capital markets

The Paris-based manager’s global head of research and strategy believes it will be difficult to predict timing on a potential recovery, however.

The former Affinius Capital head of credit capital markets will focus on private credit product expansion.

A growing number of commercial real estate managers have launched or expanded their lending platforms over the past three to six months.

A narrative is emerging for high-quality offices that sit between behemoths like New York’s One Vanderbilt and commodity properties.

The roughly 670,000-sq-ft trophy office is about 90% leased.

The firm originated the loan on behalf of The Dinerstein Companies, a relationship borrower.

The commercial real estate market, which has been in a value correction cycle for the past two years due to higher interest rates and cap rates, will see this correction continue until interest rates settle. 

The financing is notable given the paucity of capital allocated to the office sector as well as a decline in construction lending over the past year to 18 months.

The optimism comes as the commercial real estate debt markets gear up for an estimated $930bn of refinancing.

As banks seek to address commercial real estate exposure, alternative lenders are stepping in to acquire or help restructure loans.