{"id":1004780286,"date":"2025-12-04T04:27:10","date_gmt":"2025-12-04T12:27:10","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004780286"},"modified":"2025-12-06T07:58:50","modified_gmt":"2025-12-06T15:58:50","slug":"nyu-schack-special-report-no-credit-bubble-yet","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/nyu-schack-special-report-no-credit-bubble-yet\/","title":{"rendered":"NYU Schack Special Report: No Credit Bubble Yet"},"content":{"rendered":"<div class=\"wp-block-image\">\n<figure data-wp-context=\"{&quot;imageId&quot;:&quot;6a26ca8ccb68e&quot;}\" data-wp-interactive=\"core\/image\" class=\"alignright size-full is-resized wp-lightbox-container\"><img loading=\"lazy\" decoding=\"async\" width=\"800\" height=\"647\" data-attachment-id=\"1004780346\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/nyu-schack-special-report-no-credit-bubble-yet\/img_0475\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/12\/IMG_0475.jpg\" data-orig-size=\"800,647\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;2.8&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;iPhone 13 Pro&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;1764753074&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;9&quot;,&quot;iso&quot;:&quot;250&quot;,&quot;shutter_speed&quot;:&quot;0.018181818181818&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;1&quot;}\" data-image-title=\"IMG_0475\" data-image-description=\"\" data-image-caption=\"&lt;p&gt;Miriam Wheeler of Goldman Sachs, Bryan Donohoe of Ares Real Estate. Jeff Modica of Starwood Realty Trust and moderator Dino Paparelli of Deutsche Bank. Photo by Therese Fitzgerald&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/12\/IMG_0475.jpg?w=800\" data-wp-class--hide=\"state.isContentHidden\" data-wp-class--show=\"state.isContentVisible\" data-wp-init=\"callbacks.setButtonStyles\" data-wp-on-async--click=\"actions.showLightbox\" data-wp-on-async--load=\"callbacks.setButtonStyles\" data-wp-on-async-window--resize=\"callbacks.setButtonStyles\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/12\/IMG_0475.jpg\" alt=\"\" class=\"wp-image-1004780346\" style=\"width:400px\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/12\/IMG_0475.jpg 800w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/12\/IMG_0475.jpg?resize=300,243 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/12\/IMG_0475.jpg?resize=768,621 768w\" sizes=\"auto, (max-width: 800px) 100vw, 800px\" \/><button\n\t\t\tclass=\"lightbox-trigger\"\n\t\t\ttype=\"button\"\n\t\t\taria-haspopup=\"dialog\"\n\t\t\taria-label=\"Enlarge\"\n\t\t\tdata-wp-init=\"callbacks.initTriggerButton\"\n\t\t\tdata-wp-on-async--click=\"actions.showLightbox\"\n\t\t\tdata-wp-style--right=\"state.imageButtonRight\"\n\t\t\tdata-wp-style--top=\"state.imageButtonTop\"\n\t\t>\n\t\t\t<svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"12\" height=\"12\" fill=\"none\" viewBox=\"0 0 12 12\">\n\t\t\t\t<path fill=\"#fff\" d=\"M2 0a2 2 0 0 0-2 2v2h1.5V2a.5.5 0 0 1 .5-.5h2V0H2Zm2 10.5H2a.5.5 0 0 1-.5-.5V8H0v2a2 2 0 0 0 2 2h2v-1.5ZM8 12v-1.5h2a.5.5 0 0 0 .5-.5V8H12v2a2 2 0 0 1-2 2H8Zm2-12a2 2 0 0 1 2 2v2h-1.5V2a.5.5 0 0 0-.5-.5H8V0h2Z\" \/>\n\t\t\t<\/svg>\n\t\t<\/button><figcaption class=\"wp-element-caption\">Miriam Wheeler of Goldman Sachs, Bryan Donohoe of Ares Real Estate, Jeff DiModica of Starwood Property Trust and moderator Dino Paparelli of Deutsche Bank. <em>Image by Therese Fitzgerald<\/em><\/figcaption><\/figure><\/div>\n\n\n<p>With so much private credit competing for deals, there&#8217;s talk of an impending bubble.<\/p>\n\n\n\n<p>The role of private credit in commercial real estate was a key topic at the NYU Schack Real Estate Institute&#8217;s 58th Annual Conference on Capital Markets held yesterday in New York City. Panelists from leading firms provided high-level insights on financing, investment, data centers, tokenization, the city and more.