급변하는 경제 환경에서 호텔 개발자와 대출 기관은 호텔 프로젝트의 성공적인 결과를 확보하기 위해 전략을 조정하고 있습니다.호텔 대출 담당 EVP 겸 Peachtree Group의 CPACE 책임자인 Jared Schlosser와 만나 금리 상승과 인플레이션 압력이 대출 기준과 재무 계획에 어떤 영향을 미치는지에 대해 논의했습니다.액티브 렌딩 (Active Lending) 패널 토론회에서 Jared의 이야기를 더 들어보세요. 로징 컨퍼런스.
Q: 금리 상승과 인플레이션 압력을 감안할 때 대출 기관은 호텔에 대한 인수 기준을 어떻게 조정하고 있습니까?
재러드 슐로서: 지금은 현금 흐름이 전부입니다.실제 비하인드 스토리가 없는 한 어떤 형태의 견적 성장도 뒷받침하기는 어렵습니다.대출 기관은 현금 흐름에 초점을 맞추기 때문에 채무 수익률이 13% 이상이면 일반적으로 영구 부채, CMBS, 생명 보험 또는 은행 인수를 받을 수 있습니다.이 기준을 충족하지 못하면 보통 프라이빗 크레딧 분야에 빠지게 되는데, 바로 Peachtree Group이 그 역할을 합니다.
Q: 대출 가치 (LTV) 비율이나 이자율과 같은 대출 조건의 현재 추세는 무엇입니까?
JS: 각 대출 기관의 위험 임계값에 따라 상당히 다양해졌습니다.제가 볼 수 있는 가장 큰 추세는 금리가 얼마나 오랫동안 상승세를 유지할 것인지에 대한 불확실성입니다.이로 인해 차용자들은 유연성을 찾고 있습니다.그들은 수익률 유지 기간이 짧거나 중도상환에 대한 벌금이 줄어든 대출에 대해 기꺼이 프리미엄을 지불할 의향이 있습니다.많은 사람들이 예전처럼 장기 고정금리 부채에 묶어두는 것을 주저합니다.
고정금리 대출과 변동금리 대출을 모두 제공하고 있지만 고정금리 상품을 사용하더라도 대출자들은 최대한 융통성을 확보하기 위해 노력하고 있습니다.대출 대비 비용 (LTC) 또는 LTV는 여전히 70% 에 달하고 있으며, 때로는 보험에 따라 최대 75% 까지 인상하거나 축소하기도 합니다.이와 대조적으로, 은행 시장은 평균 50~ 55% 에 가깝다는 점에서 우리 은행과 기존 은행 간의 차이가 두드러집니다.
Q: 개발자들은 이 시장에서 재무 전략을 어떻게 조정해야 할까요?
JS: 저는 항상 변동이 심한 시장에서 앞서 나가라고 말합니다.선제적으로 행동하세요. 만기일을 앞당기고 당사와 또는 해당 분야의 다른 경쟁업체와 대화를 조기에 시작하세요.미래가 불확실하기 때문에 지금은 조기 참여가 중요합니다.
다가오는 선거, 연방준비은행 (Fed·연준) 정책을 둘러싼 변동성, 금리인하 또는 예상보다 오래 상승할 것인지에 대한 의문 등으로 유동성이 요동치고 있습니다.차용자가 재융자 또는 건설 자금 조달을 빨리 찾고, 패키지를 잘 준비할수록 유리한 조건을 확보할 가능성이 높아집니다.
피치트리 그룹 퍼스트 모기지 브리지 론, 메자닌 론, 우선주 투자 자금 조달에 중점을 둔 직접 대차대조표 대출 기관입니다. 상업용 부동산 평가 청정에너지 (CPACE) 파이낸싱, 호텔 파이낸싱을 전문으로 하는 모든 상업용 부동산 자산에 대출Peachtree Group 팀은 297건 이상의 거래를 체결했으며, 인수, 자본 재편성, 리파이낸싱 및 리노베이션을 완료하기 위해 자본을 찾는 프로젝트에 45억 달러 이상의 자금을 조달했습니다.
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ATLANTA (Feb. 12, 2025) – Peachtree Group (“Peachtree”), a diversified commercial real estate investment platform, announced the appointment of Michael Brunner as executive vice president, credit investments. With an extensive background in securitized products, asset finance and commercial real estate, Brunner will be critical in elevating Peachtree’s credit platform and driving its strategic growth initiatives.
Brunner has more than 25 years of experience at top-tier financial institutions, including ATLAS SP Partners, where he was instrumental in the warehouse finance and securitized products business. He also held leadership roles at Credit Suisse, where he contributed to the Securitized Products Asset Finance division, focusing on commercial real estate finance and commercial mortgage-backed securities (CMBS). Earlier in his career, he spent 18 years in real estate capital markets at J.P. Morgan, where he managed a loan securitization team, led a loan underwriting team and worked with bond investment clients on new issue offerings.
“Michael’s leadership in securitized finance and commercial real estate finance makes himan invaluable addition to our team,” said Michael Harper, president, hotel lending at Peachtree. “His deep institutional relationships and ability to streamline deal execution will strengthen our credit platform, broaden our market reach and enhance our portfolio. With Michael on board, we are well-positioned to optimize our credit strategies, unlock new capital sources and drive superior risk-adjusted returns for our stakeholders.”
Brunner holds an MBA from theUniversity of Florida and a Bachelor of Science in construction science from Texas A&M University.
