⏰ Waiting on rates? CRE owners are running out of time (WSJ)
🤑 Blackstone’s swooping in on a $2B loan bargain (Reuters)
🔥 Hamptons luxury real estate is scorching hot (Real Deal)
📚 Upcoming courses for OpCo-PropCo Structures & Capital Raising

Data Viz of the Week: The Uneven Housing Shortage

The US has an estimated shortage of 6 million homes. But the shortage isn't evenly distributed, a new map from AEI paints a detailed picture of the places with the most severe shortages.

The result? The western US, south Florida, and the Acela corridor are responsible for the vast majority of the housing shortage. Most counties have no shortage at all.  

The problem? The places with the shortages are key economic centers, putting a drag on GDP growth.

Upcoming Thesis Driven Courses & Classes

• July 7: OpCo-PropCo Workshop (💻 Online): A two-day workshop on structuring OpCo/PropCo businesses with a focus on real-world case studies - Sign up

• July 14: Fundamentals of Capital Raising (💻 Online): Insider’s guide to raising capital for real estate projects & platforms–from individuals, family offices and institutional investors - Sign up

• July 21: Fundamentals of Commercial Real Estate (💻 Online): A bootcamp providing an insider’s view of “a day in the life” of key industry stakeholders, with real-world insights and applications - Sign up

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) Property’s ‘Waiting Game’ Is Getting Harder

   Rising interest rates are forcing CRE owners to act faster: refinancing pain is catching up, and opportunistic capital is circling. Deals are shifting from optional to urgent as patience wears thin.

2. (Reuters) Blackstone deepens CRE bet with $2 billion loan purchase from Atlantic Union

   Blackstone’s real estate debt arm has scooped up nearly $2 billion in CRE loans from Atlantic Union at a discount, as banks offload risky assets amidst rising office vacancies and rate pressure. The move underscores a growing trend of opportunistic capital capturing distressed CRE debt.

3. (The Real Deal) In the Hamptons, rental seasonality is dead and big-ticket trades are back

   While much of the U.S. slows, the Hamptons is booming: trophy home demand is strong, vacation rental patterns have shifted to shorter stays, and developers are ready to build despite new zoning limits.

Developer of the Week: Tridel

Canada has its first supertall skyscraper, and developer Tridel made it happen.

Toronto's One Bloor West broke the 1,000-foot barrier this past week, becoming Canada's first supertall. Scheduled for completion in early 2028, the 85-story condo tower will include 416 units and some of Toronto's priciest digs.

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

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

—Brad and Paul