{"id":1004775931,"date":"2025-10-29T19:33:45","date_gmt":"2025-10-30T03:33:45","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004775931"},"modified":"2025-11-04T04:50:13","modified_gmt":"2025-11-04T12:50:13","slug":"are-you-ready-for-the-refi-rumble","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/are-you-ready-for-the-refi-rumble\/","title":{"rendered":"Are You Ready for the Refi Rumble?"},"content":{"rendered":"\n
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InLight Real Estate Partners and Walker & Dunlop Investment Partners have recently worked together on the refinancing of a warehouse and outdoor storage asset in suburban Atlanta.
Image courtesy of Stream Realty Partners Atlanta<\/em><\/figcaption><\/figure>\n\n\n\n

High interest rates continue to suppress CRE acquisition loans, but the constant thrum of maturing mortgages is fueling brisk refinancing activity<\/a> among lenders and intermediaries.<\/p>\n\n\n\n

The good news for borrowers is that capital is growing more plentiful. The number of lenders grew at a double-digit pace in the first half of 2025, according to MSCI Real Assets. Banks led the resurgence with a 25 percent increase in participants, followed by private lenders at 17 percent.<\/p>\n\n\n\n

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READ THE MAGAZINE<\/strong><\/a><\/div>\n<\/div>\n\n\n\n
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\u201cMultifamily is always kind of a different financing beast because the agencies are so prevalent,\u201d said Daniel Hartnett, senior managing director & leader of the national capital markets practice at Greysteel. \u201cBut for all other commercial properties, this is probably the most liquid we\u2019ve seen the debt capital markets since 2021.\u201d<\/p>\n\n\n\n

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READ ALSO:<\/strong> Banks Rebalance, Refuel, Recycle<\/a><\/p>\n\n\n\n

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One big driver of that liquidity is three years of consecutive record-breaking annuity sales in the U.S., which is filling life insurance company coffers, observed Wally Reid, senior managing director & debt platform leader at JLL. Refinancing dollar volume is 60 percent of JLL\u2019s mortgage origination business so far this year, almost three times the acquisition loan dollar volume.<\/p>\n\n\n\n

Annuity sales in the U.S. during the first half of the year totaled $225.8 billion, a year-over-year increase of 4 percent, according to LIMRA<\/a>, an insurance and financial services trade association. As a result, life insurance companies are joining other lenders in originating more short-term loans.<\/p>\n\n\n\n

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In September, JLL arranged a $130 million refinancing for a 1.1 million-square-foot portfolio of 17 warehouses and other properties in Southern California owned by Sukut Real Properties. An insurance company provided a five-year fixed-rate loan for the assets, which are 98 percent occupied.
 Image courtesy of Sukut Real Properties<\/em><\/figcaption><\/figure>\n\n\n\n

Borrowers are fine with that. After spending the last three years waiting for a better rate environment\u2014and in some cases extending loans\u2014they can finally smell higher property values ahead. So, most borrowers are seeking three- to five-year loans with flexible prepayment provisions. That should help them sell when the time is right.<\/p>\n\n\n\n

\u201cBorrowers aren\u2019t looking to lock in 10-year financing because the general consensus is that interest rates are coming down<\/a>,\u201d said Josh Darby, vice president & producer for new debt and equity in the Atlanta area for Northmarq. \u201cThey\u2019re thinking: \u2018I\u2019m not going to sell next year or the year after, but I might in three years, when the market is better.\u2019\u201d<\/p>\n\n\n\n

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Based on independent reports of properties and portfolios $2.5 million and greater. Source: MSCI<\/figcaption><\/figure>\n\n\n\n

Maturities rising<\/h2>\n\n\n\n

At the midpoint of 2025, some $129 billion in office, retail and industrial mortgages were scheduled to mature by the end of the year, with office loans accounting for about half of that total, MSCI Real Assets shows. Maturities across the three asset classes are expected to reach about $235 billion next year and $269 billion in 2027, the organization reported. Meanwhile, it estimates that $151 billion in office loans have been extended into 2025 and beyond.<\/p>\n\n\n\n

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READ ALSO:<\/strong> Why the CRE Transaction Volume Is So Low<\/a><\/p>\n\n\n\n

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Even with overflowing war chests, lender eagerness still depends on typical factors such as location and sponsor. Another important property criterion lenders are considering is the weighted average lease term to project cash-flow, noted Reid. Many industrial and retail properties can deliver the WALT lenders want to see, but a lot of office assets can\u2019t, he continued.<\/p>\n\n\n\n

