Grupo Peachtree dio la bienvenida a Mark Zandi, economista jefe de Moody's Analytics, para ver nuestra actualización de mercado más reciente. Mark es responsable de dirigir la investigación económica en torno a la macroeconomía, los mercados financieros y las políticas públicas, y ofreció sus puntos de vista sobre el desempeño de la economía estadounidense y las perspectivas a corto plazo, destacando los motivos para ser optimistas y centrándose en los beneficios estabilizadores para las inversiones inmobiliarias comerciales y en crédito privado en un contexto de inflación moderada.
Estos son algunos de los aspectos más destacados de su presentación:
Desempeño económico y de mercado:
Desarrollos positivos:
Riesgos potenciales:
Entorno de inversión:
Nosotros también somos optimistas con respecto a la economía y creemos que el escenario más probable es un aterrizaje suave, que se alinea bien con la forma en que invertimos nuestro capital. Si bien ciertas inversiones inmobiliarias comerciales se enfrentarán a dificultades a la hora de adaptarse a un entorno de tasas de interés más altas durante más tiempo, el clima sigue siendo favorable para las inversiones de capital en crédito a corto y largo plazo de Peachtree Group, así como para las estrategias oportunistas, incluido el desarrollo del sector hotelero en los próximos años. En general, muchos de los temas generales de los que habló Mark reflejan lo que hemos observado en el mercado, específicamente:
Mark Zandi es economista jefe de Moody's, donde dirige la investigación económica. Moody's es un proveedor líder de herramientas analíticas, de datos y de investigación económica. Zandi fue cofundador de Economy.com, empresa que Moody's compró en 2005. Forma parte de la junta directiva de MGIC, la mayor compañía privada de seguros hipotecarios del país; es el director principal de Policy Map, una empresa de visualización de datos; y forma parte del consejo del Instituto Coleridge, una organización sin fines de lucro que facilita el uso de datos en los gobiernos federales, estatales y locales. Zandi, una fuente influyente de análisis económicos para empresas, periodistas y el público, testifica con frecuencia ante el Congreso. Es autor de Paying the Price: Ending the Great Recesion and Beginning a New American Century, en el que se evalúa la respuesta de la política monetaria y fiscal a la Gran Recesión. Su otro libro, Financial Shock: A 360º Look at the Subprime Mortgage Implosion and How to Avoid the Next Financial Crisis, ha sido descrito por el New York Times como la «guía más clara» de la crisis financiera. Zandi obtuvo su licenciatura en la Escuela Wharton de la Universidad de Pensilvania y su doctorado en Economía en la Universidad de Pensilvania.
Greg Friedman offers a wide perspective on the real estate market. He uses the 10-year treasury yield as a market indicator but notes inconsistencies in the latest trends compared to real estate. Greg believes there will be better buying opportunities on the horizon once real estate finds a bottom to build a new foundation. Listen to the full broadcast on Schwab Network.
The commercial real estate industry has entered a transformative period defined by Chaos, Complexity, Complications and Creativity. The interplay of macro-economic pressures, financial challenges and anticipated policy changes from the new administration has created a volatile environment that demands adaptability and strategic thinking from stakeholders.
The chaos in CRE stems from structural shifts and economic headwinds reshaping the industry. Elevated interest rates have fundamentally altered investment returns, making debt more expensive and refinancing significantly harder. An ongoing "wall of debt maturities," totaling $3.6 trillion over the next 36 months, will force owners to manage or restructure obligations under far less favorable conditions than when loans were originated.
We are at historic levels of debt maturing as we are at the tail end of a wave of CRE loans maturing, many of which originated before 2022, particularly in 2014 and 2015, reflecting the prevalent 10-year loan terms of that period. To put this into context, the average interest rate on CRE loans originated in 2024 was roughly 6.2% versus the 4.3% rate on maturing mortgages—a nearly200-basis-point increase, according to S&P Global.
Meanwhile, the new administration's plans to cut costs and tighten immigration policies introduce uncertainty, complicating operational and labor-related decisions. While the immigration policy discussions may create short-term volatility, its impact on long-term CRE investments is expected to be minimal. These discussions serve as an "eye candy" distraction without substantial consequences for capital deployment or the asset class's attractiveness.
These factors foster a chaotic and volatile environment, disrupting traditional approaches to ownership, transactions and refinancing.
