Havlena is the editor-in-chief of Crittenden Real Estate magazine and The Crittenden Report: Real Estate Financing, Retail Tenants Report and the Multifamily Report and their respective websites. She has been an editor with Crittenden since 2007 and worked on a variety of real estate publications during her time at the company covering a wide range of topics from restaurant expansion to real estate developers. She has been the lead reporter and editor of Crittenden’s flagship publication, The Crittenden Report, since 2011. She has a degree in Print Journalism from Cal State Fullerton, and resides in Orange County, Calif.
(2023 projected origination volume and preferences) New York Life Volume: $6B+ Funded ~$1B so far this year; $30M-$250M loans for apartments, industrial, retail (except malls), self-storage, select office and hotels; 50%-65% LTV for conventional loans, 65%-80% LTV for bridge loans; five- to 30-year terms; 30-year amortization with initial interest-only period; three- to five-year bridge terms; More
Single-family rental (SFR) and build-for-rent (BFR) properties have both been super-hot the last few years. The pandemic especially pushed demand for these property types as people left the big cities and high-rise apartments in search of their own space. Expect plenty of available capital, albeit at more conservative terms. However, recent hurdles in the market have moved some lenders to the sidelines. More
JV equity and pref equity will still be available but will heavily favor industrial and residential transactions. Some investors are on the sidelines given the uncertainty with cap rates, interest rates and inflation. Therefore, those that are active are more disciplined and conservative. Pref equity will be available from the usual suspects such as the debt funds, mortgage REITs and private equity funds. More
Bernard Financial Group 20700 Civic Center Drive, Suite 240 Southfield, MI 48076 Joshua Bernard, Principal (248) 799-9200 jbernard@bernardfinancial.com Bernard Financial Group arranged an office/R&D acquisition bridge loan for a property in Auburn Hills, Mich. CBRE 185 Asylum St., 31st Floor Hartford, CT 06103 Michael Riccio, Senior Managing Director (860) 987-4709 michael.riccio@cbre.com Riccio is head of More
Main Street at Tuttle Royale is 41 acres of entitled land planned for mixed-use development that will include a range of property types and will be developed in multiple phases. Closing a land loan in today’s market was a major hurdle according to Charles Penan, executive vice president at Aztec Group. Penan noted that the More
Borrowers will see available bridge capital, although many previously active players are now on the sidelines. The illiquidity in the market, particularly amongst the banks, will continue to apply pressure to bridge lending. Credit funds/debt funds that truly rely on their banks for financing to support that business, which has dried up significantly over the past 12 months, along with a significant widening in the cost of borrowing within a very short period of time, has pulled some lenders out of the market. More
(2023 projected origination volume and preferences) Associated Bank Volume: ~$2B Funded $500M so far this year; $10M+ loans for multifamily, office, industrial, cautious with retail and hotels; less than five-year terms; 75% leverage TIAA Bank Volume: $2B Funded ~$400M so far this year; $2M-$50M+ loans for multifamily, student housing, industrial, self-storage, retail, flex/industrial, medical office, More
The last several weeks have been anything but boring in the lending world. The failures of SVB Bank and Signature Bank left many real estate borrowers wondering what exactly the future holds. UBS also took over rival bank Credit Suisse after it imploded during the recent banking crisis last month. Many feared a nationwide bank More
The recent bank failures put the market into a tailspin and left many borrowers wondering if bank lending would come to a complete halt. Despite the news, the smaller, mid-sized and regional banks have plenty of liquidity and are eager to lend. This will buoy the market as the major money-center banks sit on the sidelines. More
See the Crittenden Online Directory for complete contact information. Community Bank System 5790 Widewaters Parkway Dewitt, NY 13214 Joseph Sutaris, EVP/CFO Mark Tryniski, President/CEO CoreVest Finance 1920 Main St., Suite 850 Irvine, CA 92614 John Prins, Managing Director CrossHarbor Capital Partners 1 Boston Place, Suite 2310 Boston, MA 02108 Jay Hart, Managing Partner Dekel Capital More
Capital for hotels will be available; however, lenders will be more conservative with terms. Look for lower leverage and higher debt yields. Lenders will be underwriting lower RevPAR growth, along with higher expense growth and higher cap rates. Hotels that have been performing well, located in areas with travel demand, will see the most available More
(2023 projected investment volume and preferences) 3650 REIT Volume: $500M+ $20M-$250M+ JV and pref equity pieces for all asset classes; rescue, value-add, ground-up, opportunistic deals; mid-teens returns; growth Sunbelt markets CenterSquare Investment Management Volume: ~$400M $7.5M-$100M JV and pref equity pieces for rental housing, industrial, retail, niche/alternatives such as cold storage, life sciences, medical office, More
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November 7-8, 2023
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