In September, JLL arranged<\/a> a $130 million refinancing for a 1.1 million-square-foot portfolio of 17 warehouses and other properties in Southern California owned by Sukut Real Properties. An insurance company provided a five-year fixed-rate loan for the assets, which are 98 percent occupied.<\/p>\n\n\n\n

\u201cYou can definitely link the ability to refinance to WALT in the industrial, retail and office sectors,\u201d Reid reasoned. \u201cYou have to have steady cash flow for more than four years to get a good loan.\u201d<\/p>\n\n\n\n

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Northmarq recently arranged almost $8 million in refinancing for The Fountain, an 81,674-square-foot community center in Huntsville, Ala., owned by an affiliate of RCP Cos. The permanent fixed-rate deal was structured to allow for flexible prepayment.
 Image courtesy of Northmarq<\/em><\/figcaption><\/figure>\n\n\n\n

Office comeback?<\/h2>\n\n\n\n

The lender emphasis on WALT has contributed to a bifurcated refinancing environment between Class A assets and just about every other office property, Hartnett said. \u201cMost lenders are still very hesitant about refinancing office unless there\u2019s a very compelling story,\u201d he pointed out. \u201cThey\u2019re looking at the loan amount per square foot, the location and sponsor, the WALT and the diversity of the rent roll.\u201d<\/p>\n\n\n\n

Lenders underwriting an office building with a debt yield of 9 percent before the pandemic, for example, have likely increased the metric to between 12 and 14 percent to reflect today\u2019s higher risk, added Hartnett. In early October, he was working with a regional bank to refinance an office tower in Uptown Dallas. The project is 85 percent leased, and the sponsor is bringing in a new equity partner.<\/p>\n\n\n\n

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READ ALSO:<\/strong> Discounted Office Sales Multiply, Pressures Persist<\/a><\/p>\n\n\n\n

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Still, the appetite for office originations continues to improve, and highly occupied, under-$50 million neighborhood buildings that are within walking distance of restaurants and services are seeing exceptional demand from lenders, said Reid. When thinking about the sector more broadly, some owners may have to inject additional equity or boost leasing and commission reserves to secure refinancing. But office appears to be rebounding.<\/p>\n\n\n\n

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In late September, Cushman & Wakefield\u2019s Midwest equity, debt & structured finance team closed the refinancing of 1515 West Webster, a 207,000-square-foot trophy office property located on the east bank of the Chicago River, in the city\u2019s Lincoln Yards area.
Image courtesy of Cushman & Wakefield<\/em><\/figcaption><\/figure>\n\n\n\n

\u201cTenant improvement costs are stabilizing, rents are going up and leasing is truly happening,\u201d Reid continued. \u201cCompanies that put off leasing or just signed for one to three years are now looking for 10- to 15-year leases.\u201d<\/p>\n\n\n\n

In Edina, Minn., Cushman & Wakefield closed on an $11.3 million take-out loan earlier this year arranged with a bank to refinance the E, a 108,000-square-foot boutique office property. Over the last 24 months, the E signed 97,000 square feet of new tenants following a $6.8 million renovation, pushing occupancy to 94 percent.<\/p>\n\n\n\n

\u201cCertain assets demand a finer look by lenders today, and office specifically is one example,\u201d observed Jeff Altenau, vice chairman of Cushman & Wakefield & leader of its equity, debt and structured finance platform for Chicago and the Midwest. \u201cThe sector has gone from seeing next to zero financing alternatives the last few years to a growing number of banks, debt funds and life insurance companies showing interest today.\u201d<\/p>\n\n\n\n

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Based on independent reports of properties and portfolios $2.5 million and greater. Source: MSCI<\/figcaption><\/figure>\n\n\n\n

Competitive landscape<\/h2>\n\n\n\n

The influx of fresh credit has ginned up competition, particularly between life insurance companies, regional banks<\/a> and credit unions, with each pricing debt at less than 200 basis points over the U.S. 5-year Treasury or the SOFR for sound, cash-flowing assets with conservative leverage of around 60 to 65 percent, observers say. At the end of September, the U.S. 5-year bond yield was around 3.6 percent, while SOFR\u2019s clocked in at 4.13 percent.<\/p>\n\n\n\n