“I am thrilled to join Peachtree Group at such an exciting time for its credit platform,” Brunner said. “Peachtree’s ability to pivot across the capital stack, combined with its track record in private credit, positions it as a commercial real estate market leader. I look forward to contributing to its continued success and growth.”
“Peachtree’s credit platform has consistently delivered strong results, supported by a team of seasoned professionals dedicated to originating, underwriting and managing private credit investments. With Michael’s leadership, the credit platform is poised for further growth, reinforcing its position as an industry leader,” Harper added.
About Peachtree Group
Peachtree Group is a vertically integrated investment management firm specializing in identifying and capitalizing on opportunities in dislocated markets, anchored by commercial real estate. Today, the company manages billions in capital across acquisitions, development and lending, augmented by services designed to protect, support and grow its investments. For more information, visit www.peachtreegroup.com.
This article is republished with permission from Green Street News.
The developer of an apartment complex in northwest Washington state has lined up $57.5 million of senior debt from Peachtree Group, including $29 million of commercial Property Assessed Clean Energy financing.
Grandview North is on track to complete the 350-unit Harrington Place, in Ferndale, by January 2026. Atlanta-based Peachtree funded $13 million of the debt at closing on Jan. 28.
The fixed-rate C-PACE loan has a 30-year term. The rest of the senior financing package, brokered by CapNorth, was structured as a $28.5 million, floating-rate construction loan with an initial term of 18 months, plus extension options.
As part of the deal, the term of an outstanding $20 million mezzanine loan from Hickory CRE Lending was adjusted to match that of the Peachtree floater. The project is expected to cost $90 million, which pegs the overall loan-to-cost ratio at roughly 86%.
New York-based Hickory originated its fully funded subordinate loan as part of a $77 million debt package that Arlington, Wash.-based Grandview lined up in April 2023. The package also included a $57 million senior-debt commitment from Bayview Asset Management of Coral Gables, Fla. Bayview’s portion, which never funded because construction was postponed due to permitting delays, was split between a $45 million construction loan from its Oceanview Life and Annuity affiliate and $12 million of C-PACE financing from its Bayview PACE unit.
Developers can use C-PACE loans, which are repaid via assessments collected with property taxes, to help finance commercial buildings that meet certain standards for energy efficiency and sustainability. For its part, Peachtree offers borrowers debt throughout the capital stack by providing such financing in conjunction with traditional construction and bridge loans, president Daniel Siegel said.
Harrington Place will comprise 11 buildings on an 18-acre site that Grandview has owned since late 2020. The 101 studios and 150 one-bedroom, 63 two-bedroom and 36 three-bedroom units will have quartz counters, stainless-steel appliances and full-size washer/dryers.
Amenities will include fitness, game and party rooms, a lounge, a playground, indoor and outdoor athletic courts, and a patio with grills. The property is at 6276 Portal Way, a half-mile west of the Nooksack River and 10 miles northwest of Bellingham, a growing city between Vancouver, Canada, to the north and Seattle to the south.
ATLANTA (Oct. 14, 2024) – Peachtree Group ("Peachtree") announced that its credit team has surpassed $1 billion in loan originations year-to-date, marking a major milestone and setting a new benchmark for the firm's performance this early in the year. The firm anticipates that its credit team will surpass $1.75 billion in loan originations in 2024.
“While the Federal Reserve has lowered rates to provide some relief to the overall economy, the commercial real estate sector will continue to face significant headwinds over the next few years,” said Jared Schlosser, executive vice president of hotel lending and head of CPACE for Peachtree.
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The wave of debt maturities in the trillions of dollars positions private credit lenders like Peachtree to step in and close the funding gap left by traditional capital sources.
“With conventional lenders still on the sidelines, we have seen a significant shift in capital markets with private credit lenders supporting the industry as it faces a sharp rise in debt maturities potentially approaching $1.5 trillion through 2025,” Schlosser said.
Peachtree is ranked as the seventh-largest U.S. commercial real estate investor-driven lender by the Mortgage Bankers Association in its latest loan origination rankings.
As a direct lender in the commercial real estate space, Peachtree offers a wide range of financing solutions, including permanent loans, bridge loans, mezzanine loans, CPACE (Commercial Property Assessed Clean Energy) financing and preferred equity investments across all commercial real estate sectors.
Hotels represented the largest sector and surpassed $639 million in credit transactions year-to-date, marking a 176% increase compared to the same period last year. Multifamily originations are the next most significant sector, with the two asset classes accounting for 80% of all credit transactions.
Notable credit transactions closed this year:
· $47.0 million first mortgage loan for a multifamily property in Bradenton, Fla.
· $41.9 million first mortgage loan for a Kimpton Sylvan hotel in Atlanta, Ga.
· $40.0 million CPACE financing for an AC hotel in San Diego, Calif.
· $38.5 million first mortgage loan for a multifamily property in Miami, Fla.
· $26.4 million first mortgage loan for a Hampton Inn in Columbus, Ohio
“Peachtree has built a strong financial foundation over the years, giving it the stability to support commercial real estate owners in securing the funding needed for acquisitions, recapitalizations and development projects,” Schlosser concluded.
About Peachtree Group
Peachtree Group is a vertically integrated investment management firm specializing in identifying and capitalizing on opportunities in dislocated markets, anchored by commercial real estate. Today, the company manages billions in capital across acquisitions, development and lending, augmented by services designed to protect, support and grow its investments. For more information, visit www.peachtreegroup.com.
