Commercial real estate is struggling with rising rates and bank woes, but the cohead of a $21 billion lender said it's the best time in his more than 20 year career
High interest rates, office woes, and less bank funding are chilling commercial real estate.While banks pull back, he told Trepp his firm can help address massive debts coming due.
"We can make equity-like returns with taking debt risk," de Haan, whose ACORE originates and oversees loans, said on a."We can generate probably the best risk-adjusted returns that I've seen in my entire career." Some of these lenders might even"vaporize," de Haan said, because of mismatched assets and liabilities.
He sees a lot of opportunity in the multifamily sector, where landlords may have purchased high-quality assets, but the rising cost of capital has resulted in some being"upside down" on property values. Multifamily construction loans can also offer"some of the best risk-adjusted returns in the marketplace," he added.
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