CRE investments are inherently complex, and the current chaotic market magnifies these challenges. Rising debt obligations now exceed asset performance, particularly as rent growth and NOI struggle to keep pace with increasing costs. Market stress varies across sectors, with some assets thriving while others falter under outdated financing terms and reduced liquidity.
The complications stemming from broken capital stacks and operational challenges are expected to peak this year. Higher interest rates and more conservative lending criteria make debt restructuring increasingly tricky. Insurance and heightened compliance costs exacerbate inefficiencies, further straining asset performance.
In this challenging environment, creativity is no longer optional but essential. Owners and investors must adopt innovative strategies to structure deals, recapitalize assets and maintain competitiveness.
Strategies like CPACE financing, which enhances building efficiency while addressing funding gaps, and EB-5 investments, which access foreign capital through immigrant investor programs, offer viable solutions. Preferred equity and mezzanine debt can fill capital stack gaps, while private credit provides customized financing arrangements tailored to asset-specific needs. Creative structuring, such as Delaware Statutory Trusts (DSTs), maximizes tax advantages and enhances cash flow predictability.
Tax considerations should also play a vital role in determining your investment strategies. Delaware Statutory Trusts (DSTs) offer appealing solutions for 1031 exchange investors seeking tax deferral and portfolio diversification through high-quality assets.
Opportunity Zones remain one of the most significant tax benefits across the country while furthering the cause of urban redevelopment. These tax-advantaged instrument allows investors to reduce their tax burdens and extract more value from their CRE investments.
This year will be a watershed moment for commercial real-estate stakeholders. The erratic nature of the market means that financial tools must be intimately understood, and alternative approaches embraced. Success will come down to adaptability, innovation and a deep understanding of market dynamics. Although the headwinds will be persistent, this environment provides unique opportunities for those who are prepared to embrace the four Cs and help define a creative way forward.
The Peachtree Group team will share their insights into how the market is shaping up and how they plan to adapt their strategies to navigate Chaos, Complexity, Complications and Creativity. Each aims to overcome the headwinds and seize the opportunities presented in this transformative period for the commercial real estate industry.
The Peachtree Group team shares their insights into how the market is shaping up and how they plan to adapt their strategies to navigate Chaos, Complexity, Complications and Creativity. Each aims to overcome the headwinds and seize the opportunities presented in this transformative period for the commercial real estate industry. Read Peachtree's House Views Here.
.png)
.png)
ATLANTA (Jan. 6, 2025) – Peachtree Group ("Peachtree") announced today that Josh Rubinger has joined as senior vice president of national accounts for its broker-dealer affiliate, Peachtree PC Investors("PPCI"). Rubinger’s role will focus on business development, overseeing relationships with broker-dealers and registered investment advisors (“RIAs”)and supporting the distribution of the firm’s investment offerings.
With more than two decades of experience in financial services and a proven track record of developing strong client relationships, Rubinger's leadership will further strengthen Peachtree's commitment to delivering tailored investment solutions through PPCI.
“This strategic hire underscores our focus on grow thand strengthening Peachtree’s position as a trusted partner within the investment community,” said Brian Cho, president of PPCI. “Josh's extensive experience and strong network of relationships with broker-dealers and RIAs position him as a key asset to our team. His expertise will be instrumental in shaping our selling group and broadening our market reach.”
Prior to joining PPCI, Rubinger served as senior vice president and head of national accounts for Ashford Securities, a broker-dealer wholly owned by Ashford Inc., an alternative asset management company specializing in the real estate and hospitality sectors.
Before Ashford, he served as senior vice president of national accounts for Lightstone Capital Markets, the capital markets division of The Lightstone Group. Rubinger also served as vice president and East Coast national accounts manager at Thompson National Properties LLC. Before entering the alternative investment space, he held roles with Oppenheimer Funds andColumbia Funds.
Rubinger holds a bachelor’s degree from Hamilton College and FINRA Series 7 and 63 securities licenses.
About Peachtree Group
Peachtree Group is a vertically integrated investment management firm specializing in identifying and capitalizing on opportunities in dislocated markets, anchored by commercial real estate. Today, the company manages billions in capital across acquisitions, development and lending, augmented by services designed to protect, support and grow its investments. For more information, visit www.peachtreegroup.com.
.jpg)
