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Government and bank intervention has raised questions over the future of affected real estate debt.
CIM Group will follow a strategy similar to what it does it the US in which it works as a partner for banks.
The deal makes the New York company the fourth-largest US mortgage REIT.
While the tone of the market feels anecdotally better, transaction activity has still not yet picked up.
While there is growing interest in debt as an investment, Azelby noted the equity and the debt sides of the business remain distinct.
A lower leverage, liquidity-constrained environment makes it a good time to be a lender, market participants say.
About 26% of all capital raised during the first nine months of the year was allocated to the sector.
It is rare for balance-sheet lenders to agree to forward commit to a project of this size given the market rate component of it.
Lending market weighs the long-term effect of this week’s 25bps rate increase.
The polls will close at midnight on Friday, February 10, 2023 and the results will be revealed in April.