Mutual funds and ETFs can offer a liquidity sleeve for institutional investors.
The US commercial real estate debt markets are awash with capital, which has helped to head off distress. But the long-term impact of this liquidity is still up in the air.
Dupont Capital's Karl Umanis has been an active buyer of what he believes are undervalued CMBS since the start of the pandemic.
The firm made an $89m preferred equity investment in a $534m portfolio.
The investor believes the securitized market offers the best chance to finance the portfolio acquired from KKR.
The firm recently formed a programmatic joint venture with Ivanhoé Cambridge for middle market preferred equity deals.
The covid-19 pandemic has led to stronger relationships between well-capitalized borrowers and lenders.
Concerns over performance are keeping lenders on the sidelines for many hotels.
Underwriting office loans is more complicated than it used to be, with higher-quality properties seeing the most stability and demand.
From ample liquidity to an unpredictable office market, the pandemic is rewriting the distressed playbook.