Heath Freeman Buys San Jose Earthquakes and 18,000-Seat PayPal Park in $625MM Deal
Why this matters
Capital markets activity continues to be defined by the rotation from bank balance sheets to non-bank lenders. Private credit funds have raised record dry powder; banks have tightened CRE underwriting standards for the sixth consecutive quarter. The result is a market where well-sponsored deals clear, and marginal credit pays a meaningful spread to do so. San Francisco continues to clear office at the deepest discounts to 2019 basis seen in the cycle, while multifamily fundamentals have stabilized and life sciences in the Peninsula remains active. For LPs, the allocation conversation has shifted decisively toward real estate debt, with equity allocations being deployed more selectively into operator-led platforms.
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Alden Global Capital President Heath Freeman has agreed to acquire the San Jose Earthquakes along with PayPal Park, the club-owned stadium on Coleman Avenue, in a transaction valued at $625 million that hands a media…
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