格雷格·弗里德曼和米图尔·帕特尔以家族办公室的身份组建了桃树酒店集团，投资高档品牌的精选服务酒店。
Peachtree成立了互补部门，分别负责开发和运营酒店、桃树酒店开发和桃树酒店管理。在接下来的十年中，该公司继续快速增长其有限和精选服务酒店组合，成为全美增长最快的酒店收购、管理、开发和所有权集团之一，旗下包括万豪、喜达屋、希尔顿、凯悦和洲际酒店集团旗下的高级品牌酒店。
贾丁·德赛加入Peachtree，担任董事总首席投资官兼首席财务官。该公司将投资产品范围从股权投资扩展到信贷投资，收购由酒店和其他房地产资产担保的债务头寸。随着大金融危机的爆发，Peachtree实施了不良投资策略，投资了47家不良酒店。
Peachtree成立了直接商业房地产贷款部门Stonehill，专注于债务发放和票据收购。Stonehill专注于过渡性资产和信贷市场中传统上融资渠道更为有限的行业，最终成为抵押银行家协会（“MBA”）排名前十的美国商业房地产酒店贷款机构。
桃树集团从家族办公室重组为垂直整合的私募股权公司。该公司推出了首个投资工具，专注于收购和发起对精选服务酒店的债务投资。
Peachtree推出了其首个全权股权投资工具，以收购和开发高档品牌酒店和其他商业房地产资产。
Peachtree成立了Revive Land Group，这是一个土地开发部门，专注于设计、授权和开发住宅和混合用途项目。此后，Revive已交易了超过50万美元的房地产，其中包括1,100多个住宅用地。
Stonehill PACE是一家直接贷款机构，专注于为各种商业房地产资产类别提供房地产评估清洁能源。随着时间的推移，它发展成为美国著名的CPACE提供商之一，获得了超过6亿美元的CPACE融资。此外，Peachtree还发起了抵押贷款房地产投资信托基金（REIT），专门为创收房地产融资。该房地产投资信托基金的范围涉及收购或发起抵押贷款和抵押贷款支持证券。该公司通过投资合格机会区内的酒店开发，进一步扩大了业务范围。这一战略举措旨在利用2017年《减税和就业法》提供的延期纳税优惠。
在FINRA注册的经纪交易商Peachtree PC Investors（PPCI）成为Peachtree公司投资产品的独家管理经纪交易商。
疫情的爆发引发了意想不到的 “黑天鹅” 事件，使美国陷入衰退，并对各个行业产生了重大影响，尤其是商业房地产行业，尤其是酒店业。作为回应，Peachtree启动了迄今为止最广泛的投资计划，重点是房地产和相关资产。这一战略举措旨在利用市场混乱、运营效率低下、资本不足和预期的周期性反弹所带来的新兴机会。在此期间，该公司执行的交易总额为30亿美元的资产，包括债务和股权投资。值得注意的是，作为其投资活动的一部分，Peachtree收购了180多张首次抵押贷款票据，将自己定位在各种房地产资产中。
由于获得资本的机会减少，疫情造成的持续中断导致所有权集团和开发商面临财务压力。作为回应，该公司推出了其第十二种赞助投资工具，旨在进行机会主义债务和股权投资。这一战略举措利用了酒店业和其他受影响的房地产行业的新兴投资机会。
Gala Media Capital的成立是为了资助电影和电视的制作
丹尼尔·西格尔加入Stonehill担任首席CRE，他引进了一支由酒店业之外经验丰富的创始人组成的团队，以扩大Peachtree的商业贷款业务。此外，Peachtree通过启动1031交易所夏令时计划，扩大了其高质量、多元化的投资策略和工具系列，以加强其在酒店业的延期纳税策略。由于Peachtree在整个生态系统中扩展到非酒店投资，该公司从名称中删除 “酒店”，改名为Peachtree集团，继续发展超越酒店业。
90亿美元以上的资产价值和超过25亿美元的管理资本
随着商业房地产投资组合的扩大，Peachtree将所有附属公司，尤其是Stonehill、Stonehill PACE和Peachtree Hospitality Management，整合到桃树集团旗下。该公司增加了垂直整合管理平台，增加了EB-5计划，以获取低成本资本，分散资金来源，并投资于美国各地创造就业机会的项目。自2020年以来，Peachtree Group的规模翻了一番，凭借其对市场的整体看法，在商业周期中机会性地部署资本的能力，取得了著名的成功。
The commercial real estate industry has entered a transformative period defined by Chaos, Complexity, Complications and Creativity. The interplay of macro-economic pressures, financial challenges and anticipated policy changes from the new administration has created a volatile environment that demands adaptability and strategic thinking from stakeholders.
The chaos in CRE stems from structural shifts and economic headwinds reshaping the industry. Elevated interest rates have fundamentally altered investment returns, making debt more expensive and refinancing significantly harder. An ongoing "wall of debt maturities," totaling $3.6 trillion over the next 36 months, will force owners to manage or restructure obligations under far less favorable conditions than when loans were originated.
