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Favorable Volumes, Tighter Spreads Lead to Upbeat U.S. CRE Lending Market

Commercial real estate lending markets remained on the upswing in Q3 2017 with rising equity prices, limited volatility and tightening spreads, according to the latest research from CBRE. The CBRE Lending Momentum Index, which tracks the pace of U.S. commercial loan closings, declined slightly from the previous quarter, dropping by 4.7% in Q3 2017 to 226.

Despite this decline, Q3 2017 lending volume remained up year-over-year by 16.9%. While overall sales transaction volume is easing, high levels of maturing loans are creating demand for refinancing.

CMBS conduits continued its streak as top lender, leading all other major lenders in Q3 2017. CMBS origination activity accounted for 36% ($27.9 billion) of non-agency loans in the third quarter, matching their market share in Q2 and up 45.3% year-over-year ($19.2 billion in Q3 2016). This increase bumped year-to-date issuance to $66.6 billion, well ahead of 2016’s $49.9 billion pace. CMBS originations have been buoyed by stable pricing and the successful formation of capital to satisfy lender risk-retention requirements

Life companies maintained their standing as the second most popular lending group in Q3 (slightly more than 24%), remaining a stable source of funding for lower-leverage loans.

Bank originations stalled in Q3, accounting for 18% of loan volume—well below their 49% share a year ago. Banks have been increasingly cautious with their loan underwriting, especially on construction and transitional deals.

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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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