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WeWork board members call for CEO to step down; Fla. resort gets $168M refi

Commercial real estate

* WeWork Cos. Inc. CEO Adam Neumann is facing pressure by board members to step down after the company delayed its much-anticipated IPO, The Wall Street Journal reported, citing people familiar with the matter. The board members, which include officials tied to SoftBank Group Corp. — WeWork's largest investor — want Neumann to step down as CEO of The We Co., WeWork's parent company, according to the Journal.

* Brookfield Asset Management Inc. received a $168 million refinancing for The Diplomat Beach Resort in Hollywood, Fla., from Morgan Stanley, JP Morgan and Wells Fargo, The Real Deal reported. The refinancing was received through Brookfield Asset's Thayer Lodging Group Inc. subsidiary.

The 1,000-room resort at 3555 South Ocean Drive was reported to be up for sale with an asking price of up to $1 billion in January.

* Mill Creek Residential received a $165 million refinancing for the newly built Modera West LA apartment complex in Los Angeles' Westchester neighborhood from Square Mile Capital Management, The Real Deal reported. The 376-unit property includes a number of amenities and is about 62% leased.

* Eric Rosengren, the president of the Federal Reserve Bank of Boston, has warned that the rise of coworking companies may lead to new financial stability risks in the commercial real estate sector, Bloomberg News reported. Rosengren expressed concerns that the growing coworking sector will cause higher commercial real estate losses in the next downturn.

* An affiliate of Lindemann Multifamily Management LLC bought the 323-unit Overton Row Apartments in Charlotte, N.C., for $82 million, marking its entry into the market, the Charlotte Business Journal reported, citing Mecklenburg County real estate records.

* Oregon Public Employees Retirement Fund approved a $250 million commitment to Walton Street Capital LLC's Walton Street Core-Plus Fund, an open-ended U.S. real estate fund, IPE Real Assets reported, citing Tony Breault, senior real estate investment officer for the Oregon State Treasury.

The fund, which has an initial target of about $500 million with plans to expand to more than $1 billion over the next few years, targets gross returns of 8% to 10%.

After the bell

* Hospitality Properties Trust finalized its $2.4 billion cash purchase of a net-lease service retail portfolio from Spirit MTA REIT.

Housing

* Citing the Miami Association of Realtors, The Real Deal reported that home sales in Miami-Dade county fell almost 3% year over year to 2,374 in August. Single-family home sales in the county were down 1.9% to 1,164 and condominium sales were down 3.8% to 1,210.

The median single-family home price in the county increased 2.8% to $370,000 and the median condo price increased 5.1% year over year to more than $241,000.

The day ahead

Early morning futures indicators pointed to a mixed opening for the U.S. market.

In Asia, the Hang Seng declined 0.81% to 26,222.40.

In Europe, around midday, the FTSE 100 was down 0.53% to 7,305.56, and the Euronext 100 was down 0.86% to 1,089.26.

On the macro front

The Chicago Fed national activity index and the PMI Composite Flash are due out today.

Click here to read about today's financial markets, setting out the factors driving stocks, bonds and currencies around the world ahead of the New York open.

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