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.
Aries Capital80 S.W. Eighth St., Suite 2000Miami, FL 33131(954) 806-9378Brandon Perdeck, Director, Capital Marketsbperdeck@ariescapital.com Aries Capital closed a $19.5M construction loan for Allure on Enterprise, a 130-unit ground-up multifamily development in Orange City, Fla. The bank loan is interest only for 18 months during construction and contains an option to be converted into a mini More
Industrial assets remain some of the most sought after by lenders, but recent market changes have affected terms, underwriting and even lender demand. “Lower leverage has become the new normal for 2022,” said Shawn Givens, vice chairman, debt & structured finance at Colliers. “Deals that used to get 70% LTV are now averaging 50% to More
Industrial will continue to be one of the most sought-after property types going into 2023. Record tenant demand will drive the sector, however rising costs of capital will continue to apply pressure to historically low yields in the space. Industrial will not be immune to the overall trends in the capital markets of higher pricing 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. 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
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