As U.S. economic growth shows signs of slowing, more loans are being downgraded — November saw the most cuts for issuers since May 2020, according to JPMorgan. CLO managers are avoiding CCC loans, or even loans close to getting downgraded to that...
In spite of still stellar property fundamentals, both industrial developers and lenders prefer to play it safe on new construction.
Investor-driven lenders are continuing to be aggressive in a period of rising interest rates, helping multifamily investors top off their capital stacks.