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The National Retail Federation (NRF) has unveiled its 2024 list of the Top 100 Retailers. The annual ranking, compiled by global marketing data firm Kantar, is based on domestic sales and offers a snapshot of the retail industry’s leading companies. “This year’s list of the Top 100 Retailers largely reflects a post-pandemic return to normal,” More

Keep an eye out for more lenders considering senior housing deals once again. The sector has already seen more lending activity than this time last year. This is a function of banks re-entering the market, along with other factors such as an uptick in acquisitions, as fundamentals across the sector continue to improve. Banks are also no longer providing extensions, thereby motivating borrowers to sell. The increase in transactions will help with re-establishing values. Margins in the industry are also beginning to recover, such as expenses and payroll costs stabilizing. More

CMBS lending has vastly improved over this time last year and will continue to steadily increase throughout the rest of 2024. With around $45B already originated, total originations could be close to $100B total this year. This means the sector is returning to more normal levels. The overall outlook for CMBS is very strong, especially as compared to the regional banks and life company lenders. CMBS is able to offer higher proceeds as they size the loans off an interest-only payment, versus amortizing. The biggest advantage they offer is the ability to buy down the rate. Borrowers can buy down the rate by up to 6% points. More

There will be plenty of available capital for small retail deals, even from the local and regional banks. Count on lender optimism in the retail space, as fundamentals are strong, partially driven by the high costs to build new product. Lenders like that the sector has not been overbuilt and much of the obsolete product More