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U.S. Hotel Lending Likely to Get More Challenging
Ester Hertzfeld with Hotel Management Magazine spoke with Peachtree SVP Jared Schlosser about the hotel lending market in her most recent article.
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。
承认你的处境
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。
草并不总是更绿
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。
你考虑过CPACE吗
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。
尝试支付超额费用并预付运费
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。
沟通、诚实和透明是关键
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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Stonehill 被评为美国最大的酒店 CRE 贷款机构之一
商业房地产直接贷款机构Stonehill被抵押银行家协会（“MBA”）2022年贷款发放排名列为美国第八大商业房地产酒店贷款机构，比2021年的排名上升了两位。
商业房地产直接贷款机构Stonehill被抵押银行家协会（“MBA”）2022年贷款发放排名列为美国第八大商业房地产酒店贷款机构，比2021年的排名上升了两位。2022年，斯通希尔部署了12亿美元的房地产投资，其中8.13亿美元与酒店有关。
斯通希尔还被工商管理硕士评为美国第16大商业房地产零售贷款机构，在2022年部署了1.63亿美元。
Stonehill总裁兼董事总经理马特·克罗斯威表示：“我们的表现证明了我们致力于了解赞助商的业务计划，并在市场动荡的情况下通过稳定的资本完成交易。”
去年，Stonehill成立了Stonehill CRE，扩大了其商业贷款业务，在所有房地产领域发起和进行投资。该CRE集团专注于传统上供应不足的重型过渡资产和信贷市场行业。
“在经济波动和利率上升的情况下，传统贷款机构撤回了房地产贷款，造成了资本市场的混乱。Stonehill CRE总裁丹尼尔·西格尔说，在Stonehill，我们花了多年的时间积累资本形成，这使我们能够向希望执行业务计划的各行各业的房地产所有者发放贷款和提供融资。
MBA的年度发放排名报告是一系列全面的清单，列出了149名商业/多户住宅抵押贷款发起人、他们2022年的交易量以及他们的不同角色。
关于斯通希尔
Stonehill隶属于Peachtree Group，是一家直接贷款机构，提供永久贷款、过渡贷款、夹层贷款、商业地产评估清洁能源（CPACE）融资和主要由酒店资产担保的优先股投资。Stonehill成立于2013年，为收购、资本重组、再融资和翻新提供创造性的融资解决方案，并已完成超过510笔交易，总额超过54亿美元。Stonehill的负责人合并发起、构造或购买了超过100亿美元的债务。
Reviving Malls: Shifting Perspectives on Retail's Potential
Is mall still a four letter word? Retail, including malls is experiencing strong leasing momentum, but to be successful, retail investors need to consider these tips.
In today’s highly competitive and constantly evolving real estate market, sponsors of retail commercial properties need a reliable financial partner to help them navigate the complexities of this space. There is a perception that capital is non-existent for this sector, but that couldn’t be further from the truth. Peachtree Group Credit has emerged as an industry leader – ranking as the 16thlargest U.S. commercial real estate retail lender ranking as the 16th largest U.S. commercial real estate retail lender – providing creative financing solutions to help clients realize their vision for maximizing return on investment.
The fact is retail, including malls, is experiencing strong leasing momentum with increased foot traffic allowing sponsors to stabilize cash flow levels, which took a hit during the beginning of the COVID-19 pandemic. Brick-and-mortar retail locations are a necessary and growing component of a retailer’s multi-channel strategy. While traditional retail struggled before COVID, the pandemic has brought greater appreciation for in-store experiences for certain shopping items. This trend bodes well for retail as an investment.
To remain competitive, retail investors must accelerate their plans and expand their thinking to find ways to keep their retail locations relevant in a changing landscape.
Retail investors are looking at this sector with compelling strategies, including reimagining portions of the property to bring in new tenants, densifying the property by spinning off excess parking into pad sites or value-add components with a plan for re-leasing and some potential redevelopment opportunities.
Peachtree provides needed liquidity for maturing loans, new acquisitions and construction projects.
Some of the recent coast-to-coast mall transactions completed, include:
- Bellis Fair Mall – Originating a$24.0 million first mortgage loan for the 774,264 square-foot shopping mall in Bellingham, Washington.
- Cumberland Mall – Originating a$28.8 million first mortgage loan for the 953,313 square-foot shopping mall in Vineland, New Jersey.
- Greenwood Mall – Originating a$42.3 million first mortgage loan for the 970,523 square-foot shopping mall in Bowling Green, Kentucky.
- The Mall at Robinson – Originating a$25.5 million first mortgage loan for the 874,000 square-foot shopping mall in Pittsburgh, Pennsylvania.
- TownCenter at Cobb – Originating a $42.0million first mortgage for a 1,200,000 square-foot shopping mall in Kennesaw, GA
- Fairlane Town Center – Originating a $28.0million first mortgage for a 1,450,000 square foot shopping mall in Dearborn, MI
Peachtree actively collaborates with sponsors from the initial concept stage until closing, offering expedited financing explicitly tailored for their business, allowing all parties to achieve a best-in-class financial outcome. Throughout the process, Peachtree keeps up regular touchpoints, ensuring the transactions go smoothly. This further demonstrates Stonehill’s commitment to supporting sponsor capital strategies with execution certainty amid a highly unpredictable funding landscape, increasingly a critical variable impacting retail real estate acquisition competition outcomes.
Having access to an experienced lender can provide valuable expertise and guidance to help you with your investment. With specific retail knowledge, Peachtree can provide insights into effective strategies for success. At Peachtree, we have the expertise to guide you through your options.
Greg Koenig is a senior vice president at Peachtree Group Credit. Before joining Peachtree, he was an executive director at A large private equity firm, focusing on debt originations in all asset classes. Prior to that, Greg was a senior vice president at Newport RE, a German-based real estate investment company, focusing on acquisitions and asset management for its U.S. portfolio. Previously, he was a vice president at Rialto Capital, where he helped underwrite and asset-manage loan portfolios. Before joining Rialto, Greg worked at TriMont Real Estate Advisors facilitating loan workouts and maximizing returns on distressed assets. Greg holds a bachelor’s degree from the University of Connecticut, where he majored in Real Estate and UrbanEconomics.
Contact Greg at gkoenig@peachtreegroup.com or 1-860-833-2285.