在快速变化的经济环境中，酒店开发商和贷款机构正在调整其战略，以确保酒店项目取得成功。我们与桃树集团酒店贷款执行副总裁兼CPACE主管贾里德·施洛瑟坐下来讨论了利率上升和通货膨胀压力如何影响贷款标准和财务规划。在 “活跃贷款” 小组讨论中听取贾里德的更多见解 住宿会议。
问：鉴于利率上升和通货膨胀压力，贷款机构如何调整酒店的承保标准？
杰瑞德·施洛瑟： 现在，一切都与现金流有关。除非背后有真实的故事，否则很难为任何形式的预期增长提供担保。贷款人专注于现金流，如果你能实现13％或更高的债务收益率，你就有资格获得永久债务、CMBS、人寿公司甚至银行收购。如果你没有达到这个门槛，那么你通常会进入私人信贷领域，而这正是Peachtree Group的用武之地。
问：贷款条款的当前趋势如何，例如贷款与价值（LTV）比率或利率？
JS: 差异很大，具体取决于每家贷款机构的风险门槛是多少。我看到的最大趋势是不确定利率将在多长时间内保持高位。因此，借款人正在寻求灵活性。他们愿意为收益维持时间较短或预付罚款较低的贷款支付溢价。许多人对像以前一样锁定长期固定利率债务犹豫不决。
我们提供固定利率和浮动利率贷款，但即使是固定利率产品，借款人也在努力确保尽可能多的灵活性。我们仍将达到70％的贷款比率（LTC）或LTV，有时会推高至75％或缩减规模，具体取决于我们的承保情况。相比之下，银行市场的平均水平接近50-55％，这凸显了我们的领域与传统银行之间的区别。
问：开发者应该如何调整他们在这个市场上的财务策略？
JS: 我总是说，在动荡的市场中，抢先一步。保持积极主动——无论是与我们还是与该领域的其他竞争对手进行对话，都要提前到期，尽早开始对话。目前，尽早参与是关键，因为未来非常不确定。
随着选举的临近、围绕美联储政策的波动以及是否会降息或维持高于预期的时间的问题，流动性正在波动。借款人越早进入市场寻求再融资或建筑融资，他们的一揽子计划准备得越充分，他们获得优惠条件的机会就越大。
桃树集团 是一家直接资产负债表贷款机构，专注于为首次抵押贷款过渡贷款、夹层贷款、优先股投资和提供资金 商业地产评估的清洁能源（CPACE）融资，向所有专门从事酒店融资的商业房地产资产类别提供贷款。Peachtree集团团队已经执行了超过297笔交易，为寻求资金以完成收购、资本重组、再融资和翻新的项目提供了超过45亿美元的资金。
This article is republished with permission from Green Street News.
The developer of an apartment complex in northwest Washington state has lined up $57.5 million of senior debt from Peachtree Group, including $29 million of commercial Property Assessed Clean Energy financing.
Grandview North is on track to complete the 350-unit Harrington Place, in Ferndale, by January 2026. Atlanta-based Peachtree funded $13 million of the debt at closing on Jan. 28.
The fixed-rate C-PACE loan has a 30-year term. The rest of the senior financing package, brokered by CapNorth, was structured as a $28.5 million, floating-rate construction loan with an initial term of 18 months, plus extension options.
As part of the deal, the term of an outstanding $20 million mezzanine loan from Hickory CRE Lending was adjusted to match that of the Peachtree floater. The project is expected to cost $90 million, which pegs the overall loan-to-cost ratio at roughly 86%.
New York-based Hickory originated its fully funded subordinate loan as part of a $77 million debt package that Arlington, Wash.-based Grandview lined up in April 2023. The package also included a $57 million senior-debt commitment from Bayview Asset Management of Coral Gables, Fla. Bayview’s portion, which never funded because construction was postponed due to permitting delays, was split between a $45 million construction loan from its Oceanview Life and Annuity affiliate and $12 million of C-PACE financing from its Bayview PACE unit.
Developers can use C-PACE loans, which are repaid via assessments collected with property taxes, to help finance commercial buildings that meet certain standards for energy efficiency and sustainability. For its part, Peachtree offers borrowers debt throughout the capital stack by providing such financing in conjunction with traditional construction and bridge loans, president Daniel Siegel said.
Harrington Place will comprise 11 buildings on an 18-acre site that Grandview has owned since late 2020. The 101 studios and 150 one-bedroom, 63 two-bedroom and 36 three-bedroom units will have quartz counters, stainless-steel appliances and full-size washer/dryers.
Amenities will include fitness, game and party rooms, a lounge, a playground, indoor and outdoor athletic courts, and a patio with grills. The property is at 6276 Portal Way, a half-mile west of the Nooksack River and 10 miles northwest of Bellingham, a growing city between Vancouver, Canada, to the north and Seattle to the south.
ATLANTA (Feb. 10, 2025) – Peachtree Group (“Peachtree”), a diversified commercial real estate investment platform, deployed $1.6 billion in credit transactions in 2024, marking a 54% increase from 2023. This growth highlights Peachtree’s reach in private credit lending and its ability to provide financing solutions across multiple property types, including hospitality, multifamily, industrial and specialty assets.
