Insights

Notes from the capital markets.

Perspective on commercial mortgage financing, lender appetite, and deal structuring — written for private owners and sponsors.

Financing strategy

Bridge-to-permanent: sequencing the two loans as one plan

Owners often treat the bridge loan and the eventual takeout as separate decisions. Underwriting them together — from day one — changes the sponsor’s exit options and can meaningfully lower blended cost of capital.

Multifamily

Where agency lenders are competitive right now

Fannie Mae and Freddie Mac pricing remains the benchmark for stabilized multifamily, but appetite varies by market and affordability component. A closer look at where agency debt is currently winning deals.

Hospitality

Underwriting hotel debt beyond trailing NOI

Hotel lenders look past the trailing twelve months more than any other property type. What debt funds and banks actually want to see in a hotel financing package.

Market view

Reading the spread between bank and CMBS pricing

The gap between balance-sheet bank quotes and conduit CMBS pricing has been a useful signal for where capital is flowing. A practical read on what that spread is saying today.

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Have a deal in mind

Notes from the capital markets.

Bridge-to-permanent: sequencing the two loans as one plan

Where agency lenders are competitive right now

Underwriting hotel debt beyond trailing NOI

Reading the spread between bank and CMBS pricing

Talk through your financing options.