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.
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
Hotel lending will be solid going forward because of pent-up demand and signs of recovery in the sector. Lenders have been cautious the past few years, and there has not been any in-place cash flow to underwrite. Rising rates could actually help hotel financing as these assets have been trading at higher cap rates than More
After a few years of caution, borrowers will see more available capital for student housing deals going forward. Capital providers will be drawn to the healthy enrollment trends and strong fundamentals in the space. Lenders will target experienced student housing sponsors that are buying or own existing properties that are walkable to campus — ideally More
Borrowers will see ample available capital for student housing and watch for some traditional multifamily lenders to enter the game this year. There will be a flight to quality, and lenders will target top-tier markets with strong fundamentals and schools with healthy enrollment trends. Anticipate a slight decrease in agency lending volume, as alternative conventional More
(2022 projected origination volume and preferences) Axos BankVolume: $300MOriginated ~$150M so far this year; $750K-$250M loans for all land deals; 12- to 24-month terms with extensions; 6%-7% rates; nationwide Hankey CapitalVolume: $200MOriginated $75M so far this year; $5M-$150M loans for infill land zoned for high-demand uses such as housing; one- to three-year terms; 7.5%-9% rates; More
The nearly 100-year-old Black Veterans Association Building serves as a three-story transitional housing property for veterans in Brooklyn, N.Y. This is a clear win for AVANA’s Extensia Financial and the community as the Black Veterans for Social Justice (BVSJ) can continue to operate from the location providing program services assisting military personnel to help them More
There will be ample liquidity for retail financing throughout the second half of the year. Lender appetite has rebounded and sales and foot traffic are back to more normal levels. Watch for many lenders to shift focus to retail, as pricing and cap rates offer more NOI coverage than the other asset types. Grocery-anchored retail More
American Street Capital121 W. Wacker Drive, Unit 2206Chicago, IL 60601Igor Zhizhin, Principal/Founder(312) 224-1390izhizhin@amstcap.com ASC worked on a $28.9M multifamily bridge loan in Santa Rosa, Calif., at 75% LTC. Zhizhin also worked on a $4.6M multifamily bridge loan in Atlanta at 84% LTC, a $4.2M multifamily bridge loan in Champaign, Ill., at 85% LTC and a More
Commercial real estate lending had a very busy start to the year; however, changes in the market could slow things down during the second half of 2022. Lenders and borrowers have plenty on their minds with worries about inflation, rising rates, changes in cap rates and issues in Ukraine. Even the Supreme Court’s possible decision More
The construction lending market is as healthy as it has ever been and is expected to remain strong for at least the next two years. This strength will continue as long as vacancy rates remain historically low, particularly in the multifamily and industrial sectors. However, financing costs have increased dramatically, between the added interest and More
(2022 projected origination volume and preferences) Thorofare CapitalVolume: $1BOriginated $350M so far this year; $15M-$100M loans for industrial/warehouse, grocery-anchored retail, cold storage, low/mid-rise office, data centers, BFR, multifamily, for-sale condos, single-tenant net-leased properties; six-month to two-year terms; SOFR+ 600-650 bps rates; Phoenix, Denver, Southern CA, Boston, Portland, Ore., Dallas, Austin, Miami, Atlanta, Salt Lake City, More
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