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However, some institutions believe equity deals still are more attractive than debt investments in multiple respects.
With loans maturing and banks retrenching, alternative lenders are seeing more refinancing deals. But ‘a lot of them we see just don’t work.’
Regional banks had stepped in to fill the void left by other lenders. Who will replace them if they stop lending, too?
SVB and Signature, along with troubled bank First Republic, had been major sources of financing for many real estate managers.
As managers and investors continue to struggle with liquidity issues, it is no longer business as usual for real estate recapitalizations.
Charles Leitner has left the investment management business of CBRE after joining the New York-based manager only three years ago.
The New York-based firm is targeting $1bn-$2bn in originations in the region next year amid a 'super-interesting time' for non-bank lenders.
The New York-based mega manager expects deployment activity to become muted but more creative dealmaking to emerge in the near term.
Senior industry executives are taking a very granular approach to valuing investments a time when market conditions are ‘very, very hard to read.’
Monroe, which began investing in real estate in earnest about three years ago, plans to hire two more sector-focused professionals by the end of the year.