Term Sheet: A CMBS ratings downgrade, Fiera pushes into student housing, PIMCO’s reshuffle

The downgrading of ratings on the notes in a Blackstone-sponsored CMBS hints at the market’s current challenges; Fiera’s European real estate lending platform pushes further into student housing with a UK loan; PIMCO elevates executives to co-head its commercial real estate private lending; and more in today's briefing, exclusively for our valued subscribers.