Founded in 2007, Peachtree has evolved into a vertically integrated investment firm, strengthening its ability to source, underwrite and manage assets. Since 2010, it has played a key role in expanding private credit in commercial real estate, supporting hotels and other commercial real estate sectors. Through strategic growth, the firm has deepen edits leadership and expertise, accelerating expansion in commercial real estate lending.
The majority of Peachtree’s 2024 credit investments were concentrated in the hospitality and multifamily sectors, with $876 million and $392.3 million in transactions completed, respectively. The remaining $297.4 million was strategically deployed across industrial, land, mixed-use, retail, office and single-family residential asset classes, reinforcing Peachtree’s commitment to a diversified lending strategy.
“As we reflect on 2024, we executed a record level of transactions while expanding our lending platform to serve a broader range of commercial real estate asset classes,” said Greg Friedman, CEO and managing principal of Peachtree. “Looking ahead, we expect outsized growth by leveraging our private credit lending programs and launching additional initiatives to address underserved niches in the market.”
Since strengthening its credit team, Peachtree has executed more than $1 billion in commercial real estate transactions, underscoring its reach and execution capabilities in a challenging lending environment.
“With sustained high interest rates, reduced bank lending and $4.5 trillion in U.S. commercial real estate debt maturing by 2028, the need for alternative financing solutions is more critical than ever,” said Daniel Siegel, president and principal, CRE at Peachtree. “At Peachtree, we help borrowers navigate rising capital costs and liquidity constraints by offering flexible financing solutions across multiple asset classes.”
The Mortgage Bankers Association recognized Peachtree as the seventh-largest investor-driven commercial real estate lender in the U.S., further solidifying its position as a top-tier financing partner.
As a direct commercial real estate lender, Peachtree offers a full spectrum of financing solutions, including permanent loans, bridge loans, mezzanine financing, CPACE (Commercial Property-Assessed Clean Energy) loans and preferred equity investments. Expanding its capabilities, Peachtree also launched a Triple Net Lease (NNN) financing program last year to further support sponsors.
In addition to its broad lending platform, Peachtree continues to lead in CPACE financing, setting a record in2024 with 22 transactions totaling $316.6 million. The CPACE team also recently surpassed $1 billion in total transactions—an achievement few companies in the industry can claim—further cementing Peachtree’s position as a leader in structured financing solutions.
“As Peachtree continues to scale its lending platform, it remains committed to providing capital solutions that drive long-term value for borrowers and investors alike,” Friedman added.
About Peachtree Group
Peachtree Group is a verticallyintegrated investment management firm specializing in identifying andcapitalizing on opportunities in dislocated markets, anchored by commercialreal estate. Today, the company manages billions in capital across acquisitions,development and lending, augmented by services designed to protect, support andgrow its investments. For more information, visit www.peachtreegroup.com.
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In the latest episode of Peachtree Point of View, host Greg Friedman delves into the world of private credit lending with Daniel Siegel, head of Peachtree Group's commercial real estate lending platform. Together, they unpack how today's evolving market landscape is opening doors to compelling private credit investments.
The market is at an inflection point, with treasury yields north of 4.5% and nearly $2 trillion in commercial real estate loans maturing over the next 24 months. Siegel observes, "If you bought in 2020-2022, there's a good chance you've experienced some value deterioration." This trend has pressured multifamily valuations, which have dropped by 20-25%, yet fundamentals remain solid, with properties continuing to maintain healthy occupancy.
The discussion highlights an intriguing paradox: while many assets face valuation challenges, they continue to perform well operationally. This disconnect is creating opportunities for sophisticated investors, particularly as banks contend with increasing regulatory pressure to reduce their commercial real estate exposure. Siegel shares an interesting case study of a Massachusetts multifamily project where his team stepped in to provide a creative financing solution that benefited both the original lender and the borrower.
The episode also offers nuanced insights into various property sectors. As mentioned, multifamily, while grappling with near-term pricing pressure, holds strong long-term fundamentals. Hospitality demonstrates remarkable resilience, leveraging its daily pricing power. Retail has emerged stronger after years of supply rationalization. Conversely, office assets present a mixed picture—Class A properties maintain performance, while secondary assets face substantial challenges.
For investors exploring private credit opportunities, Siegel emphasizes the importance of working with experienced managers equipped with the infrastructure for loan servicing and workouts. "It's easy to write loans," he notes. "It's the infrastructure needed to work them out that matters."
Drawing on Peachtree Group's 17-year track record and over $11 billion in commercial real estate investments, the discussion underscores the firm's ability to provide creative financing solutions while maintaining conservative underwriting (typically 65-70% LTV).This approach has helped the firm to capitalize on market dislocations while effectively managing risk.
With its seasoned expertise and innovative strategies, Peachtree Group continues to lead the way in delivering strong risk-adjusted returns on its investments. This episode is filled with actionable insights and strategic guidance for navigating today's complex market environment.
