Q1 was one for the books. With continued rate increases from the Federal Reserve and the failure of SVB and Signature Bank, the CRE lending markets almost screeched to a halt. Of course, this has opened up a window of opportunity for alternative lenders to pick up the slack and dictate terms; it was and is a lender’s market.

Having said that, we’re seeing a substantial increase in bridge and sub-debt requests which debt funds and family offices are pouncing on – it’s time to put all of that opportunistic capital to work. This has allowed us to remain optimistic and continue to structure financings that are accretive to our clients. 2023 is going to be an interesting year.