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.
Bank lending will pick up steam during the second half of the year. Expect bank lenders to open to new borrowers and property types in order to get money out the door. Banks will continue to heavily target multifamily and industrial deals, but as they look for additional yield and balancing of their portfolios, they More
George Smith Partners10250 Constellation Blvd., Suite 2700Los Angeles, CA 90067Evan Kinne, SVP(310) 867-2939ekinne@gspartners.com George Smith Partners placed a JV equity partner on a 90/10 basis for a 134-unit build-to-rent project in Savannah, Ga., for $10.73M. The sponsor and JV equity partner will fully fund the horizontal development and site improvements with 100% equity and a More
Inflationary pressure continues and the consumer price index shot up in March with multiple market dynamics driving upward price movements, according to Marcus & Millichap’s recent Research Brief. Commercial real estate properties that are able to adjust rents rapidly, such as multifamily, are usually the most inflation resistant. Multifamily properties tend to have one-year leases, More
There will be more available capital for office properties during the rest of the year, as banks, life companies and CMBS lenders all look for deals. Count on lenders to want more cushion through lower leverage, wider DSC ratios and a larger focus on reserves for TIs. Everyone is waiting to see what the impact More
(2022 projected origination volume and preferences) Romspen$1.5BOriginated $200M so far this year; $10M-$160M loans for all property types; up to 75%-80% LTC, lower for hotels and healthcare; rates typically between 10% and 12%; term determined by the scope of the project, typically up to 36 months; some recourse generally required, completion and cost overrun guarantees; More
Lenders will be more open to funding office deals throughout the rest of the year, although there will be continued caution with loan terms and underwriting. Expect banks, life companies, debt funds, bridge and private money lenders to all be active. Lenders are spurred by improving metrics in the space as more companies return to More
Borrowers will see plenty of available capital for multifamily construction throughout the rest of the year. Lenders are attracted to the strong occupancy and rent growth in the multifamily space and will be confident these projects can easily lease-up. Banks are sitting on very high deposit levels and remain eager to put out construction loan capital. However, there will be concern that some markets will be harder to underwrite because of volatility and changes in rents. More
Stonehill provides a refinance loan for a luxury 84-key non-branded hotel in the Los Angeles MSA. The loan ran into some challenges because Stonehill had to proforma the underwriting, as the historical performance was impacted by the pandemic and a lack of capital investment in the asset. Stonehill was confident with the fact that the More
Bank lenders will be active players throughout the rest of 2022, although rising rates could lead to more conservative underwriting. Keep an eye out for the larger banks to swoop in and snag deals from the regional and local players. Banks will aim to compete on multifamily and industrial loans but watch for them to More
Aztec Group2665 S. Bayshore Drive, PH-2AMiami, FL 33133Charles Penan, EVP(305) 938-8621cpenan@aztecgroup.com Aztec Group secured a $6.85M loan for a neighborhood shopping center in Largo, Fla., with Valley Bank. The five-year loan had a sub-4% rate and two years of interest only payments. Penan also closed two non-recourse loans totaling $43M for LBX Investments. The deals were for More
The hotel lending market continues to improve, especially as spring and summer travel bolsters occupancy numbers. While debt funds will be the most active lenders, look for banks and life companies to seek deals during the second half of the year. Commercial mortgage-backed securities (CMBS) lenders are also returning to normal hotel lending levels, which More
Hotel lending so far in 2022 has already outpaced 2021 and borrowers will see plenty of capital options during the second half of the year. Debt funds will continue to lead the pack followed by the banks and select life companies. CMBS lenders have historically been the most active and that market will lead to More
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November 7-8, 2023
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