Borrowers will continue to see strong lender demand for industrial. However, the industrial market might start to soften as some spec supply will be coming online this year. Despite any hurdles, industrial will still be a favored property type and lenders will stretch underwriting in order to win the deal. Class A strong credit tenant deals will see aggressive rates, while riskier deals will much be harder to price than six months ago. More
See Online Directory for complete contact information. CRE Bridge Capital 549 Randolph St., Second Floor Chicago, IL 60661 Daniel Sobelman, Managing Partner First Citizens Bank 4300 Six Forks Road Raleigh, NC 27609 Lee Hayes, SVP, Commercial Banker First Citizens Bank 2600-162nd St. S.W. Lynnwood, WA 98087 Jason Shirley, SVP, Commercial Banker First Horizon 333 Fayetteville More
Construction lending slowed during the first half of the year, especially after the recent bank failures put a strain on the banking market. There are also concerns about take-out financing and how to underwrite property values in today’s environment. However, borrowers will start to see more available construction capital in the coming months. Lenders will More
The single-family rental (SFR) and build-for-rent (BFR) space continues to be very liquid as lenders seek alternative lending channels to deploy capital into a relatively safe space. Lenders are well-capitalized but are being extremely cautious and scrutinizing deals more heavily than in the past. More
JLL Capital Markets facilitated the $106M acquisition of Abberly Riverwalk (formerly known as Alta Riverwalk), a 304-unit, three-story, apartment community in Nashville. JLL represented the buyer, HHHunt, and secured the $62M floating-rate bridge loan on behalf of the new owner. More
(2023 projected origination volume and preferences) New York Life Volume: $6B+ Funded ~$1B so far this year; $30M-$250M loans for apartments, industrial, retail (except malls), self-storage, select office and hotels; 50%-65% LTV for conventional loans, 65%-80% LTV for bridge loans; five- to 30-year terms; 30-year amortization with initial interest-only period; three- to five-year bridge terms; More
Multifamily may see a few short-term softening effects due to the recent significant influx of new product coming online, but that shouldn’t last long and will likely vary by market. When the National Multifamily Housing Council (NMHC) and National Apartment Association issued their joint report stating that the U.S. multifamily market was down more than four million rental units and needed to build half a million immediately and another 266,000 more a year to keep up with demand, many wondered how that would ultimately play out. More
Single-family rental (SFR) and build-for-rent (BFR) properties have both been super-hot the last few years. The pandemic especially pushed demand for these property types as people left the big cities and high-rise apartments in search of their own space. Expect plenty of available capital, albeit at more conservative terms. However, recent hurdles in the market have moved some lenders to the sidelines. More
JV equity and pref equity will still be available but will heavily favor industrial and residential transactions. Some investors are on the sidelines given the uncertainty with cap rates, interest rates and inflation. Therefore, those that are active are more disciplined and conservative. Pref equity will be available from the usual suspects such as the debt funds, mortgage REITs and private equity funds. More
Bernard Financial Group 20700 Civic Center Drive, Suite 240 Southfield, MI 48076 Joshua Bernard, Principal (248) 799-9200 jbernard@bernardfinancial.com Bernard Financial Group arranged an office/R&D acquisition bridge loan for a property in Auburn Hills, Mich. CBRE 185 Asylum St., 31st Floor Hartford, CT 06103 Michael Riccio, Senior Managing Director (860) 987-4709 michael.riccio@cbre.com Riccio is head of More
Main Street at Tuttle Royale is 41 acres of entitled land planned for mixed-use development that will include a range of property types and will be developed in multiple phases. Closing a land loan in today’s market was a major hurdle according to Charles Penan, executive vice president at Aztec Group. Penan noted that the More
Borrowers will see available bridge capital, although many previously active players are now on the sidelines. The illiquidity in the market, particularly amongst the banks, will continue to apply pressure to bridge lending. Credit funds/debt funds that truly rely on their banks for financing to support that business, which has dried up significantly over the past 12 months, along with a significant widening in the cost of borrowing within a very short period of time, has pulled some lenders out of the market. More
Miami, Florida
November 7-8, 2023
Crittenden Report 12-Month subscribers attend for free!
