The commercial real estate lending market is entering a more constructive phase of the cycle as liquidity gradually improves and investors begin deploying capital with greater conviction after two years dominated by distressed situations.
“We believe the market has decisively shifted into what we would describe as an origination-focused phase,” said Dean Dulchinos, group head of real estate debt at ORIX USA. “Liquidity is improving incrementally, investor confidence is returning, and there’s a more constructive appetite to deploy capital earlier in the cycle.”
Over the past two years, much of the market activity was centered on resolving distressed situations created by capital structures that no longer aligned with rising interest rates and shifting financing condit
