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Reward Points for Paying Your Mortgage?
Nursing Home Bankruptcy, Solar Loan Defaults Spread
The Brick Breakdown

Hello Brick Brief readers,
Thank you for your continued support! Today we’re seeing a new proposed 35% tariff on Canada (!), Bilt Rewards expanding to mortgages, and bankruptcies in nursing homes and solar.
📉 Trade, Jobs, and Rate Outlook
Trump will impose 35% tariffs on Canadian imports, 50% tariffs on all Brazilian goods, and 15–20% blanket duties on over 20 countries starting August 1, escalating trade tensions and pressuring import costs. Jobless claims hit a 7-week low, and Fed’s Daly signaled two possible rate cuts in 2025, though she warned tariffs may not drive inflation as feared, keeping the Fed cautious but open to action.
🏡 Bilt Expands Into Mortgages
Bilt Rewards, which lets renters earn points on rent and HOA payments, raised $250M at a $10.8B valuation to bring its loyalty model to mortgage payments. The move deepens its role across the housing lifecycle as Bilt eyes $1B in revenue by early 2026 and seeks to drive retention from renter to homeowner.
⚠️ Nursing Home Bankruptcy, Solar Lending Strains Emerge
US nursing home giant Genesis Healthcare filed for Chapter 11 with $2.2B in debt after failed post-Covid expansions and sustained cost pressures, and will be sold to ReGen. Rooftop solar firm PosiGen also filed for bankruptcy, citing a cash crunch from rising interest rates and delayed tax credit payments that squeezed its financing model.

This Week in Real Estate: Key Events & Data

Quick Markets
30Y Mortgage: 6.79% (+2 bps)
10Y Treasury Yield: 4.36% (+3 bps)
WSJ Prime Rate: 7.50%
FTSE NAREIT Index: 767.06 (+0.51%)
30-day SOFR Average: 4.33%
Market Pulse & Rate Watch
Tariff escalation raises cost pressures but jobless claims remain low and inflation subdued, keeping the Fed cautious on cuts despite Daly signaling openness to two in 2025
Trump to impose 35% tariff on Canadian imports – US also plans 15–20% blanket tariffs on other trading partners as Trump expands trade war ahead of August 1 rollout (Reuters)
Trump imposes 50% US tariffs on copper and Brazil imports – August 1 duties expand trade war as tariff letters hit 20+ nations, with more levies on semiconductors and pharma expected soon (Reuters)
US jobless claims fall to 7-week low – Layoffs remain subdued despite sluggish hiring and tariff uncertainty, easing pressure on Fed to cut rates soon (Reuters)
Fed’s Daly signals two rate cuts possible in 2025 – Cites solid growth and cooling inflation, warns against waiting too long as tariff-driven price impacts may not materialize (Reuters)
Brick by Brick: Bilt Hits $10.8B Valuation as It Expands Into Mortgages
Bilt Rewards, the company that helps renters earn points for paying rent, has more than tripled its valuation to $10.8B after raising $250M from General Catalyst, GID, and United Wholesale Mortgage. Now, it plans to extend that same model to mortgage payments, aiming to cover the full lifecycle of housing-related payments.

• Bilt allows users to earn rewards on rent, HOA dues, and soon, mortgage payments, with points redeemable for travel, dining, and shopping
• The company is ending its partnership with Wells Fargo and plans to launch a new co-branded credit card with fintech startup Cardless in February
• United Wholesale Mortgage contributed $100M to the round and sees Bilt as a tool to retain borrowers and attract new business through loyalty
• CEO Ankur Jain wants to make neighborhoods feel like private member clubs by offering local rewards and community-focused experiences
• Bilt is chaired by former Amex CEO Ken Chenault and expects to reach $1B in annual revenue by early 2026
• The platform now connects consumers, lenders, and property managers through one rewards system designed specifically for housing payments
Takeaway: Bilt is creating a new way for people to engage with housing costs by rewarding everyday payments. Its move into mortgages builds on its rental success and shows how financial tools, property services, and consumer loyalty can work together to shape long-term relationships in housing

