As the commercial real estate sector navigates a shifting economic landscape in 2025, industry leaders are facing a complex mix of cautious optimism and persistent structural challenges. In this interview, Dean Dulchinos, head of real estate credit at ORIX Corporation USA, shares his perspective on current lending trends, the rising role of private lenders, ongoing concerns around interest rate volatility, and how both banks and nonbank lenders are adapting to geopolitical uncertainty and legacy debt issues. From identifying attractive property types to mitigating risk in transitional assets, Dulchinos offers a comprehensive view of where the commercial real estate lending market stands today — and where it’s headed.
What is your current outlook for the commercial real estate lending market in 2025?
The first half of the year began with cautious optimism that was dampened by concerns over geopolitical uncertainty, including potential broad impacts
