As traditional lenders pull back and refinancing pressure reshapes the commercial real estate landscape, new opportunities are emerging for capital providers willing to underwrite complexity and uncertainty. In this environment, discipline around basis, structure and collateral has become increasingly important, particularly as more assets face transitional challenges and valuation resets.
In an interview with IREI, Neil Aaronson, president of Hilco Global Americas and executive director, real estate, discusses how the firm is approaching lending in the current cycle, including the key criteria it prioritizes in underwriting, how market conditions have shifted over the past 18 to 24 months and where it is seeing the most compelling risk-adjusted opportunities today. He also addresses how Hilco Global balances risk management with creative structuring, where borrower and lender expectations are diverging and what he expects for the lending environment in 2026.
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