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Macklowe Properties is seeking at least $1.1 billion in financing for One Wall Street, according to Bloomberg News

Commercial Debt Markets Remain Strong, Supported by Increase in Sales Transactions

Demand for commercial real estate debt remains strong, supported by an increase in sales transactions in Q3 2018, according to the latest research from CBRE. The CBRE Lending Momentum Index, which tracks the pace of commercial loan closings in the U.S, ended Q3 2018 on a strong note at a value of 252, up nearly 25% from 202 in June. Compared with a year ago, the index is up by 13.1%.

Banks, alternative lenders and agencies all contributed to the increase in commercial lending volume.

CBRE’s Brian Stoffers says, “Despite the trend of higher interest rates and lower loan refinancings, commercial real estate debt remains sought after by borrowers and was boosted this quarter by the market increase in sales transactions.”

Banks remained active in Q3 2018, accounting for close to 40% of non-agency lending volume. This was up from a 28% share in Q3 2017.

Alternative lenders, including REITS, finance companies and debt funds, accounted for 27% of loan closings in Q3 2018, up from 16.4% in Q2 2018 and 13.1% from a year ago.

Life companies dipped to 18.6% of the non-agency lending market in Q3 2018, down from 20.7% in Q2 2018 and 22.9% from a year ago.

CMBS issuance slowed by mid-year. As of mid-October, year-to-date issuance totaled $63 billion, down from $68.2 billion for the same period in 2017. At 14.6%, the Q3 2018 share of CMBS conduit originators was on par with Q2 2018, but down from 36% a year ago.

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About Dennis Kaiser

Dennis Kaiser is Vice President of Content and Public Relations for Connect Commercial Real Estate. Dennis is a communications leader with more than 30 years of experience including as a journalist and in corporate and agency marketing communications roles. He is responsible for Connect’s client content operations and is involved in a range of initiatives ranging from content strategy, message development, copywriting, media relations, social media and content marketing services. In his most recent corporate communications roles, he led a regional public relations effort across Southern California for CBRE, played a key marketing role on JLL’s national retail team, and was responsible for directing the global public relations effort at ValleyCrest, the nation’s largest commercial landscape services company. In addition to his vast commercial real estate experience, Dennis has worked on communications and launch strategies for a number of residential projects such as Disney’s Celebration in Florida, Ritter Ranch in Palmdale California (7,200 homes, 22,000 acres), WaterColor in Florida and PremierGarage in Phoenix. Dennis’s agency background included firms such as Idea Hall and Macy + Associates. He has earned an outstanding reputation with organization leaders as a trusted advisor, strategic program implementer, consensus builder and exceptional collaborator. Dennis has developed and managed national communications programs for Fortune 500 companies to start-ups, both public and private. He’s successfully worked with journalists across the globe representing clients involved in major-breaking news stories, product launches, media tours, and company news announcements. Dennis has been involved in a host of charitable and community organizations including the American Cancer Society, Easter Seals, BoyScouts, Chrysalis Foundation, Freedom For Life, HOLA, L.A.’s BEST, Reach Out and Read, Super Bowl Host Committee, and Thunderbirds Charities.

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