In the News—Week of July 27, 2026
Deal of the Week
Thomas Title & Escrow is proud to highlight the successful closing of a $65 million commercial refinance for a premier hospitality asset located within the a mixed-use development in Scottsdale, Arizona. This high-profile refinancing reflects continued confidence in Arizona’s hospitality market and one of the state’s most prominent mixed-use developments. The property is positioned within the rapidly growing mixed-use campus, a destination that combines hospitality, healthcare, office, residential, and retail uses into a dynamic live-work environment. Commercial transactions of this size require exceptional coordination across numerous stakeholders. Our team worked closely with the borrower, lender, legal counsel, underwriters, surveyors, and title professionals to ensure a smooth and timely closing while managing the complexities associated with a large institutional financing. A special congratulations to our Escrow team, as well as Kylie Cook, Director of Commercial Services. Congratulations to everyone involved on another successful closing!
National
Miami surpasses New York City as top metro for getting workers back in office
Miami has emerged as the nation’s strongest major metro for return-to-office activity, with office visits in June’s Placer.ai Office Index showing Miami has ranked No. 1 for post-pandemic office-recovery performance in five of the last six months, outpacing New York City, which has typically placed second. Local commercial real estate leaders say Miami’s business-friendly environment, tax advantages, travel connectivity and quality-of-life factors are helping companies not only relocate but also expand their footprints. A new market snapshot from Blanca Commercial Real Estate also points to growing “flight to quality” demand, with top Miami submarkets seeing pricing comparisons to premium Manhattan corridors.
National
KKR Real Estate Finance Trust mulls sale or merger in the face of market pressure
KKR Real Estate Finance Trust is exploring strategic alternatives, including a possible sale or merger, Engineers and Architects of America reports. Commercial real estate lenders are facing pressure from high interest rates, uncertain property values and exposure to challenged office assets. KKR’s move reflects broader stress in the commercial mortgage market, where non-bank lenders are reassessing portfolios and considering consolidation to strengthen their positions. While no final decision has been made, the review signals how market volatility is pushing major real estate finance firms to seek more flexible strategies.
National
Austin reaches new heights as downtown tower becomes tallest building in Texas
Austin has taken over the top spot in Texas’ skyline rankings with the completion of the Waterline tower in downtown, KXAN-TV reports. The 74-story, mixed-use building stands about 1,025 feet tall, edging out Houston’s JPMorgan Chase Tower by roughly 23 feet and ending that building’s decades-long run as the state’s tallest. The new record also puts Austin among a small group of U.S. cities with skyscrapers exceeding 1,000 feet. The project includes hotel, retail and office space, with residential units expected to come online later this year.
National
Philadelphia’s Centre Square overhaul in trouble as NYC developer withdraws
A planned overhaul of Philadelphia’s Centre Square office complex has been thrown into doubt after New York developer CSC CoLiving backed out of a bid, Media News Source reports. The retreat comes as the city’s office market continues to struggle with high vacancy and post-pandemic financial pressures, after the complex was foreclosed on in 2023. CSC says the available city tax incentives were not enough to make a conversion to a mixed-use project — combining housing, hotel space and some offices — work financially. With talk of a long-term property tax abatement still unresolved, other developers, including Dean Adler and partners, may reassess whether the deal can be revived.
Arizona
Complex with 2,000-seat theater, hotel, sound stage planned for southeast Mesa
An entertainment complex called The Nox is planned for southeast Mesa near Ray and Sossaman roads, AZ Big Media reports. The project is backed by the Bongiorno family, known for the Potato Barn brand. Developers say the project has been in planning for more than four years, with construction expected to begin this fall and an opening targeted for early 2028. The two-level theater is designed to host up to 2,000 guests, featuring multiple seating configurations, VIP service and a food-and-beverage program with full-service bars on each level. The complex will also include Hotel Umbrella Studios, a production soundstage the developer says would be Arizona’s first “qualified facility” tied to the state’s film tax credit framework.
Arizona
Berkadia sells 334-unit build-to-rent community to California investor
Berkadia announced the $112.5 million sale of Bungalows on Camelback, a 334-unit build-to-rent community in Phoenix, AZ Big Media reports. The property was purchased by a private investor from California, with the price translating to about $336,826 per unit. Completed in 2024, the low-density community offers one- to three-bedroom single-story rental homes with upscale features such as 10-foot ceilings, walk-in closets and private backyards. The development also includes a clubhouse and fitness center, resort-style pool, greenbelt and parking and garage options. Located near the Loop 101 and Camelback Road interchange, the site sits close to major entertainment and retail destinations in the West Valley.
