GSN Roundup: New Fiber-Bond issuers, Miami Office Refi, and Virginia Rental Purchase

Top stories in US CRE News this week:

Asset Backed Alert 10.31.25
New Fiber-Bond Issuers Enter the Queue

Several potential new issuers of bonds backed by fiber-optic network receivables met with investors and other market players at ABS East.

Bluepeak and Boingo Wireless were among the companies that discussed their securitization plans with investors at the Miami Beach conference, sources said.

They join a growing number of companies that are developing bond-issuance programs, including Crosstown Fiber, FirstLight and Sonic.

The market for bonds backed by fiber-optic network cashflows has exploded as more companies turn to securitization to fund growth. Lombard, Ill.-based Crosstown is considering issuing asset-backed bonds to fund an expansion of its fiber services beyond the Midwest to western states, including Arizona and Texas.

Boingo, of Frisco, Texas, has several expansion projects underway. The company has long provided wireless internet service at airports, stadiums, universities, business complexes and military bases, and has considered securitizing the fees earned from those arrangements. But it launched its first fiber-to-the-home network in 2024 at a Colorado U.S. Army base. Boingo is rolling out fiber at other military bases and is upgrading wireless service at transportation facilities operated by the Port Authority of New York and New Jersey.

Denver-based Bluepeak is growing in the Midwest, with a recent focus on Oklahoma, as well as in Minnesota, North Dakota, South Dakota, Texas and Wyoming.

So far this year, a record 13 securitizations of fiber-network receivables totaling $8.9 billion have priced, according to Asset-Backed Alert’s ABS Database. That’s up from seven offerings adding up to $4.3 billion in 2024 as a whole, and nine deals totaling $5 billion in 2023.

SummitIG is planning its first securitization of so-called dark-fiber receivables since 2023. That deal is expected to price this week or next.

Commercial Mortgage Alert 10.31.25
Bank Duo Writing Hefty Office Refi in Miami

Goldman Sachs and JPMorgan Chase have the inside track to write a roughly $600 million loan on a recently built office tower in Miami.

The banks have signed on to provide the debt on 830 Brickell Plaza, a 1 million sq ft building that a joint venture between Cain and OKO Group opened a year ago. The investors began looking to refinance the property a few months ago, via Newmark.

Some specifics of the new mortgage couldn’t be learned, with the details potentially still fluid. But Goldman and JPMorgan probably would originate the debt with an eye toward securitizing it, potentially in a stand-alone CMBS offering. They could float that deal in the next few weeks.

When London-based Cain and OKO, a local investment firm, began seeking the new financing, they were angling for a $605 million floating-rate loan that could run five to seven years.

The property was fully leased as of a few months ago, with a weighted average remaining term close to 10 years. Tenants include hedge fund giant Citadel, law firms Kirkland & Ellis and Sidley Austin, Microsoft, private equity firm Thoma Bravo and a host of other financial-services companies.

Cain, formerly known as Cain International, and OKO started developing the 57-story tower in 2019, along Brickell Plaza at SE Ninth Street. As it was nearing completion, the property benefited from post-pandemic moves by many companies toward markets in the Southeastern U.S., particularly South Florida.

The venture obtained the existing debt a little more than a year ago, consisting of $565 million of senior debt from Tyko Capital, an affiliate of Elliott Investment Management, and a $184 million mezzanine loan from insurer Security Benefit.

The LEED silver-designated property has high-end features such as a marble-floor lobby, a fitness center, a rooftop club and an eight-level podium garage with valet service. It’s been referred to as the first large-scale office building completed in the Brickell neighborhood in a decade.

The building is just south of the Brickell City Centre mixed-use complex, along a corridor that has restaurants, stores and hotels.

Real Estate Alert 11.04.25
Duo Closes In on Purchase of Virginia Rentals

A Sterling Investors partnership has struck a deal to buy a luxury two-tower apartment property in Northern Virginia.

When seller BXP listed the 508-unit Signature at Reston Town Center, in Reston, the property was expected to attract bids of $240 million, or $472,000/unit. Sources said the price that New York-based Sterling and Denver-based partner Simpson Housing are paying is in line with that guidance.

Eastdil Secured is brokering the trade for Boston-based BXP.

A trade at the estimated value would be a record for Reston, according to Green Street’s Sales Comps Database. The previous high-water mark dates to November 2022, when BXP sold the 359-unit Avant at Reston Town Center to Carmel Properties for $141 million, or $393,000/unit.

A trade of the Signature also would be the biggest in the Greater Washington apartment market since September 2024, when Bridge Investment Group paid $250 million to buy the 806-unit Dulles Greene complex in Herndon from Harbor Group International.

BXP, a REIT formerly known as Boston Properties, completed construction of Signature’s two 22-story towers in 2018. The complex is 95% occupied and includes nearly 25,000 sq ft of fully leased retail space and 599 parking spaces.

Signature’s studio to three-bedroom apartments average 971 sq ft and rent for an average of $3,099, or $3.19/sq ft. The units have condominium-level finishes.

Amenities include an outdoor pool on the seventh level, a penthouse-level fitness center and yoga studio, a sky lounge and clubroom, and a library with workspaces and a conference room. Retail tenants include Open Road Distilling, F45 Training and a Hammer & Nails salon.

Offering materials highlighted strong renter profiles, with household incomes exceeding six times annual rent. Tenant retention has stayed above 65% over the past two years, with average rent gains around 4% on new leases.

Signature is at 11850 Freedom Drive in Fairfax County, near the mixed-use Reston Town Center. A Whole Foods supermarket opened next to the complex in August. The new Reston Town Center Metro station is less than a half-mile away.