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.
Expect construction lenders to be more selective throughout the rest of the year, whether regarding their lending capabilities in various markets or towards less experienced borrowers and general contractors. Multifamily, SFRs and industrial projects are still the most sought after, but other core commercial properties will also see some construction dollars going forward. In most More
Duffey 2.0 is an adaptive reuse project consisting of three historic manufacturing buildings in the Warehouse District of Minneapolis. The project includes 358 multifamily units, 41,000 square feet of retail space, including a Puttshack, and 326 parking stalls. Pearlmark provided the mezzanine piece, while ULLICO originated the senior loan. Property Type: Adaptive reuse in MinneapolisLoan: More
As we approach the end of the year, most life company lenders are making their quotas for 2022 and are now in prep mode for 2023. Many LCs were ahead of schedule during the first two quarters and will be highly selective with their capital moving forward. Although, some LCs still have some money to More
(2022 projected origination volume and preferences) New York LifeVolume: $7.2B-$7.5BOriginated $5.6B so far this year; $30M-$250M loans for apartments, industrial, retail (except malls), self-storage, select hotels; non-recourse; conventional lending: 50%-65% LTV; five- to 30-year terms; 30-year amortization with initial interest-only period; minimum 7.75% debt yield; 1.25x+ DSC; three- to five-year bridge terms with 65%-80% LTV; More
Keep a close eye on the hotel financing space as we close out 2022 and enter a new year. After being one of the hardest assets to finance since the pandemic, lenders and investors alike will start to notice the favorable yields in the sector, especially as business and convention travel return to more normal More
Office will continue to be one of the least preferred property types over the next year due to the uncertainty associated with the impact of the pandemic on tenant occupancy. CMBS lenders who are typically a strong option have not been as active, while many of the large money-center banks have pulled out of the More
(2022 projected origination volume and preferences) CoreVest FinanceVolume:$3BOriginated $2B as of Aug. 31; $500K-$100M+ bridge and term loans for non-owner occupied SFRs, 2-4 unit, condos, townhomes; rental portfolio loans, lines of credit, build-for-rent, single-asset bridge; non-recourse available; Rental Portfolio loans: up to 75% LTV; five- to 10-year terms; Bridge loans: up to 80% LTC; one- More
Equity investors will be active throughout the rest of 2022 but count on them to be more selective than seen earlier in the year. There will be a major push toward core transactions, while capital will slow in the value-add sector. Investors will target multifamily, build-for-rent and single-family rental (SFR) deals because of the shortage More
Hotel financing will be available during the balance of 2022 and into 2023 but keep an eye out for stricter underwriting and higher interest rates. Expect a more normal looking year in 2023 as overall allocations should pick up. Transaction activity will increase as maturities near and owners must find solutions through either sales or More
Bernard Financial Group20700 Civic Center Drive, Suite 240Southfield, MI 48076Joshua Bernard, Principal(248) 799-9200jbernard@bernardfinancial.com Bernard Financial closed $6.9M for Powers Court, a 106,325-s.f. Class A office building in Livonia, Mich. Minnesota Mutual Life provided the loan. Bernard also closed $18.5M for a Class A office building and parking deck in Detroit with Fifth Third Bank. Draper More
Construction lending has seen it fair share of hurdles over the past couple of years. Materials and labor costs continue to skyrocket and the recent rise in rates has also led to a slowdown in lender activity. Despite these hurdles, construction financing is still available, although with stricter terms and underwriting. Global supply chain issues More
Expect construction lenders to be more selective throughout the rest of the year, whether regarding their lending capabilities in various markets or towards less experienced borrowers and general contractors. Lenders are becoming more selective since they have already funded a significant amount of their annual allocations, given that rates were low and the market saw More
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