Debt

Non-Traditional Lenders Gain Ground

Jim Costello / March 15th, 2018

Non-traditional lenders are gaining ground in the market for commercial property lending. Our US Capital Trends report to be released next week will show that financial companies and private lenders...

Will the Fed Spook Commercial Property Prices?

Jim Costello / October 18th, 2017

Everybody and their brother expects that the Federal Reserve will raise rates in December. That’s the known. The unknown is the effect that a rate hike and the unwind of quantitative easing (QE) will...

Positive and Negative Changes in Debt and Equity Capital Flows

Jim Costello / September 21st, 2017

Unrelated but material changes in the composition of both debt and equity capital flows are evident in an analysis of H1’17 data. On a positive note, an increase in CMBS originations evidences that...

Will Equity Cause Problems for European Real Estate?

Tom Leahy / August 23rd, 2017

Ten years on from the start of the Global Financial Crisis, the press is full of stories from that apocalyptic episode in market history. The crash showed how harmful the bursting of a debt bubble...

February 2017 US Capital Trends: Lenders and Declines

Jim Costello / March 24th, 2017

Commercial property investment activity fell 31% YOY in February, marking the third consecutive month of double-digit volume declines, the new edition of US Capital Trends shows…

Cautious Optimism Among CMBS Survivors: Takeaways From CREFC

Jim Costello / January 12th, 2017

I attended the CREFC meeting in Miami Beach this week and the watchword was uncertainty. Lenders and investors hate uncertainty, but despite this theme dominating, few people I talked with expressed fears...

Is the Urban Apartment Development Game Over?

Jim Costello / August 4th, 2016

Development site sales are a precursor to construction and they plummeted into H1’16. Real Capital Analytics (RCA) calculates that sales were down 36% YOY in Q2’16. Some have suggested that slowing...

US Commercial Real Estate Market Takes a Breather in February

Jim Costello / March 18th, 2016

Preliminary estimates suggest that U.S. commercial real estate volume fell 48% in February from a year earlier, following January’s 3% drop. Combined with the fall in the Moody’s/RCA CPPI...

My Observations on MBA CREF16

Jim Costello / February 10th, 2016

Everybody knows that with the high volume of loans originated in 2006 and 2007, in the next two years the market will need to refinance much more debt than in years past. The unknown is whether there will...

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