Statista估计，到2023年，商业房地产市场的价值将达到24.67万亿美元。根据德勤金融服务中心2024年行业展望，一半的行业预计明年资本成本和资本可用性将恶化。再加上2025年底前到期的1.5万亿美元债务墙，不难理解当今市场的担忧。
但是我们以前来过这里。
Peachtree集团的信贷团队已经完成了数百笔价值超过150亿美元的交易。在我们的集体职业生涯中，我们看到借款人以各种不同的方式驾驭不稳定的市场，例如我们今天所经历的市场。
以下是借款人设法驾驭当今艰难市场并为其项目争取资金的五个小贴士。
多年来，它一直是借款人的市场，但这不是其中之一。不要放弃手中的条款表——自2022年3月以来，美联储已经加息了11次。在条款表上花费太多时间可能会让你失去任何利差让步，因为基准指数的上涨，甚至更糟糕的是，贷款机构决定完全撤回条款。如果你收到了你信任的人的报价，你可能想接受。
在现有项目中，你目前的贷款人很可能是你最好的朋友。愿意给你延期的贷款机构是这个市场的黄金。从当前的贷款机构获得额外条款可能是成本最低的选择，即使它包括费用和利率上调——它的成本可能仍然比当前市场给你的要低得多。但是，我希望你是一位优秀的借款人——了解最新的可交付成果，沟通项目状况等。毫无疑问，银行在帮你一个忙，不要给信贷委员会说不的理由。
作为该国最大的CPACE发起人之一，Peachtree希望追溯使用所得款项的计划已大幅增加。房产在获得批准的市政当局的居住证明后的3年内有资格获得CPACE，收益通常最高可达稳定价值的35％。对于首次抵押贷款机构来说，这种资本来源变得越来越有趣，因为所得款项可用于偿还您的第一笔抵押贷款和筹集新的利息储备。
我们为成为贷款人而感到自豪，他们希望在交易出现预算破裂或稳定所花费的时间比预期更长的时间时参与解决方案。但是，我始终鼓励借款人增加预算应急开支的规模（即7％对5％）或增加利息储备。是的，它会增加您的初始资本，但您的贷款机构将从贷款融资中提取该成本的60-70％。这可能意味着在初始筹资方面有更多的工作，但通常比在项目中期回到贷款机构和/或股权机构获得额外资金的成本要低。
贷款人可以访问数据和信息。他们最终会发现真相；真相也可能来自你。这包括先前的信用异常或问题以及准确的财产绩效信息。我们有专门用于特殊情况贷款的资金——有很多交易层面的风险可以缓解，但对赞助缺乏信任不是其中之一。
在不确定的时期，希望得到最好的结果，但要为最坏的情况做好准备。Peachtree是一位经验丰富的资本合伙人，他了解商业地产的细微差别。由于传统贷款机构的融资选择有限，我们的团队拥有贷款解决方案、财务能力和专业知识，可以在当今充满挑战的资本市场环境中完成复杂的交易。
我们可以讨论您的贷款方案，以满足您的业务目标。请访问我们 www.peachtreegroup.com。
丹尼尔·西格尔 是Peachtree商业房地产贷款集团的总裁兼负责人。
在加入Peachtree之前，他曾在Ardent Companies担任董事总经理兼高收益投资主管，领导公司的债务投资。在此之前，丹尼尔曾在里亚托资本担任收购副总裁，负责监督不良贷款收购平台。在里亚托任职期间，丹尼尔直接监督了利用国内和国际机会获得商业房地产贷款的收购。此外，他开发了公司的小额余额贷款收购平台，并领导了该公司的首次欧洲收购。
丹尼尔拥有杜兰大学的金融学学士学位。通过 dsiegel@peachtreegroup.com 与他联系。
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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.
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