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.
(2022 projected origination volume and preferences) Madison Realty CapitalVolume: $2.5BOriginated $1.5B so far this year; $30M-$600M+ loans for multifamily, condos, hotels, industrial, retail, office, build-for-rent SFRs, build-for-sale SFRs; up to 80% LTC; rates from 6%-10% depending on LTC; non-recourse; up to 36-month terms plus extension options; all major markets Associated BankVolume: $2BOriginated $900M so far More
Aries Capital80 S.W. Eighth St., Suite 2000Miami, FL 33131Brandon Perdeck, VP, Originations(954) 806-9378bperdeck@ariescapital.com Aries Capital closed a $17.5M construction loan for a new 1,361-unit, 100% climate-controlled self-storage facility in Santa Clarita, Calif. Aries Capital was able to bring in a bank with whom the firm has a long-standing relationship and effectively delivered the financing the More
Borrowers will see plenty of available bridge capital throughout the rest of the year; however, lenders will be more conservative with terms and cherry-pick the deals they will finance. The abrupt and across the board slowdown in lending has market participants concerned. Underwriting is changing and borrowers will see higher rates and lower leverage. Expect More
With inflation accelerating, many will look toward commercial real estate properties as this sector is typically resistant during times of pricing volatility, according to Marcus & Millichap’s recent Research Brief. The firm notes that reflecting positive investor sentiment, sale prices across most property types grew during the last 18 months. Properties with short-term leases such More
(2022 projected origination volume and preferences) Madison Realty CapitalVolume:$1BOriginated $500M so far this year; $20M-$700M loans for all condos; up to 80% LTC, 70% LTV on condo inventory; rates starting at 5% for inventory loans, 7.5% for construction; 12- to 36-month terms; non-recourse; all major markets Parkview FinancialVolume:$550MOriginated $320M so far this year; $5M-$300M loans More
This loan will fund the construction takeout of Bear River Self Storage, a Class A 453-unit property built in 2018. The deal had some hurdles to overcome including rising interest rates, cashing the borrower out and providing additional construction money for a phase two development. Property Type: Self Storage in Salt Lake City Loan: $6.2 More
Count on a strong lender appetite for self-storage properties going forward. Self storage has moved to the top of many lenders’ lists, as this asset generally performs well during a recession or downturn. Lease-up in the sector has been stronger than predicted and tenants tend to be “sticky” and not to move much, which typically gives the property a consistent revenue stream. More
Lenders are becoming more comfortable with senior housing, although rising rates and labor issues could keep some capital on the sidelines. Overall, the industry is seeing improvements and fundamentals should continue to get stronger for the foreseeable future. “Demographics are certainly in our favor,” said Laura Smith, managing director at Berkadia. The agencies are More
Capital providers are trickling back into the senior housing space. There are still some headwinds lingering from COVID-19, but the industry is strong and as rates stabilize, fundamentals will continue to recover. Occupancy is expected to improve from COVID lows and the labor market should open up, meaning staffing will be less of a challenge More
After a slow start to the year, CMBS lenders hope for a busier second half of 2022. The main problem being able to compete on terms. Leverage levels have dropped and rising rates have caused even more uncertainty in the market. However, CMBS lenders will be a great option for borrowers looking to fund risker More
More and more borrowers could start turning toward mezzanine loans as a way to fill the capital stack. As rates rise, leverage levels are dropping from senior lenders and borrowers are scrambling to find subordinate debt to help fill the gap. Mezzanine lenders will be active in the four main food groups, as well as More
In today’s market, many lenders have moved away from smaller loans, instead focusing on larger deals to meet aggressive capital deployment targets. Many banks and life companies have increased their minimum loan sizes in order to get more money out the door. TIAA Bank is going against the grain with the unveiling of a new More
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