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.
There will be a plethora of joint venture and preferred equity investment dollars available in the market throughout the rest of the year and into 2022. These equity pieces will help fill the gap left in the capital stack as many borrowers cannot get high leverage from traditional lenders. Equity providers will all be chasing More
Bank financing was extremely tough to obtain during 2020 with most bank lenders shifting focus to PPP loans and putting all their energy in working with top-tier existing clients. Today all bank players from the major money-center banks to the local guys are back in the game and ready to compete as they strive to More
Hotels have been hard-hit during the pandemic, especially older properties in major urban city-centers. Borrowers and lenders alike are becoming more open to converting these hotels into affordable multifamily buildings. This not only provides a new use for the seemingly obsolete space, but now offers multifamily housing at pricing that many tenants can afford, especially More
A mezzanine loan exists between senior debt and common equity and acts as a subordinated debt piece. Mezz loans are a great option for borrowers that need to fill the capital stack and push leverage higher, especially for riskier properties such as retail and hotels. Borrowers will see plenty of available mezz capital in the More
Every lender in the country is fighting for any industrial deal that comes to the market, including warehouse, distribution, flex and cold storage properties. Borrowers are seeing extremely aggressive terms such as higher leverage, longer interest-only periods and sub-3% rates. The low cost of tenant improvements and common area maintenance combined with the “stickiness” of More
Massive amounts of demand for industrial, warehouse and flex space will lead lenders to grab any deals they can get their hands on. Borrowers will see higher leverage, more interest-only terms and lower debt service coverage ratios. Leverage will reach 70% to 75%+ as lenders strive to compete. The highest quality properties will see rates More
More pref and JV equity capital is sitting on the sidelines waiting to be deployed than ever before. Expect a tremendous amount of equity capital rushing toward the same transactions, leading to some wild bidding wars. There is a major push toward newer asset classes such as build-for-rent, SFRs and ghost kitchens. Equity will also More
Parkview Financial provided financing for the redevelopment of the Harrah’s Reno Hotel and Casino into a mixed-use project named Reno City Center. The planned project will include 528 apartment units, as well as office and retail space. Equity was provided by Gryphon Private Wealth Management’s opportunity zone fund. Parkview liked that the sponsor found an More
Agency lenders, banks, life companies, conduits and private money lenders are all seeking multifamily loans this year and with so much competition in the space, lenders will have to drop loan minimums in order to win deals. Expect small-balance multifamily lending to be a highly desired segment throughout the rest of the year, especially with More
Multifamily borrowers will continue to gain the most favorable terms as all lenders strive to compete in the space. Equity requirements have increased and leverage has not been pushing quite as high since cap rates remain low. But pricing is still at all-time lows and underwriting will continue to loosen. Leverage for most deals will More
Lenders are coming back into the land space, especially for single-family and multifamily development entitled sites. Watch for additional capital providers to re-enter the market during the rest of the year, as lenders strive to meet origination goals. The majority of lenders that were in the space pre-pandemic should be back in the game. Lenders More
Hoteliers will see more available capital during the second half of the year, especially as most lenders expect revenues to greatly increase this summer. Look for debt funds, private money lenders, CMBS lenders and even some banks and life companies to be active. Capital providers are beginning to feel comfortable with certain types of hotels, More
Miami, Florida
November 7-8, 2023
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