🤑 Amazon opening a 230,000 SF retail megastore in Chicago
🛍️ One of the largest malls in the US heading to auction
⏸️ Developers hit pause except for data centers
🔧 Upcoming Workshops: Real Estate Finance 101, AI in Underwriting
📚 Upcoming Courses: Capital Raising, Intro to Development, Fundamentals of CRE

Data Viz of the Week: Have BTR Deliveries Hit a Bottom?

After a dramatic run, purpose-built single-family rental developments have seen declining deliveries over the past two years… or at least until Q4 2025, when BTR delivery projections ticked up.

While some analysts were concerned BTR could be ensnared in the Trump admin's plan to ban institutional ownership of single-family homes, it appears likely to be carved out of any legislation. Of course, the impact of taking institutional buyers out of the market on BTR developers' exit scenarios remains to be seen.

Upcoming Thesis Driven Courses & Workshops

•  📣 LAST CALL January 26: 5-Week Course: Fundamentals of Capital Raising (💻 Online): A 5-week bootcamp providing an insider’s guide to raising capital for real estate projects from individuals, family offices and institutional investors - $1,299

• January 28-29: Workshop: Real Estate Finance 101 Workshop (💻 Online): A two-day interactive workshop designed for founders, operators, and professionals who want to understand how real estate finance works—and learn to speak the language of developers, investors, and property owners - $499

• February 2: 5-Week Course: Fundamentals of Real Estate Development (💻 Online): A 5-week interactive bootcamp for aspiring real estate entrepreneurs that simulates the underwriting, design and financing of a local real estate project. - $1,299

• February 9: 5-Week Course: Fundamentals of CRE (💻 Online): A 5-week interactive bootcamp providing an insider’s view of “a day in the life” of key industry stakeholders with real-world insights and applications.. - $1,299

• February 20: Workshop: AI in Underwriting (💻 Online): A two-hour ​workshop for investors, developers, lenders, and operators exploring how AI is being applied to real estate underwriting—from deal screening to IC memos.- $299

Three Articles We Loved from Last Week

It’s not easy keeping up with everything. Here are three articles we loved from the past week that you may have missed:

1. (WSJ) Amazon Is Opening Its Largest-Ever Store in a Big Brick-and-Mortar Bet

   Amazon plans to open a 230,000-square-foot retail megastore in suburban Chicago, blending grocery, general merchandise, and last-mile fulfillment under one roof. The move signals Amazon’s renewed interest in physical retail real estate and could reshape big-box leasing demand, store formats, and omnichannel retail footprints.

2. (NY Post) Palisades Center Mall Heads to Auction After Years of Financial Struggles

   One of the largest malls in the U.S.—Palisades Center in Rockland County, NY—is heading to foreclosure auction after accumulating $418M+ in unpaid debt. Once valued near $1B, the property’s distress underscores the ongoing reckoning in legacy enclosed retail, even as open-air centers outperform.

3. (WSJ) Commercial Builders Are Losing Their Appetite to Build Anything but Data Centers

   U.S. commercial development is slowing sharply across most asset classes as high interest rates, rising labor costs, and tighter financing dampen construction activity. Data centers are the major exception, with spending projected to rise 23% in 2026, fueled by surging AI and cloud demand from Amazon, Google, and Oracle. Meanwhile, office, hotel, and residential construction pipelines continue to shrink, reinforcing a broader supply slowdown.

Developer of the Week: Clearwater Living

More senior housing is coming to the DFW.

Clearwater Living has opened Clearwater Highland Park, a 121-unit senior housing community at 4215 Hershel Avenue in Dallas’ Turtle Creek neighborhood. The project marks Clearwater’s third development in Texas and expands its national footprint to 16 properties. The community offers studio, one-, and two-bedroom residences with full kitchens, in-unit laundry, and high-end finishes. 

Amenities include wellness programming, a fitness center, salon, theater, landscaped terraces, and dining through Clearwater’s Savor Culinary program, reinforcing the company’s focus on experience-driven, hospitality-oriented senior living.

You can read more about Clearwater Living on the Thesis Driven GP database here.

Know about a developer doing something cool? Reach out to [email protected] with the tip!

Investor of the Week: Silver Point Capital

Silver Point Capital is a global, multi-strategy credit investment firm founded in 2002 by Ed Mulé and Rob O’Shea, managing approximately $43 billion on behalf of institutional investors including pensions, sovereign wealth funds, endowments, insurers, and select family offices. Based in Greenwich with additional offices in Chicago, Stamford, London, and Charlotte, the firm focuses on delivering customized, downside-protected credit solutions across market cycles, emphasizing disciplined underwriting, structural protection, and risk control over yield chasing.

Within credit, Silver Point is active across direct lending, bespoke capital solutions, special situations, distressed credit, liquid performing credit, and real estate lending, with a flexible mandate to pursue opportunistic real estate equity-like investments when driven by dislocation, structure, or compelling risk-reward dynamics. Real estate exposure is primarily lending-oriented, but the firm will step into opportunistic or structured equity when aligned with its broader credit thesis. Silver Point favors partnership-driven capital — working closely with borrowers to craft tailored financings — and deploys most capital through commingled vehicles, including a recently raised $8.5 billion direct lending fund. The platform is well suited for institutional allocators seeking scaled credit exposure, co-investment opportunities, and complex or special-situations capital backed by a conservative, process-driven investment culture.

Get more details on Silver Point Capital, including team contacts, deal activity, and investment preferences, inside the CapitalStack database.

—Brad and Paul