“I’m too disciplined to procrastinate—unless I’m not.”
– Me

It’s been almost two years since our last newsletter. Honestly, we planned to restart a year ago—but life (and the market) had other ideas. If I had to blame one thing, it’d be the relentless velocity of change.

As we pulled together our “Deals in Market” section, we realized half had either closed or died, while a whole new batch was already working its way through. Meanwhile, as we chased JV equity, structured capital (with a kick) quietly climbed the stack, letting us backfill with sponsor equity or smaller syndications.

Now, with stronger internal support, we’re ready to restart our quarterly newsletter to bring fresh, actionable insights to clients and present timely opportunities to our capital network.

Over the last few quarters, several trends have reshaped the market and forced smart players to adapt:

Banks Are Lending Again
After sitting tight and fattening deposit books, banks are back. Many are dipping into light transitional assets, while others are testing the waters of lender leverage markets. Credit committees are cautiously stretching.

Preferred Equity Won’t Save Your Deal
The pref market has settled around a 6% exit debt yield underwriting (fully accrued). That’s a tough bar. Recapping overleveraged deals with pref? Not without serious cash equity.

Common LP equity is essential today to reset the basis, recapitalize, and provide sponsors with a shot at future upside.

Trapped Equity Everywhere
If you weren’t an espresso-fueled, IG-slick capital raiser over the last few years, you likely own solid assets with term debt—and no way to extract equity. Traditional mezz and pref struggle with current pay requirements.

To ‘ll this void, e’re launching a proprietary, institutionally backed NAV monetization program—allowing sponsors to unlock capital from stabilized holdings to fund new value- creation plays, backed by existing asset NAV and enhanced credit structures.

Debt Is Marginally Cheaper (Despite the Hairy Curve)
The yield curve’s still a mess—volatile, inconsistent, and not giving borrowers much relief. But spreads have tightened, as lenders need to produce. In a market bracing for turbulence, it’s counterintuitive—but composite rates are decent, and originators need to stay busy.

We look forward to sharing insights more regularly and working with those leaning into the market with creativity, discipline, and capital.

– David Eyzenberg (Adjunct Professor at NYU Schack Institute of Real Estate & University of Miami Herbert Business School)