This week, we wade into the underbelly of big-ticket restructuring, looking at Pimco’s $1.8B lifeline on its disastrous bet on the Columbia Property Trust office portfolio, and how the lenders that stepped in after the default have set themselves up for a massive payday. The whole journey is a valuable lens into the opportunities available deep in the nethers of the capstack. Next, we have to revisit the saga of S2 Capital's Scott Everett, the GP who’s now declared that his $400M multifamily fund is a total loss– we sensed this was coming, but it still hits. We dive into both the business and reputational aspects of the wipeout. Plus, our Punch List rundown of the newsiest industry happenings: RFR Realty succession; Sergey Brin's NYC rent-stabilized misadventure; Miami condo buyout aces; Kayne Anderson gobbled up.

Sponsors:
1) This episode is supported by Bravo Capital, a leading HUD and bridge lender. See how their precision underwriting means quicker approvals and higher proceeds for sponsors.
2) This episode is supported by LoanBoss, the industry-leading debt management software. Featuring one-click covenant testing, instant cash flow forecasting, and our favorite nerdy delight: Live forward curves!

Further Reading/Listening

Aby & Sons
Sergey Brin’s Steep Loss Highlights New York Landlords’ Pain
Kayne Anderson’s New Chief Says Real Estate in ‘Supercycle’ as Unit Is Sold
The Terminator of Miami

Reset Basis
FiDi Telenovela Set For Happy Ending

S2’s Reit Reckoning 
Great Scott! S2 Wipes Out on $400M Fund