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. 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
(2022 projected origination volume and preferences) ORIXVolume: $500MOriginated ~$200M so far this year; $15M-$50M loans primarily for multifamily and self-storage; up to 75% LTC; three-year terms plus two one-year ex-tensions; non-recourse except for completion guarantee and carve-outs; primary and secondary markets Procida FundingVolume: $400MOriginated $225M so far this year; $10M-$200M loans for any property within More
CBRE5100 Town Center Circle, Suite 600Boca Raton, FL 33433Eric Fixler, EVP, Debt & Structured Finance(561) 393-1661eric.fixler@cbre.com CBRE arranged an $83M equity recap for a three-property, 688-unit multifamily portfolio in Tampa, Fla. Fixler also arranged the financing and equity for 240 units in downtown Tampa and secured $32.58M in equity provided by an international private equity More
Bank lenders will be active throughout the rest of the year, although they will heavily scrutinize the borrower, market and property type. “While deal volume may somewhat slow, we will still have plenty of loan options as lenders still have plenty of capital,” said Paul Ahmed, senior vice president at CBRE. Ellen Comeaux, senior vice More
Bank lending will be more important than ever given the volatility in the market. The lack of activity in the CMBS, life company and debt fund space is pushing a lot of requests toward the banks. Watch for banks to struggle with higher-than-typical volumes of financing requests due to market dislocation and volatility in the More
Investors will continue to target core multifamily assets in major markets, especially those with strong economic fundamentals and rent growth. There will be limited interest in older multifamily assets that are considered obsolete in design, have already undergone renovations and have maximized rent in the submarket. Well-located multifamily ground-up projects with strong job drivers and More
(2022 projected origination volume and preferences) Associated BankVolume: ~$4BOriginated ~$2.2B so far this year; $10M+ loans for multifamily, office, industrial, cautious with retail and hotels; less than five-year terms; 75% leverage Pacific Western BankVolume: $3BOriginated ~$1.8B so far this year; $40M-$200M loans with a focus on multifamily, student housing and industrial, as well as life More
The Harbor Park office building — built in 1986 — sits on approximately 5.94 acres and offers 61,418 square feet of rental space. Property Type: Office Space in Palm Harbor, Fla. Loan: $4.2 million refinance Lender: Securian Asset Management Leverage: 55% LTV Rate: 4.07% fixed The borrower was looking to refinance with the existing lender More
There is plenty of equity money out there, although JV and pref equity investors will be pickier than in the past. JV equity capital is still available in the current environment but is increasingly selective, while pref equity should continue at the same pace seen the past few months. Count on a flight-to-quality in a More
LEM CapitalVolume: $175MInvested $57.8M so far this year; $15M-$30M JV equity where LEM represents 50%-85%; value-add Class B multifamily deals; 16%-18% investment level IRRs, 1.8x-2.0x investment level equity multiples; infill suburban locations in high-growth markets; MSAs with one million+ people Parse CapitalVolume: $150MInvested $60M so far this year; $10M+ pref equity and $20M+ JV equity More
The past year has seen a boom in consumer spending and a resurgence of mixed-use properties. Demand for mixed-use lending will increase as property owners continue to diversify their properties. The rise in rates is causing a flight to quality. Anticipate mixed-use property lending to remain strong, as long as the multifamily market continues to More
The hotel industry has returned to more normal levels, as pandemic restrictions continue to loosen and both leisure and business travel resumes. Rising rates could actually spur hotel lending since these properties have already been trading at higher cap rates than other assets such as multifamily and industrial. This put hotels in a better positioned More
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