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.
Retail borrowers are going to see more available capital throughout 2022 as most lenders have returned to the sector. Lenders will also open to retail centers that do not have a grocery anchor, although they will still prefer assets with strong cash flows and long-term leases. Spreads will tighten slightly along with modest increases in More
Borrowers will see more available capital for retail after a couple of years of being scarce. Lenders have been aggressive on multifamily and industrial assets but are now starting to balance out their portfolios to achieve higher yields. Look for banks, life companies and CMBS lenders to fund more retail deals this year. Debt funds More
Madison Realty CapitalVolume: $1BOriginated $800M in 2021, originated $200M so far this year; $20M-$700M loans for all classes and condos including boutique buildings; up to 80% LTC, 75% LTV; rates as low as 4.5% for inventory loans, 6.75% for construction; non-recourse; 12- to 36-month terms; all major markets CIM GroupVolume: $400M$75M-$300M condo construction and inventory More
CMBS originations will pick up considerably this year, as the market is wide open and conduits ramp up production. Pricing had shifted and spreads are not as tight as they once were, especially with the expectation that the Fed will raise rates. Expect CMBS lenders to focus on strong debt yields and longer lease terms More
Borrowers will see plenty of bridge options this year. Bridge loans will be great fit for value-add transactions, vacant properties and those that need time for repositioning and lease-up. New lenders are entering the bridge space, which will lead to more favorable terms. Bridge lenders will also start to shift toward riskier properties such as More
Borrowers will see more available capital and slightly looser terms for land loans this year. Banks, bridge lenders, debt funds and private capital providers will be the best bet for land. Banks especially like these deals as a way to also grab construction financing when the land is ready for development. The cheapest land financing More
Elements Apartments will be a 167-unit mid-rise apartment property with a third quarter 2023 completion date. Limited sales comps of recently built Class A multifamily properties provided a hurdle to support the “as complete” underwritten valuation. However, Thorofare was confident with the significant increase in market rents that has been attributed to newer Class A More
Bank lenders will be big players in the commercial real estate game this year with looser terms and larger projected origination volumes than the last two years. Watch for banks to enter new markets and consider riskier deals in order to get money out the door. Construction bank lending will pick back up to more More
This deal ran into some hurdles because the asset is located in a very small market and the subject property is senior housing in the age of COVID-19. The owner/operator needed to be extremely vigilant to make sure COVID did not impact their properties. This HUD 232 loan originated by PGIM. “From our very first More
There will be plenty of capital available for new construction projects this year. Lenders will especially target residential construction deals as demand for housing soars in many markets. Borrowers and developers will see higher loan-to-cost (LTC) and slightly lower rates as lenders aim to compete for the best deals. Look for a push throughout the More
Capital will be rushing toward the single-family rental (SFR) and build-for-rent (BFR) space this year. A plethora of new lenders will enter the game, especially as more of these projects are completed and leased up. These property types are considered “horizontal multifamily” by the industry and multifamily will remain a preferred asset class for virtually More
Bank lenders of all sizes from the major banks to the smaller local players will strive to compete this year and all plan to provide more commercial real estate loans than 2021. Borrowers will see more competitive terms and overall more available bank capital. Banks will also start to look at property types other than More
Miami, Florida
November 7-8, 2023
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