Walker & Dunlop Investment Partners, which recently closed a $135 million equity fund<\/a>, is refinancing 81,000 square feet of office and warehouse space and 5.5 acres of outdoor storage<\/a> in suburban Atlanta, said Brian Cornell, managing director of the fund. Two years ago, it provided $9.7 million in joint venture equity to InLight Real Estate Partners to purchase the vacant property, which resulted in leverage of 45 percent of cost to reflect the risk, he added.<\/p>\n\n\n\n

\"Image\n\t\t\t\n\t\t\t\t\n\t\t\t<\/svg>\n\t\t<\/button>
In September, JLL arranged a $130 million refinancing for a 1.1 million-square-foot portfolio of 17 warehouses and other properties in Southern California owned by Sukut Real Properties. An insurance company provided a five-year fixed-rate loan for the assets, which are 98 percent occupied.
Image courtesy of Sukut Real Properties<\/em><\/figcaption><\/figure>\n\n\n\n

Today, the project is fully leased and a regional bank is providing refinancing at a 65 percent loan-to-value ratio. The interest rate is 180 basis points over SOFR, and the sponsor is purchasing an interest rate cap. \u201cThere was a lot of competition for that deal, and the banks were most aggressive,\u201d Cornell noted. \u201cBut for stabilized industrial assets in general, there is a tremendous appetite from across the spectrum\u2014life insurance companies, banks and debt funds.\u201d<\/p>\n\n\n\n

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READ ALSO:<\/strong> CRE Investors Find Bright Spots Amid Headwinds<\/a><\/p>\n\n\n\n

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The health of retail real estate is also bringing back lenders, many of whom may have given up on the sector last decade. And while grocery-anchored assets remained most favored, virtually all types of shopping centers are in demand, including power centers, unanchored strips and trophy malls, observers say.<\/p>\n\n\n\n

Even though cap rates have compressed about 50 basis points across all retail sectors, they remain slightly higher than multifamily and industrial, which makes deals easier to refinance, Darby added. He was recently involved in the $8 million refinancing of The Fountain, an 81,674-square-foot community center in Huntsville, Ala. The permanent fixed-rate deal, originated by a life insurance company, was structured to allow for flexible prepayment.<\/p>\n\n\n\n

\u201cAdmittedly, retail real estate had a tough time for quite a while, but I think the pendulum has swung back,\u201d he said. \u201cWhen retail properties emerged from COVID-19, capital started realizing the sector was healthier than perceived.\u201d<\/p>\n\n\n\n

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Read the November 2025 issue of CPE.<\/a><\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

Lenders are competing for the best loan prospects.<\/p>\n","protected":false},"author":890,"featured_media":1004776080,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1521,21808,21825,21748,21747,21749,51037],"tags":[32799,34296,32796,52595,50380,44213],"class_list":["post-1004775931","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-digital","category-featured","category-finance","category-industrial","category-office","category-retail","category-trends","tag-cushman-wakefield","tag-greysteel","tag-jll","tag-msci","tag-northmarq","tag-walker-dunlop"],"acf":[],"yoast_head":"\nAre You Ready for the Refi Rumble? - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/are-you-ready-for-the-refi-rumble\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Are You Ready for the Refi Rumble?\" \/>\n<meta property=\"og:description\" content=\"Lenders are competing for the best loan prospects.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/are-you-ready-for-the-refi-rumble\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2025-10-30T03:33:45+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2025-11-04T12:50:13+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/10\/E_1515WestWebster_CreditCushmanWakefield.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"900\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Joe Gose\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/are-you-ready-for-the-refi-rumble\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/are-you-ready-for-the-refi-rumble\/\",\"name\":\"Are You Ready for the Refi Rumble? - Commercial Property Executive\",\"isPartOf\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/are-you-ready-for-the-refi-rumble\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/are-you-ready-for-the-refi-rumble\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/10\/E_1515WestWebster_CreditCushmanWakefield.jpg\",\"datePublished\":\"2025-10-30T03:33:45+00:00\",\"dateModified\":\"2025-11-04T12:50:13+00:00\",\"author\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/c65d4944b0b506742e79b5b1b9ecca26\"},\"breadcrumb\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/are-you-ready-for-the-refi-rumble\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.commercialsearch.com\/news\/are-you-ready-for-the-refi-rumble\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/are-you-ready-for-the-refi-rumble\/#primaryimage\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/10\/E_1515WestWebster_CreditCushmanWakefield.jpg\",\"contentUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/10\/E_1515WestWebster_CreditCushmanWakefield.jpg\",\"width\":1200,\"height\":900,\"caption\":\"Finance. 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