We are at historic levels of debt maturing as we are at the tail end of a wave of CRE loans maturing, many of which originated before 2022, particularly in 2014 and 2015, reflecting the prevalent 10-year loan terms of that period. To put this into context, the average interest rate on CRE loans originated in 2024 was roughly 6.2% versus the 4.3% rate on maturing mortgages—a nearly200-basis-point increase, according to S&P Global.
Meanwhile, the new administration's plans to cut costs and tighten immigration policies introduce uncertainty, complicating operational and labor-related decisions. While the immigration policy discussions may create short-term volatility, its impact on long-term CRE investments is expected to be minimal. These discussions serve as an "eye candy" distraction without substantial consequences for capital deployment or the asset class's attractiveness.
These factors foster a chaotic and volatile environment, disrupting traditional approaches to ownership, transactions and refinancing.
CRE investments are inherently complex, and the current chaotic market magnifies these challenges. Rising debt obligations now exceed asset performance, particularly as rent growth and NOI struggle to keep pace with increasing costs. Market stress varies across sectors, with some assets thriving while others falter under outdated financing terms and reduced liquidity.
The complications stemming from broken capital stacks and operational challenges are expected to peak this year. Higher interest rates and more conservative lending criteria make debt restructuring increasingly tricky. Insurance and heightened compliance costs exacerbate inefficiencies, further straining asset performance.
In this challenging environment, creativity is no longer optional but essential. Owners and investors must adopt innovative strategies to structure deals, recapitalize assets and maintain competitiveness.
Strategies like CPACE financing, which enhances building efficiency while addressing funding gaps, and EB-5 investments, which access foreign capital through immigrant investor programs, offer viable solutions. Preferred equity and mezzanine debt can fill capital stack gaps, while private credit provides customized financing arrangements tailored to asset-specific needs. Creative structuring, such as Delaware Statutory Trusts (DSTs), maximizes tax advantages and enhances cash flow predictability.
Tax considerations should also play a vital role in determining your investment strategies. Delaware Statutory Trusts (DSTs) offer appealing solutions for 1031 exchange investors seeking tax deferral and portfolio diversification through high-quality assets.
Opportunity Zones remain one of the most significant tax benefits across the country while furthering the cause of urban redevelopment. These tax-advantaged instrument allows investors to reduce their tax burdens and extract more value from their CRE investments.
This year will be a watershed moment for commercial real-estate stakeholders. The erratic nature of the market means that financial tools must be intimately understood, and alternative approaches embraced. Success will come down to adaptability, innovation and a deep understanding of market dynamics. Although the headwinds will be persistent, this environment provides unique opportunities for those who are prepared to embrace the four Cs and help define a creative way forward.
The Peachtree Group team will share their insights into how the market is shaping up and how they plan to adapt their strategies to navigate Chaos, Complexity, Complications and Creativity. Each aims to overcome the headwinds and seize the opportunities presented in this transformative period for the commercial real estate industry.
The Peachtree Group team shares their insights into how the market is shaping up and how they plan to adapt their strategies to navigate Chaos, Complexity, Complications and Creativity. Each aims to overcome the headwinds and seize the opportunities presented in this transformative periodf or the commercial real estate industry. Read Peachtree's House Views Here.
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ATLANTA (Jan. 6, 2025) – Peachtree Group ("Peachtree") announced today that Josh Rubinger has joined as senior vice president of national accounts for its broker-dealer affiliate, Peachtree PC Investors("PPCI"). Rubinger’s role will focus on business development, overseeing relationships with broker-dealers and registered investment advisors (“RIAs”)and supporting the distribution of the firm’s investment offerings.
With more than two decades of experience in financial services and a proven track record of developing strong client relationships, Rubinger's leadership will further strengthen Peachtree's commitment to delivering tailored investment solutions through PPCI.
“This strategic hire underscores our focus on grow thand strengthening Peachtree’s position as a trusted partner within the investment community,” said Brian Cho, president of PPCI. “Josh's extensive experience and strong network of relationships with broker-dealers and RIAs position him as a key asset to our team. His expertise will be instrumental in shaping our selling group and broadening our market reach.”
Prior to joining PPCI, Rubinger served as senior vice president and head of national accounts for Ashford Securities, a broker-dealer wholly owned by Ashford Inc., an alternative asset management company specializing in the real estate and hospitality sectors.
Before Ashford, he served as senior vice president of national accounts for Lightstone Capital Markets, the capital markets division of The Lightstone Group. Rubinger also served as vice president and East Coast national accounts manager at Thompson National Properties LLC. Before entering the alternative investment space, he held roles with Oppenheimer Funds andColumbia Funds.
Rubinger holds a bachelor’s degree from Hamilton College and FINRA Series 7 and 63 securities licenses.
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.
The Outlook For Commercial Real Estate in 2025
Despite markets bracing for more deregulation under President-elect Donald Trump, Greg Friedman says higher interest rates will damage commercial real estate. He believes regional banks will stay conservative in a high-rate environment, which can squeeze the CRE market. However, Greg says his firm has seen success in multi-family and retail spaces.
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