July/August 2016 Issue

    Month: July
    Year: 2016

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    Editor’s letter: The UK on hold

    Did someone say there was a referendum happening somewhere? As we went to press with this issue of Real Estate Capital, the market was of course abuzz with talk about what may or may not happen in the vote itself – and also what may follow from the verdict of the British public.

    KBW Conference: Bank retreat? Think again

    While the banks may be shifting away from construction loans, they continue to lend aggressively, executives said at a Keefe, Bruyette & Woods conference in Manhattan. Al Barbarino reports.

    CREFC New York: US market slows, but no hard landing in sight

    Though prices are peaking, liquidity is ample and fundamentals remain strong, delegates hear. Al Barbarino reports.

    PGIM – Moulding a simpler strategy

    The Pricoa, Prudential and Pramerica names have been united for the first time under one brand - PGIM. Property debt and equity chiefs David Durning and Eric Adler tell Jane Roberts what’s next for their $150bn AUM segment of the PGIM business.

    German pricing shows signs of bottoming out

    Some German bankers argue that loan margins are reaching a floor, although few can guess when they will rise, writes Daniel Cunningham.

    A ‘major shift’ as German banks seek out buyers

    Traditionally holders of debt on their balance sheets, the country’s lenders are now increasingly selling down positions. Lauren Parr looks at why, how and who is on the buy side.

    Interview: Beyond Class A – TD Bank pivots to affordable housing

    With the top of the multifamily market overheating and demand at the bottom growing, TD Bank real estate group has switched focus. Justin Slaughter finds out more.

    Syndication desks active despite subdued origination

    Banks are increasingly adopting originate-to-syndicate models, although big-ticket financings are less frequent than during 2015, writes Daniel Cunningham.

    Special Feature: For UK property, Brexit is little more than a red herring

    At the time of going to press, the UK’s referendum outcome was unknown. But has the property world been turned upside down since? Janine Lewis of InvestSure explains why she thinks it’s unlikely – whichever way the vote went.

    Why the force is with the refinancing market

    London’s Salesforce Tower transaction typified CRE market conditions in the early part of this year. Nigel White of Mayer Brown explains how.

    Your borrower has defaulted: When do you pull the trigger?

    How to act when a borrower encounters problems can be a tricky call. Bill Schwartz of Levenfeld Pearlstein, with the help of a sliding scale of troubled loans, provides clarity on what to do and when.

    CAPITAL WATCH: Recent lending deals June 2016

    There was noticeably more activity on the continent than in the UK ahead of the 23 June EU referendum vote as Real Estate Capital went to press.

    CAPITAL WATCH: Private real estate debt funds June 2016

    The latest figures compiled by our Research & Analytics division show there are 120 real estate debt funds in the market, seeking just over $52.6 billion of capital in total.