Real estate · Industry brief

GoRascal, a Brooklyn-based mortgage broker, is merging with Houston-based Matador Lending, which operates 50 loan originators and has a $200 million annual volume run rate. Matador will operate as a DBA of GoRascal following the deal announced Tuesday. The merger reflects independent mortgage brokerages seeking greater scale and recruiting capacity amid volatile market conditions, with the combined entity targeting $1 billion in yearly production. Source: HousingWire.

Avison Young represented buyer Fabrinet in an off-market acquisition of Stadium Place, a 225,000-square-foot office and R&D campus in Santa Clara, California, for $76.93 million. The three-building property on 9.6 acres was purchased from GA Parkway Property, LLC, with Senior Vice Presidents Derek Cuschieri and Todd Campbell handling the transaction. Fabrinet plans to occupy the entire 128,540-square-foot main building by early 2027, more than doubling its Silicon Valley footprint, while Avison Young has been retained to market approximately 55,000 square feet of remaining space. The acquisition was driven by Santa Clara's competitive electricity rates—30% to 40% lower than PG&E—which significantly reduce operating costs for manufacturing operations with high power requirements.

Avison Young announced a transformational recapitalization transaction strengthening its balance sheet and providing capital for growth and strategic acquisitions. The deal reduces debt and preferred equity by nearly 70%, decreasing annual cash interest expenses by more than 70%, and establishes a debt-to-EBITDA ratio below 3x. Building on a 2024 recapitalization, the transaction positions the firm for organic expansion and targeted acquisitions in underserved sectors and markets, with existing financial stakeholders taking meaningful common equity positions while preserving Principals' ownership. The transaction is expected to close in October 2026 and includes equity participation from financial partners, employees, and Principals.