Capital markets.

Ares Real Estate and PSP Investments formed a joint venture to invest up to $2.4 billion in U.S. logistics, seeded with 14 properties and 5.2 million square feet. Institutional capacity is useful color. It is not a substitute for the rent roll, lease terms, or submarket vacancy on the asset in your inbox.

Bloomberg and Bisnow report Blackstone is exploring a secondary sale that would let some investors in a U.S. Blackstone Property Partners fund cash out. The vehicle is marked near $11 billion of net asset value. A fund mark is not the price a buyer will pay for the asset on your desk.

Trepp finds $12.73 billion of securitized industrial loans where a sole or major tenant's lease expires before the loan matures. About $3.68 billion sits inside a six-month window. Credit metrics look healthier than the broader book. The risk is timing, not current distress.

The Fed raised the federal funds target 25 basis points to 3.75 percent to 4.00 percent on September 16, the first hike since July 2023. The 10-year Treasury was already above 5 percent. For fixed-rate refinance proceeds, live mortgage quotes still matter more than the overnight print.

Trepp's August CMBS special servicing rate rose 33 basis points to 11.42 percent, the highest since February 2013. About $3.16 billion transferred across 32 loans, while only about $501 million exited. Several large loans moved while still current because maturity arrived without a clear refinance path.

About $17 billion of data-center CMBS has priced since early 2025, more than triple the prior two years. AAA spreads average about 165 basis points, wider than office, retail, and industrial. Investors are paying for power, cooling, and chip-cycle risk. Separate those assumptions from a broker growth story.

Bank-held multifamily delinquencies eased to 1.41 percent in Q2 2026 from a 1.47 percent multi-year high. Early-stage trouble improved. Later-stage delinquencies and charge-offs rose, and median property expenses are still outrunning income. A softer credit headline is not a healthier asset.

Private-label CMBS hard maturities fall to $2.74 billion in September from $5.49 billion in August, but nearly 27 percent of the balance now carries a debt yield below 6 percent. Most of that weak book is still current. Delinquency is not the screen.

Regulators are narrowing bank exams and have proposed cutting large-bank capital requirements. That may free CRE lending capacity, but it does not loosen property-level underwriting.

July's $74.4 billion in CRE sales was the strongest since 2005, but nearly half was data centers. Set those aside and the market barely moved, and apartment sales fell 16 percent.

JLL says liquidity is back and bidding is the strongest in a year. But multifamily is the weakest sector in that same report, and a slow first read of the numbers is how you lose the deal.