Policy & Industry Shifts
Trump tax law overhaul boosts affordable housing – Expanded credits and reforms to LIHTC, NMTC, and Opportunity Zones could add 1.2M units, though experts warn benefits may be uneven (Bloomberg)
Residential
Despite more home tours, record-high prices and persistent shelter inflation are keeping housing demand soft, with pending sales down 3.5% and price cuts on the rise
Pending home sales fall 3.5% YoY as U.S. prices hit record $399,633 – Buyer activity mixed despite lower mortgage rates and rising tour volume, with homes sitting longer and price cuts increasing (Redfin)
Zillow forecasts shelter CPI to stay elevated through 2025 – June OER expected to rise 0.30% and Rent of Primary Residence 0.28%, as CPI lags on-market rent trends despite slowing growth (Zillow)
US mortgage rates rise to 6.72% after 5-week decline – Buyer demand remains uneven as high prices, economic uncertainty, and mixed seller behavior shape a cautious market (Bloomberg)
Regional
Manhattan rents hit record $4,625 in June – Landlords shift broker fees into rents as demand surges and bidding wars intensify during peak rental season (Bloomberg)
LA luxury housing sees shift post-wildfires – Buyers prioritize fire safety and insurance costs, pushing demand toward Orange County and flattening interest in hillside homes (Bloomberg)
Office
Manhattan office leasing hits strongest H1 since 2014 – 20.63M SF leased in H1 2025, up 42% YoY, as availability tightens and sublet supply falls to 4-year low despite lower rents (Colliers)
Leasing
Amazon expands Miami lease by 25K SF to 75K SF – Joins Claure Group and Weitz & Luxenberg at $215M Wynwood Plaza mixed-use development nearing completion (CommercialObserver)
Market Mix
Retail
Staples sees foot traffic surge past pre-COVID levels – Shift to services and B2B drives 10% YoY June visit growth, with average visits per store up 24% since 2019 (Placer.ai)
Earnings & Real Estate Impact
Delta’s strong Q2 earnings and upbeat Q3 forecast signal rising travel momentum, suggesting a stronger H2 2025 for hospitality assets as demand steadily recovers
Delta beat Q2 earnings expectations and forecasted a stronger-than-expected Q3, citing improved clarity on trade and geopolitics and a gradual bounceback in travel demand after a shaky start to the year (WSJ)

Financings
Loans
Hunt Realty, Karahan Companies and partners secure $425M loan for Fields West in Frisco, TX – Dallas metro project to deliver 350K SF of retail and 325K SF of office space (TheRealDeal)
Vanbarton secures $250M loan for NYC office-to-resi conversion – Eldridge backs 420-unit luxury redevelopment of former Archdiocese HQ, including 105 affordable units and 55K SF of amenities (Bloomberg)
Peachtree Group provides $52M loan for Phoenix, AZ industrial site – Bridge financing supports Shopoff Realty’s 270-acre Block on Elliot project in Mesa (CommercialObserver)
Refinancings
Robbins Property Associates lands $107M multifamily refi in Central Florida – Berkadia provides Freddie Mac-backed loan for 944 units across Tampa, Orlando, and Winter Haven (CommercialObserver)
M&A
Building & Portfolio M&A
Hospitality
Pakistan seeks $1B valuation in NYC Roosevelt Hotel JV – Government to sell minority stake as part of JLL-led redevelopment and broader $7B privatization plan (Reuters)
Multifamily
Fetner Properties, MCB Real Estate, and Farallon Capital buy Brooklyn resi tower for $210M – JV acquires 463-unit Fort Greene building from Rabsky Group at lease-up, backed by $141.5M M&T loan (CommercialObserver)
Retail
Blackstone lists $450M Flushing retail complex in NYC – Fully leased 555K SF Shops at Skyview hits market after prior $285M CMBS refinance (CommercialObserver)
Space Investment Partners buys Fullerton Metrocenter in LA metro for $118.5M – Firm acquires 431K SF retail center from Kite Realty Group, anchored by Target and Sprouts (TheRealDeal)
Distress Watch
Nursing home giant Genesis Healthcare filed for bankruptcy with $2.2B in debt, while rising defaults at residential solar lender GoodLeap signal growing strain in green energy financing as higher rates pressure the $5.7B ABS market ahead of potential policy shifts
Nursing home giant Genesis Healthcare files for bankruptcy with $2.2B in debt – Plans sale to ReGen through Chapter 11 after post-Covid cost pressures and failed expansion strategy (Bloomberg)
Residential rooftop solar specialist GoodLeap hit by rising defaults – Some bonds tied to its loan portfolio stopped paying interest as higher rates expose risks in $5.7B Wall Street ABS market (WSJ)

Moinian Group’s New York office portfolio faces $310M foreclosure – LNR Partners and Wilmington Trust move against 535-545 Fifth Avenue buildings after missed loan maturity payment and special servicing transfer (TheRealDeal)
Tamares Group and Atlantic Realty transfer $204M Reston, VA office debt to special servicing – Owners of Plaza America campus cite proactive move to restructure loans and support future investments (CommercialObserver)
A10 Capital acquires South Florida mixed-use property out of bankruptcy for $90M – Firm wins Gateway at Wynwood and adjacent site in Miami with credit bid after R&B Realty default and foreclosure delays (TheRealDeal)
Proptech & Innovation
Bilt’s $250M raise and mortgage pivot reflect growing demand for housing-linked loyalty tools, while PetScreening’s new AI aims to boost multifamily revenues by tracking unregistered pets in rentals
Bilt triples valuation to $10.8B with mortgage pivot – $250M raise led by General Catalyst, GID, and UWM backs loyalty expansion from rent to homeownership as firm ends Wells Fargo partnership (Bloomberg)
AI cracks down on unregistered pets in rentals – Charlotte-based PetScreening launches PetComply.ai to help multifamily operators recover part of $16B in lost pet fee revenue (CoStar)

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