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.
There will be available capital for multifamily construction this year, however, rising interest rates and the widening of cap rates could slow things down. Overall volume will drop even in strong markets, as many lenders want to bid on deals, but pricing and underwriting will be constrained. Lenders will be worried about the ability of More
Aztec Group2665 S. Bayshore Drive, PH-2AMiami, FL 33133Charles Penan, EVP(305) 938-8621cpenan@aztecgroup.com Aztec Group closed $5M in acquisition financing for a 24,100-s.f. industrial/flex property in Little River Miami with U.S. Century Bank. The LTC was 80% and the fixed rate was 4.90%. The loan had a five-year term and 25-year amortization. The bank required recourse. Bernard More
The Class C property was built in 1955 and encompasses 32,561 s.f. of space. Most of the tenants of Hialeah Warehouse are month-to-month or have short-term leases, but Symetra liked the deal because the property is located in a very strong industrial area with a low vacancy rate. Also, most of the tenants have been More
Borrowers will see plenty of available capital from life companies in 2023, especially as competition wanes from the other lender types. Life companies that can adapt with market conditions the quickest will be able to capture the most business this year. Watch for LCs to be pickier on asset type and quality versus in years More
(2023 projected origination volume and preferences) LoanCore CapitalVolume: $4BOriginated $2.1B total in 2022; $30M+ loans for all property types; two- to five-year terms; up to 75% LTC/LTV depending on the property type; spreads of 400+ basis points over one-month Term SOFR; non-recourse; primary markets Columbia Pacific AdvisorsVolume: $1B+Originated $1B+ total in 2022; $10M-$125M loans for More
It will be interesting to watch the life company lenders this year. Predictions seem to be split on where the total 2023 life company allocations will end up, with National Life, Nuveen, CUNA Mutual and GPM Life all noting lower lending levels, while major player Voya Investment Management predicts a slight increase over 2022 originations. More
Anticipate the hotel lending markets to stabilize this year and look for an increase of lenders to come back into the space. Borrowers will see low leverage — typically around 5% less than a year ago — and wider spreads until demand fully returns. There will be a strong need from hoteliers that have to More
(2023 projected origination volume and preferences) New York LifeVolume: $6B+$30M-$250M loans for apartments, industrial, retail (except malls), select office, self-storage, select hotels; non-recourse; 50%-65% LTV; five- to 30-year terms; 30-year amortization with initial interest-only period; 1.25x+ DSC; three- to five-year bridge terms with 60%-80% LTV; primary markets NuveenVolume: $5B-$6BOriginated $6.2B in 2022; $50M-$250M loans with More
Total commercial and multifamily mortgage borrowing and lending is expected to fall to $700 billion this year, which is a 5% decline from an expected 2022 total of $740 billion, according to an updated baseline forecast recently released by the Mortgage Bankers Association. More
Condo lending will be challenging and extremely location specific this year. Unknown hard costs, time delays and the ability of buyers to get financing will all hinder the sector. Count on the debt fund and private money lenders to be the most active, while most of the major money-center banks have pulled out of the More
(2023 projected origination volume and preferences) Associated BankVolume: $4BOriginated $4.5B total in 2022; $10M+ loans for multifamily, office, industrial, cautious with retail and hotels; less than five-year terms; 75% leverage TIAA BankVolume: $2BOriginated $2B total in 2022; $2M-$50M+ loans for multitenant industrial, warehouse, retail, self-storage, flex, office, MOBs, multifamily, student housing; single-tenant NNN-lease; generally non-recourse; More
The equity investing market will see a slow start to 2023. Investors are looking to fund deals but will be more cautious and conservative than they were last year. Watch for a major push toward preferred equity pieces, as well as some equity investors looking to fund mezzanine loans as a way to get money out the door. More
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