“延伸并假装” ——正如哈姆雷特曾问过的一句名言：“要么成为，要么不成为”，我们也正处于关键启示的边缘。我们是否面临着利率持续上升的巨大转变，这是一个基本上被忽视的问题？从短期和长期来看，这种转变将如何影响商业房地产和其他资产类别？公共和私营部门是否为看似不可避免的事情做好了准备？今天，我们面临的问题多于答案，在更高的利率环境中，犹豫不决已不再可行。
与过去几次衰退（例如COVID、全球金融危机和互联网泡沫破裂）不同，由于利息成本极低，美联储大幅降低了利率，使商业地产所有者和贷款人即使在现金流为负数或微薄的情况下也能轻松参与 “延期和假装”。
今天，我们正处于商业房地产衰退之中，没有减弱的迹象。在强劲的就业市场的推动下，经济拥有相当强劲的实力，创纪录的流动性处于观望状态。我认为没有必要的催化剂可以将利率恢复到前几个周期的水平。因此，我不认为 “延期和假装” 是一种有效的策略，它会为更多的破产、丧失抵押品赎回权和强制出售做准备，因为我们处于新的利率模式中，或者可能只是恢复常态，不幸的是，这将对价值观，尤其是对较低市值利率的资产造成破坏。归根结底，在任何市场混乱中，对于那些具有决定性和流动性的人来说，将有关键的机会在正确的时机抓住这些机会。
这篇评论最初出现在 格雷格·弗里德曼的领英页面 2024 年 5 月 1 日，回应 《华尔街日报》 文章标题为： 即使美联储削减利率，超低利率的时代也结束了。
Reuters | US summer flight bookings are down 10% year-on-year — even though airfares are cheaper — and the airline sector is lagging behind the wider market. Nevertheless, Greg Friedman of Peachtree Group says the market will pick up and even benefit in 2026.
Schwab Network: With the summer season well underway, Greg Friedman is bullish on hotel and travel stocks. He believes there's favoritism toward some companies that investors may not realize unless they look under the surface. Greg breaks down the trends he sees to explain why optimism is high for companies like Hyatt (H), Hilton (HLT), and Airbnb (ABNB).
ATLANTA (July 21, 2025) - Peachtree Group (“Peachtree”), a leading vertically integrated commercial real estate investment platform, today announced the launch of its Peachtree Special Situations Fund, a $250 million fund designed to unlock value in mispriced, high-quality hotel and other commercial real estate assets due to today’s capital market illiquidity rather than underlying fundamentals.
“We believe the next 12 to 18 months offer some of the most compelling risk-adjusted opportunities we’ve seen since the global financial crisis,” said Greg Friedman, managing principal and CEO of Peachtree. “As balance sheet stress and refinancing hurdles intensify in the hotel space and other commercial real estate sectors, Peachtree is uniquely positioned to deploy capital where it’s needed most, delivering attractive returns while providing real solutions for sponsors and lenders alike.”
With nearly $1 trillion in commercial real estate loans maturing in 2025 and hotels carrying some of the largest refinancing and capital expenditure burdens, Peachtree’s Special Situations Fund is positioned to step in where traditional capital has pulled back.
Many hotel and commercial real estate owners who financed properties in the zero-interest-rate era now face gaps in their capital stacksas rates remain elevated and liquidity tightens. Peachtree’s strategy bridges this gap by providing creative downside-protected capital solutions to reposition assets and unlock embedded value.
“This fund is about capitalizing on dislocation, not chaos,” Friedman said. “We’re targeting high-quality assets not distressed by systematic factors but by capital structure, and we’re doing it with the speed, creativity and certainty of execution that have defined Peachtree’s reputation for more than a decade.”
The Special Situations Fund targets investments that sit between value-add and opportunistic, combining attractive upside potential with meaningful downside protection. Core strategies include:
· Off-market acquisitions: Securing underperforming or mispriced hotels as well as select multifamily, student housing, self-storage and other commercial real estate sectors for repositioning and stabilization.
· Preferred and hybrid equity solutions: Providing flexible capital to sponsors needing liquidity for acquisitions, development or refinancing with structures designed to protect basis and enhance current yields.
· Distressed purchases from lenders: Acquiring assets directly from banks through deed-in-lieu or post-foreclosure transactions, often at discounts to outstanding loan balances and well below replacement cost.
Peachtree’s fully integrated platform spans direct lending, CPACE financing, development, acquisitions and capital markets and provides a unique lens into shifting market dynamics. Long standing relationships with community and regional banks and other stakeholders enable Peachtree to source high-value opportunities early before they reach the broader market.
“We’re the first call when a sponsor or lender needs a fast, reliable solution,” Friedman said. “Speed and surety of close are critical in this environment, especially when dealing with complex capital stacks and distressed notes.”
The fund’s geographic focus is nationwide, with significant deal flow expected in markets with strong demand fundamentals and recent pricing resets, including Texas, Florida and California. Peachtree expects to hold its first close within the next 60 to 90 days and complete the final close within its targeted 18 months following the initial close.
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Fund Information
THIS IS NOT AN OFFER OR SOLICITATION TO PURCHASE ANY SECURITY. AN OFFERING IS MADE ONLY BY THE PRIVATE PLACEMENT MEMORANDUM. SECURITIES OFFERED THROUGH PEACHTREE PC INVESTORS, LLC MEMBER FINRA/SIPC.
