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.
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
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
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