The pullback of select regional and national banks is opening refinancing opportunities for US and international private credit managers, as seen in a series of high-profile loans over the past two months.
Research from the Real Estate Capital USA Lending Barometer snapshot shows some of the largest multifamily and mixed-use multifamily asset refinancings in 2023 have been made possible by non-US lenders and US-based private credit lenders.
These financings include a $312 million refinancing package originated by Paris-based bank Societe Generale and New York-based manager Rockwood Capital in October on behalf of Philadelphia-based developer and investment firm Post Brothers. Additionally, MF1 Capital, a joint venture between Boston-based Berkshire Residential Investments and New York-based Limekiln Real Estate, in October originated a $101 million loan on behalf of Akara Partners on a class A Nashville apartment property.
Despite the activity in the multifamily space, loan originations were down substantially in September and October from the peak of about $7.2 billion seen in June. By comparison, there were about $4.1 billion of new loan originations in September, with approximately $3.7 billion of financings completed in October.
The Real Estate Capital USA Lending Barometer tracks senior mortgage and mezzanine and preferred equity financings across markets and sectors.
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