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The U.S. commercial real estate market is undergoing a structural reset following steep interest rate hikes since 2022, according to DavidsonKempner in its September report.

In an interview with IREI, Don MacKinnon, head of commercial real estate and portfolio manager at Sound Point Capital, discusses current trends and opportunities in the U.S. commercial real estate debt market. He outlines how demand is concentrated in light transitional and core-plus lending, particularly for construction takeout and bridge loan refinancing, while noting how interest rate movements and Federal Reserve policy continue to influence borrower behavior and risk assessment. MacKinnon also highlights the structural shift in the commercial real estate lending landscape following the 2023 regional bank stress, the resulting opportunities for private credit firms, and the factors — property, market and sponsor quality — that are central to Sound Point’s underwriting approach.

The Clean Energy Finance Corp. (CEFC) and global investment group La Caisse (formerly CDPQ) have launched a A$250 million ($165 million) landmark, large-scale, diversified agricultural platform to generate high-quality Australian Carbon Credit Units (ACCUs), with Rio Tinto as a foundation offtaker. 

SolaREIT, a solar and battery storage real estate investment company, announced today a new long-term debt commitment with SLC Management.

America’s homes are now worth a record $55.1 trillion, a massive $20 trillion jump since the eve of the pandemic, according to a new Zillow analysis. But growth has slowed in the past year as high costs cooled buyer demand, with U.S. housing gaining a modest $862 billion.

CapitaLand China Trust (CLCT) has announced the divestment of CapitaMall Yuhuating, a well-established community mall in Changsha’s Yuhua District, to CapitaLand Commercial C-REIT (CLCR). The transaction was completed at a final price of RMB813.8 million ($113.79 million).

North Carolina Retirement Systems has committed $350 million to two real estate funds, including $200 million to LBA Logistics Value Fund X and $150 million to Harrison Street Real Estate Partners X.

The Public Employees’ Retirement System of Mississippi (PERS) has committed $75 million to TA Realty Value-Add Fund XIV, according to meeting materials.

The New Mexico State Investment Council (SIC) has committed €200 million ($233 million) to EQT Exeter Europe Logistics Value Fund V, according to meeting materials from August 26.

Northern Horizon, the leading specialized social infrastructure asset manager in the Nordics, announced new equity commitments of €220 million ($256 million) for its latest fund, Aged Care Social Infrastructure Fund, and includes new investments from German institutional investors KZVK Dortmund and Helaba. 

Realterm has promoted Price Booker to CIO.

After four years of steady tenant demand, the retail sector hit a turning point in the first half of 2025, according to Marcus & Millichap.

The industrial market remains on solid footing, benefiting from resilient consumption and business expansion despite ongoing macroeconomic challenges, wrote Ryan Severino, BGO’s chief economist, in his recent post.

Tobias Baumann has been named head of European sales at Heitman.

Affinius Capital has closed a $132.4 million loan to refinance Lower Bucks Logistics Hub, a newly constructed, two-building, class A industrial warehouse portfolio totaling 815,000 rentable square feet in Lower Bucks County, Pa. 

U.S. job growth was minimal in August, with nonfarm payrolls increasing by 22,000, the Bureau of Labor Statistics (BLS) reported.

SiangEe Lim has joined CBRE as a senior director, capital advisors, Asia Pacific.

The Merced County (Calif.) Employees Retirement Association (MCERA) has committed $8 million to Blue Owl Real Estate Fund VII, according to meeting materials.

The Employees Retirement System of Texas (ERS) has proposed a pacing plan of $450 million in target commitments to private real estate in the 2026 fiscal year, according to meeting materials. As of May 31, 2025, ERS had a 9 percent real estate allocation target and $4.1 billion in total real estate assets.

The Illinois Municipal Retirement Fund (IMRF) board of trustees has approved up to $195 million in commitments within its real assets allocation.