Commercial real estate lenders continue to compete for loans secured by multifamily, industrial and life sciences assets, as well as data centers, says Michael Hurley, managing partner and co-chair of the CMBS practice at Cassin & Cassin LLP. Hurley also notes it appears lenders are starting to once again get comfortable with the hospitality sector, “as we are starting to see CRE loans secured by hotels.”

Hurley adds, “We are starting to see a bit more structure on some CRE loans, such as active cash management, cash flow sweeps and ongoing guarantor financial covenants in response to the recent market volatility.”

Nonbank lenders continue to play a significant role in the commercial real estate lending market, says Hurley. “Life insurance companies had a record year in 2021 in respect of commercial mortgage loan originations and are off to a good start in 2022, competing with banks and agency — Fannie/Freddie — lenders for multifamily product. Also,