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.
Aztec Group2665 S. Bayshore Drive, PH-2ACoconut Grove, FL 33133Charles Penan, EVP(305) 938-8621cpenan@aztecgroup.com Aztec Group secured $23M in fixed-rate debt for the refinancing of a Public Storage facility located near the Aventura sub-market of Miami. The non-recourse, fixed-rate financing was provided by an affiliate of 3650 REIT. The loan will be interest only for the full More
Overall bank activity has slowed, although there are some regional bank lenders still active today. Count on banks to start the new year off cautiously, keeping a close eye on rates, then returning to more normal levels once there is more certainty in the market. More
Count on bank lending to be active but more selective going forward. Borrowers will see conservative underwriting, much higher rates and lower leverage. More
Despite some slowdown, the single-family rental (SFR) and build-for-rent (BFR) space will continue to be an attractive asset class to capital providers. This is heavily influenced by several key macro factors. Rising rates and inflation are leading to some pullback in the space. More
(2023 projected origination volume and preferences) Torchlight Investors2023 Volume: $350M-$500MWill fund $350M-$500M total this year; $60M+ senior bridge loans, $25M+ mezz loans for full-service hotels with major franchises such as Marriott and Hilton; LTV up to 75% as-is value, 65% as-stabilized; three- to five-year bridge terms; floating rates; non-recourse; primary, secondary markets AVANA Capital2023 More
Bison Financial Group735 Arlington Ave. N., Suite 110St. Petersburg, FL 33701David Repka, Principal(727) 537-0330dave@bisonfinancial.com Bison Financial arranged an $11.5M cash-out loan secured by a parcel of improved land in Florida. The current use as a flea market provides positive cash flow to service the debt. The property is being entitled as a mixed-use project with potential for More
Inflation and rising rates have led to more conservative terms, higher borrowing costs and overall less lending during the third quarter, according to CBRE’s Lending Momentum Index. The index tracks the pace of CBRE-originated commercial loan closings in the U.S. and showed a decline of 11.1% from the second quarter and 4.7% from the third quarter of last year. More
Although one of the tougher deals to finance, land will still see available capital, especially in growing markets with for-sale or for-rent developments. Look for land lenders to be extremely cautious and more expensive going forward. The rapidly rising interest rate environment and the significant decline in overall liquidity in the market could lead to More
(2023 projected origination volume and preferences) 3650 REITVolume: $500MWill fund $500M total this year; $15M+ loans for all primary asset classes; existing asset recaps, limited development, SASB B-pieces, value-add multifamily portfolios; fixed- and floating-rate options; partial accrual options; up to 85% leverage; two- to five-year terms; typically non-recourse; domestic markets Basis Investment GroupVolume: $500MWill More
Land deals have always been tough to finance, but borrowers will see even stricter terms as we enter the new year. Rising rates and the decline in overall liquidity are pushing lenders that had traditionally been in the space to the sidelines. Bank lenders have completely pulled out of the sector. Debt fund lenders — More
With fewer lenders in the bridge lending space and rates continuing to rise, 2023 will likely be a slow year for bridge lending, with sponsors turning to other products. Expect more conservative underwriting and a major shift toward cash-flowing deals. Exit caps are hurting bridge lending. Lenders will have to focus on markets where values More
Bernard Financial Group20700 Civic Center Drive, Suite 240Southfield, MI 48076Joshua Bernard, Principal(248) 799-9200jbernard@bernardfinancial.com Bernard Financial secured a $5.2M perm loan for a 213-unit multifamily property in Sterling Heights, Mich. Bernard also closed a $6.6M perm loan for a 227-unit multifamily property in Brownstown Township, Mich., and $3.7M for a 192-unit multifamily property in Greenville, S.C. More
Miami, Florida
November 7-8, 2023
Crittenden Report 12-Month subscribers attend for free!
