Hello Brick Brief readers, 

Good Morning. In today’s news, 

Consumer confidence rises 0.8 points to 91.8 in March – 12-month inflation expectations climbed to 5.2% (Reuters)

U.S. job openings fell 358K to 6.9M in February while hiring dropped 498K to 4.85M – Hiring hit lowest level since pandemic as labor market stagnates amid policy uncertainty (Reuters)

Trump says U.S. will leave Iran in 2–3 weeks after eliminating nuclear threat – Signals potential end to conflict as gas prices top $4 and military presence peaks (WSJ)

Trump’s LIHTC expansion increased deal size but hit bank capital caps and lowered credit pricing – Financing constraints limited new deals as policy fixes remained stalled in Congress (Bloomberg)

California lawmakers weigh bills to raise condo deposit cap from 3% to 6% and add right-to-repair rules – Reforms aim to ease financing and litigation burdens that have suppressed condo construction (HousingWire)

US home prices rose 0.9% YoY in January as growth slowed from 1.1% in December – Affordability pressures and ~6% mortgage rates weighed on demand while real prices declined (WSJ)

U.S. single-family home prices rose 0.1% in January and 1.6% YoY – Mortgage rates have since climbed to 6.38% from 5.98% amid rising yields, pressuring affordability and sidelining first-time buyers (Reuters)

U.S. apartment rents rose 0.2% in March to $1,723 – Annual growth slowed to 0.4% as elevated supply and moderating demand continue to limit pricing power (CoStar)

Agentio leases 20K SF office space from Tribeca Investment Group, PGIM, and Meadow Partners at 295 Fifth Avenue in Manhattan, NY – AI advertising firm relocates from Brooklyn coworking space to Midtown South office (CommercialObserver)

Mercedes-Benz to invest $4B in Alabama SUV plant through 2030 – Move shifts production to U.S. to offset tariffs that cut operating profit and added ~€1B in costs (Reuters)

CVS plans 60 new stores in 2026 after closing 1,100 since 2022 – Pharmacy-only formats and contract optimization aim to shift profit outlook from -5% decline to +1% growth (Bisnow)

Microsoft explores $7B Texas power plant with Chevron and Engine No. 1 to supply 2.5GW for AI data centers – Direct energy sourcing signals growing need for reliable baseload power as AI infrastructure demand surges (Bloomberg)

This are some similarities here to Meta’s ~7GW Louisiana agreement where it is directly funding seven new gas plants plus transmission and additional infrastructure to power its data center campus. In both of these cases, hyperscalers are securing dedicated power capacity, but Meta is explicitly funding generation and grid buildout. Microsoft is potentially anchoring demand through long-term offtake agreements that enable new supply to be built

European power firms including Iberdrola, RWE, Siemens Energy, and TotalEnergies plan tens of billions in U.S. expansion – AI-driven data center demand is driving record electricity needs and attracting capital despite past losses and policy risk (Reuters)

Data center CMBS issuance surged to $30B in 2025, with $50B expected in 2026 – Complexity, opaque contracts, and concentrated tenant risk raise underwriting and servicing concerns (Bisnow)

CoreWeave raises $8.5B GPU-backed loan tied to Meta contract – Largest chip-backed debt deal to date reflects growing demand for AI infrastructure financing (Bloomberg)

There has been concern around GPUs as collateral due to rapid depreciation and obsolescence risk, but pairing the chips with long-term Meta contracts allows lenders to underwrite stable cash flow rather than the hardware itself

JPMorgan arranges $3.8B junk bond deal for Nvidia-backed data center project – Orders reached $14B, reflecting strong investor demand for AI infrastructure and powered land development (Bloomberg)

Activist Sieve Capital pressures $3.7B-listed cold storage REIT Americold to explore sale and replace board chair – $4.2B debt burden and 7% vacancy peak reflect weakening demand and sector oversupply (Bisnow)

Sun Life buys remaining 44% stake in BGO for $1.2B – Deal gives full ownership of $90B global real estate investment manager with operations across Americas, Europe, and Asia (TheRealDeal)

Sun Life Financial agrees to acquire U.S. apartment owner Bell Partners for $350M – Deal adds 70,000-unit multifamily platform to expand real estate investment operations (Bisnow)

Sun Life will combine BGO with Bell Partners while keeping Bell independently operated to scale its real estate investment platform across capital and U.S. multifamily operations

Opendoor acquires Doma’s AI-powered closing and escrow business – Deal integrates automation technology to speed up and lower costs of mortgage refinancing process (TheRealDeal)

Crypto tokenization gains traction in commercial real estate as firms explore blockchain-based ownership models – Structure could improve liquidity and access but faces volatility, regulation, and institutional adoption challenges (CommercialObserver)