administrator of the DC PACE program on behalf of the District of Columbia. The DC PACE program is a special financing option for renewable energy projects such as solar, energy efficiency upgrades …

January 7, 2026

Development Loans New York Northeast Office Top Stories

Related Cos., Oxford Properties Close $2.45B Capitalization for 70 Hudson Yards Office Tower in Manhattan

by John Nelson January 6, 2026

NEW YORK CITY — Related Cos. and Oxford Properties Group have fully capitalized 70 Hudson Yards, a 72-story office tower underway within the co-developers’ 28-acre Hudson Yards campus in Manhattan’s Midtown West neighborhood. The companies recently closed $2.45 billion in financing for the project, including a $1.6 billion construction loan from Wells Fargo, Bank of America and Standard Chartered, as well as equity from institutional investors. “Securing full equity and the largest construction loan in New York since 2020, on attractive terms, demonstrates the growing global demand from sophisticated investors and lenders of capital into first class office product like 70 Hudson Yards,” says Dean Shapiro, Oxford’s global head of development. The multi-tenant tower will span 1.4 million square feet and include the U.S. headquarters for Deloitte, one of the “big four” accounting firms that signed a lease for more than 800,000 square feet at the tower last year. The lease represents the largest tenant relocation in New York City since 2020, according to Related and Oxford. Shapiro adds that the co-developers broke ground before the lease with Deloitte was executed. Related and Oxford plan to begin vertical construction in the first half of the year. The foundations are nearing …

January 6, 2026

Affordable Housing Development Loans Multifamily New York Northeast Top Stories

Partnership Receives $255.6M in Construction Financing for Bronx Affordable Housing Project

by Taylor Williams January 5, 2026

NEW YORK CITY — A partnership between affordable housing developer Type A Projects and local nonprofit organization BronxWorks has received $255.6 million in construction financing for River Commons, a 328-unit project that will be located in the Concourse area of The Bronx. Construction is expected to begin within the coming weeks. The package includes $91.3 million in both tax-exempt ($64.3 million) and taxable ($27 million) bond financing from the New York City Housing Development Corp. In addition, the New York City Department of Housing Preservation and Development (HPD) is providing more than $100 million in capital through its New Construction Finance program. Capital One also provided a letter of credit on the deal. Additional financing for the project stems from Low-Income Housing Tax Credits that were syndicated by Hudson Housing Capital. Situated on the former site of a former hospital parking lot, River Commons will be a 17-story building that will house 328 affordable and supportive housing units, a 43,000-square-foot public healthcare center that will be operated by New York City Health + Hospitals (H+H) and 6,000 square feet of flexible community space that will be occupied by African Communities Together. The development will also feature a 7,000-square-foot public green …

January 5, 2026

Civic Development Kansas Midwest Mixed-Use Top Stories

Kansas City Chiefs Unveil Plans for New $3B Stadium, Two Mixed-Use Entertainment Districts in Kansas

by Taylor Williams December 23, 2025

KANSAS CITY, KAN. — The Kansas City Chiefs have unveiled plans for a new football stadium, as well as a new training facility and surrounding mixed-use entertainment districts for both projects, in Kansas. These initiatives represent a combined economic impact of approximately $4.4 billion, according to Kansas Gov. Laura Kelly. Under the terms of an agreement reached with the state, the Chiefs will relocate from Missouri to a new domed stadium in Wyandotte County, which encompasses the Kansas side of the city. The new stadium, which has a projected cost of about $3 billlion, is expected to open in advance of the 2031 NFL season. ESPN reports that the new stadium will have a seating capacity of about 65,000, which is about 10,000 seats fewer than the team’s current home at Arrowhead Stadium in Missouri. The team’s lease at Arrowhead expires after the 2030 season. The exact location of the new stadium was not announced. But according to The Topeka Capital-Journal, the site will be “generally located at the intersection of interstates 70 and 435.” In addition, ESPN reports that “the Chiefs are interested in having the stadium built near the Kansas Speedway and a retail and entertainment district known …

December 23, 2025

Affordable Housing Development Loans Multifamily New York Northeast Office Top Stories

Walker & Dunlop Arranges $867M Financing Package for Office-to-Residential Conversion Project in Lower Manhattan

by John Nelson December 22, 2025

NEW YORK CITY — Walker & Dunlop Inc. has arranged an $867 million financing package for 111 Wall Street, a 24-story, waterfront office building in Lower Manhattan’s Financial District. The development team, led by borrower InterVest capital partners, a global alternative investment manager based in New York City, plans to convert the fully vacant office building into a 30-story luxury apartment building housing 1,568 rental units. Approximately 25 percent of the units will be designated as affordable housing for residents earning an average of 80 percent of the area median income (AMI), qualifying the project for New York City’s Affordable Housing Conversion Program. Dustin Stolly, Aaron Appel, Adam Schwartz, Keith Kurland, Jonathan Schwartz, Sean Reimer and Sean Bastian of Walker & Dunlop arranged a $778.6 million construction loan through Apollo Global Management, J.P. Morgan Chase & Co. and TYKO Capital. The closing of this financing marks the largest single-building office-to-residential conversion loan in New York City history as well as the country, according to Walker & Dunlop. Walker & Dunlop also advised on the extension of an existing $88.4 million C-PACE loan from Petros that remained in the capitalization, bringing the total financing package to $867 million. “With office vacancies …

December 22, 2025

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