Most Active Lenders/Investors

Capital for hotels will be available; however, lenders will be more conservative with terms. Look for lower leverage and higher debt yields. Lenders will be underwriting lower RevPAR growth, along with higher expense growth and higher cap rates. Hotels that have been performing well, located in areas with travel demand, will see the most available More

(2023 projected investment volume and preferences) 3650 REIT Volume: $500M+ $20M-$250M+ JV and pref equity pieces for all asset classes; rescue, value-add, ground-up, opportunistic deals; mid-teens returns; growth Sunbelt markets CenterSquare Investment Management Volume: ~$400M $7.5M-$100M JV and pref equity pieces for rental housing, industrial, retail, niche/alternatives such as cold storage, life sciences, medical office, More

(2023 projected origination volume and preferences) Parkview FinancialVolume: $500MOriginated $560M total in 2022, funded $70M so far this year; $5M-$300M loans for all classes of con-dos with 20+ units; first position; up to 36-month terms; up to 75% LTC; recourse and non-recourse available; rates starting from SOFR+ 650 basis points; no prepayment penalty; foreign national More

The CMBS lending space has had a tough couple of years. These lenders are having a hard time competing on pricing and with so few deals in the market today, things will be even tougher for the next few months. The bright side is that CMBS lenders tend to be a good option for harder-to-finance More

(2023 projected origination volume and preferences) 3650 REITVolume:$500M Originated $575M total in 2022; $15M+ loans for all primary asset classes; existing asset recaps, limited development, value-add multifamily portfolios, SASB B-pieces; up to 85% leverage; typically two- to five-year terms, but may consider up to 10 years; generally non-recourse; all domestic markets     ArgenticVolume:$500M$5M-$100M loans for More

(2023 projected origination volume and preferences) Hankey Capital2023 Volume: $200MOriginated $193M total in 2022; $5M-$100M loans for entitled infill commercially zoned sites; 50%-75% LTV; Prime+ 250+ basis points; one- to two-year terms; non-recourse available; metro and coastal Southern CA UC Funds2023 Volume: $125MOriginated $100M total in 2022; $5M-$50M loans for entitled land; non-recourse; up to More

Watch for debt funds and private money to be the most active bridge lenders during the first half of the year as banks have moved to the sidelines. Changes in property values will be the biggest hurdle in the bridge lending space and borrowers will see more conservative terms. Count on bridge lenders to seek More

(2023 projected origination volume and preferences) CrossHarbor Capital PartnersVolume: $750MOriginated $400M total in 2022; $10M-$125M loans with a focus on industrial and multifamily, will consider life sciences, retail, medical and conventional office, select hotels; three-year terms with up to two one-year extensions; 65% to 75% LTV on a non-recourse basis; top 50 MSAs with an More

(2023 projected origination volume and preferences) LoanCore CapitalVolume: $4BOriginated $2.1B total in 2022; $30M+ loans for all property types; two- to five-year terms; up to 75% LTC/LTV depending on the property type; spreads of 400+ basis points over one-month Term SOFR; non-recourse; primary markets Columbia Pacific AdvisorsVolume: $1B+Originated $1B+ total in 2022; $10M-$125M loans for More

(2023 projected origination volume and preferences) New York LifeVolume: $6B+$30M-$250M loans for apartments, industrial, retail (except malls), select office, self-storage, select hotels; non-recourse; 50%-65% LTV; five- to 30-year terms; 30-year amortization with initial interest-only period; 1.25x+ DSC; three- to five-year bridge terms with 60%-80% LTV; primary markets     NuveenVolume: $5B-$6BOriginated $6.2B in 2022; $50M-$250M loans with More

(2023 projected origination volume and preferences) Associated BankVolume: $4BOriginated $4.5B total in 2022; $10M+ loans for multifamily, office, industrial, cautious with retail and hotels; less than five-year terms; 75% leverage TIAA BankVolume: $2BOriginated $2B total in 2022; $2M-$50M+ loans for multitenant industrial, warehouse, retail, self-storage, flex, office, MOBs, multifamily, student housing; single-tenant NNN-lease; generally non-recourse; More

(2023 projected origination volume and preferences) HALL Structured Finance2023 Volume: $1B (construction and bridge)Will fund $500M total this year; $20M-$150M loans for hotels and multifamily; up to 75% LTC; rates start at 7.25% plus TERM, SOFR or Libor; three-year primary term with up to two one-year extensions; non-recourse at completion; nationwide  Thorofare Capital2023 Volume: $300MWill More