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.
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
Despite market volatility, including rising rates, the threat of a recession and the recent bank failures, affordable housing is one sector that should still be sought after by capital sources. The agencies are expected to lead the charge and look for a push toward affordable properties with deeper rent and income discounting, which should make More
Affordable housing lending for construction and rehabilitation deals using low-income housing tax credits will be one area that remains less impacted by the volatility in the overall capital markets. The recent bank failures demonstrate the importance of the agency lending programs, therefore, watch for developers and borrowers to look more favorably at agency debt as More
Berkadia 300 S. Orange Ave., Suite 1500 Orlando, FL 32801 Michael Weinberg, Managing Director (321) 319-1419 michael.weinberg@berkadia.com Berkadia arranged the sale and financing of a 213-key boutique hotel in Orlando, Fla. Weinberg secured acquisition financing on behalf of the buyer, Banyan Investment Group, a hotel investment company based in Atlanta. MetLife originated the three-year loan More
Watch for capitalization rates to continue expanding for at least the next few months, according to a recent CBRE survey. The survey notes that cap rates could start to peak later this year and should decrease in 2024 as the end of the Federal Reserve’s rate-hiking cycle is anticipated. Capitalization rates —also known as cap More
Hotel financing will be available — especially for hotels with strong operating histories — but will be challenging for the balance of 2023. Lenders are eager to lend on hotels but have decided to dial back leverage due to uncertain pricing conditions. There will be plenty of fixed- and floating-rate financing, but indices have resulted More
(2023 projected origination volume and preferences) Parkview FinancialVolume: $500MOriginated $560M total in 2022, funded $70M so far this year; $5M-$300M loans for all classes of con-dos with 20+ units; first position; up to 36-month terms; up to 75% LTC; recourse and non-recourse available; rates starting from SOFR+ 650 basis points; no prepayment penalty; foreign national More
There will be available capital for construction projects this year, although count on much tighter underwriting and more cautious lenders. Recent shockwaves in the banking market could also hamper available capital for construction going forward. Construction lending will definitely see a slowdown compared to the last few years. With the increase in rates, it’s harder More
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November 7-8, 2023
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