The commercial real estate credit market has shifted from an environment defined by low-cost capital to one shaped by higher interest rates, tighter lending standards and more selective capital deployment. Ravi Anand, portfolio manager and head of private real estate credit, Wellington Private Investments, shares in an exclusive IREI interview how this transition is forcing both borrowers and lenders to prioritize durable cash flows, realistic business plans and disciplined underwriting. He highlights the growing role of private lenders as banks pull back and financing gaps emerge. In addition, he also examines how loan structure, including covenants, leverage and milestone-based funding, has become a primary tool for managing risk in a more volatile environment. Anand points to key themes of valuation resets, differentiated property fundamentals and the importance of asset-level analysis in identifying opportunities in 2026 and 2027.
What a
