The firm also believes CMBS delinquencies could rise to top 4%. 
The agency continues to see the rise of e-commerce as a threat to brick-and-mortar retailers.
The company has no expectations that the investment sales market will unlock in the near-term.
2023 numbers
The drop in transaction volume is directly tied to higher mortgage rates.
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The metrics from first three quarters of the year tell a different story than the past few weeks
The firm is the first African American- and women-owned lender to obtain a DUS designation.
The reasons behind the drop are easy to understand: a combination of lower transaction volume, higher interest rates and the steepest inflation in 40 years.
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Executives from Goldman, Blackstone, GIC, Starwood and Mack Real Estate discussed the next wave of sector opportunities at a recent NYU panel.
The hotel management company closed the deal in the last days of 2022.

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