During the California Gold Rush, thousands rushed west in search of fortune. Few struck it rich. The real winners were those who sold the picks, shovels and other tools needed to sustain the miners’ efforts. They thrived not by chasing the frenzy, but by positioning themselves with strategy and discipline.
Today’s commercial real estate market presents a similar dynamic. The market continues to experience one of its most significant resets in more than a decade. While many assets remain operationally strong, capital structures are under pressure. Higher interest rates, constrained debt markets and a steady wave of loan maturities have created a liquidity gap that traditional lenders are unwilling or unable to fill. Those positioned to provide the tools, in this case, creative solutions, stand to benefit the most.
Private credit continues to be a critical source of capital in today’s market, and our credit team’s activity reflects that demand. As of mid-August, we’ve originated more than $1.3 billion in loans and expect that momentum to continue. Notable transactions include a $53 million bridge loan for a 270-acre mixed-use development in Mesa, Arizona; a $42 million bridge loan supporting the acquisition of the Atlanta Financial Center; $36 million in construction financing for a 179-unit Class A multifamily development in Oregon; and $67.5 million of bridge financing for the recapitalization of the newly opened 187-room Printing House – Tapestry Collection by Hilton property in Nashville. We are well on our way to another record year in originations.
While our private credit platform is meeting the immediate demand for financing, we’re also seeing opportunities that extend beyond traditional lending. Market dislocation is uncovering complex, transitional situations where capital solutions require a more opportunistic approach. Not in broad strokes but in carefully selected, well-structured transactions that require both creativity and discipline.
We are focused on opportunities where mispriced risk meets strong fundamentals, where we can structure downside protection and capture meaningful upside through preferred equity, recapitalizations and discounted acquisitions. Our underwriting process is rigorous, our execution repeatable and our orientation long term.
Across sectors, we are seeing the landscape shift. Hospitality is under pressure from deferred capital expenditures and near-term maturities. Multifamily faces valuation recalibration as cap rates rise and leverage recedes. Even in office, where secular headwinds persist, dislocation is beginning to yield selectively actionable opportunities. In each case, we are evaluating where structure, not just price, can drive durable, risk-adjusted returns.
This environment demands more than capital. It requires a stable, experienced team with the agility to work up and down the capital stack and the relationships to source deals early. That is what our platform was built for. With deep connectivity across lenders, owners and operators, we consistently uncover opportunities before they reach the broader market and execute with a clear philosophy, shared incentives and a team-based culture that rewards precision.
We are not chasing momentum or relying on market recovery to drive returns. We are focused on underwriting the business plan, aligning with operators and structuring for protection on the downside with the potential for asymmetric outcomes on the upside.
Like those who supplied the tools that built lasting fortunes during the Gold Rush, we are not chasing momentum or relying on chance. We are focused on providing the structure, discipline and alignment needed to uncover value where others see uncertainty. Cycles like this reward preparation and conviction, and we believe the months ahead will offer opportunities for those positioned to act with clarity and discipline.
We are ready to put the right tools to work.
— Greg Friedman, Managing Principal & CEO
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