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.
Although lending will be a bit slower, look for plenty of available capital in the manufactured housing community (MHC) space this year. It will be a fluid market with the agencies, life companies, banks, CMBS, bridge and private money lenders all considering deals. However, underwriting will be more challenging, and borrowers will need to bring More
Manufactured housing community (MHC) lending is slowing because of increased interest rates and existing cap rates remaining low. However, the space continues to offer one of the most affordable housing options available. Financing will be strong as demand for affordable housing continues to grow, although underwriting criteria will tighten up with many lenders requiring experienced More
(2023 projected origination volume and preferences) Hankey Capital2023 Volume: $200MOriginated $193M total in 2022; $5M-$100M loans for entitled infill commercially zoned sites; 50%-75% LTV; Prime+ 250+ basis points; one- to two-year terms; non-recourse available; metro and coastal Southern CA UC Funds2023 Volume: $125MOriginated $100M total in 2022; $5M-$50M loans for entitled land; non-recourse; up to More
Woodshire Apartments, a Class B, 278-unit apartment property, was built in 1975. The most significant hurdle of the transaction was related to insurance. A week prior to closing, the sponsor went to market to bind coverage and despite a comprehensive and broad process, all quoted rates came in at nearly three times what had initially More
Office financing will be difficult this year and even deals with the strongest sponsors in favorable locations will be tough. Many lenders and borrowers expected office to bounce back, which has not happened yet, and it is affecting the lending environment. More
Black Bear Capital Partners20 N. Wacker Drive, Suite 3450Chicago, IL 60606Scott Modelski, Managing Director(312) 217-4511smodelski@bbcp-llc.com Black Bear closed a $18.6M loan facility to refinance two multitenant office properties located in Rolling Meadows and Glen Ellyn, Ill. The office portfolio spans over 400,000 s.f. and was financed with a five-year, 5.95% fixed-rate loan at a 70% More
Total multifamily loan volume is projected to decline this year; however, multifamily bridge lending will be robust for well-capitalized sponsors and those owning properties that have significant equity. There is expected to be a sizable volume of loan maturities on land acquisition, A&D and construction financings, which should keep bridge activity strong despite the recent More
Total commercial and multifamily mortgage borrowing and lending is expected to fall to $684 billion this year, which is a 15% decline from an expected 2022 total of $804 billion. This is according to an updated baseline forecast released by the Mortgage Bankers Association (MBA) at the 2023 Commercial/Multifamily Finance Convention and Expo, which kicked More
Watch for debt funds and private money to be the most active bridge lenders during the first half of the year as banks have moved to the sidelines. Changes in property values will be the biggest hurdle in the bridge lending space and borrowers will see more conservative terms. Count on bridge lenders to seek More
Borrowers will see plenty of available capital for industrial deals over the next 12 months. Count on all lenders to be more conservative with terms and underwriting. Lenders will no longer underwrite low cap rates, which will limit loan proceeds. Both lenders and investors will be drawn to the cheap price per square foot versus More
(2023 projected origination volume and preferences) CrossHarbor Capital PartnersVolume: $750MOriginated $400M total in 2022; $10M-$125M loans with a focus on industrial and multifamily, will consider life sciences, retail, medical and conventional office, select hotels; three-year terms with up to two one-year extensions; 65% to 75% LTV on a non-recourse basis; top 50 MSAs with an More
Industrial will continue to be one of the most sought-after property types by lenders and investors this year, however, terms and underwriting will be more cautious than seen the past few years. Borrowers will see lower leverage and higher rates. Also, expect lenders to be way more conservative when underwriting rent growth going forward. More
Miami, Florida
November 7-8, 2023
Crittenden Report 12-Month subscribers attend for free!