<\/p>\n\n\n\n<p>Miriam Wheeler, global head of commercial real estate for Goldman Sachs, disagreed that the private credit boom is headed for bust in CRE. \u201cIf you look at recent behavior, investors are quite discerning on credit still,\u201d said Wheeler speaking on the \u201cGlobal Finance and Capital Markets\u201d panel.<\/p>\n\n\n\n<p>For some CMBS deals that \u201ccheck the credit box,\u201d Wheeler said, investors have lined up to invest, leading to price compression. But for deals that do not meet investors\u2019 criteria, there is really no demand.<\/p>\n\n\n\n<p>\u201cIt feels like because valuations are down, because we\u2019ve gone through the stress in the last couple of years, that our market is behaving with some discipline,\u201d Wheeler said.<\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity has-very-light-gray-to-cyan-bluish-gray-gradient-background has-background is-style-wide\"\/>\n\n\n\n<p><strong> LIKE THIS CONTENT?<\/strong> <a href=\"https:\/\/www.commercialsearch.com\/news\/subscriptions\/\">Subscribe to the CPE Capital Markets Newsletter<\/a><\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity has-very-light-gray-to-cyan-bluish-gray-gradient-background has-background is-style-wide\"\/>\n\n\n\n<p>Private credit found a wide opening in real estate when banks stepped back in 2022. Now that <a href=\"https:\/\/www.commercialsearch.com\/news\/how-banks-are-rebalancing-recycling-refueling\/\">banks are more active<\/a>, private credit and other nonbank lenders are less a competitor and more of a customer and a partner as banks extend &#8220;back leverage&#8221; to private credit investors borrowing money to finance their loans.<\/p>\n\n\n\n<p>Banks receive much better capital treatment for those loans versus direct lending, Wheeler noted, but back leverage is also less management-intensive. Banks want to hold investment-grade paper and don&#8217;t want to deal with workouts. <\/p>\n\n\n\n<p>\u201cWe want to do as much back leverage as possible,\u201d Wheeler said. \u201cWe want to use our balance sheet where our clients need us, but maybe less of just to go make an opportunistic loan like you might have seen 10 years ago.\u201d<\/p>\n\n\n\n<p>Bryan Donohoe, partner &amp; head of U.S. debt for Ares Real Estate, credited Dodd Frank and the Basel regulations for greater discipline among banks and throughout the CRE debt space.<\/p>\n\n\n\n<p>\u201cI think there is one of the few instances government intervention or regulation actually had its intended consequences, where the behaviors have shifted, and we actually self-regulate,\u201d Donohoe said.<\/p>\n\n\n\n<p>Speaking on the \u201cGlobal Equity Investment Panel,\u201d Adam Gallistel, co-CEO &amp; CIO for CBRE Investment Management, said he, too, would separate private credit underwriting discipline from spreads. As for underwriting, he said, deals are \u201chealthy\u201d with healthy loan-to-value ratios. Spreads, on the other hand, are &#8220;another matter.&#8221; They are historically tight, though corporate credit spreads are even tighter.<\/p>\n\n\n\n<p>\u201cI wouldn\u2019t call it a bubble because, even if spreads gap out, a bubble is when you start doing really stupid things with money and advancing too much proceeds,\u201d he said.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-how-private-credit-helps-boost-values\">How private credit helps boost values<\/h2>\n\n\n\n<p>Meanwhile, CRE&#8217;s capital needs are &#8220;vast,&#8221; said Jeffrey DiModica, president of Starwood Property Trust.  &#8220;The wall of maturities really grew a lot,&#8221; he commented.<\/p>\n\n\n\n<p>So it would seem private credit investment is an opportunity that still has runway left. Blackstone Senior Managing Director Jacob Werner said this is a good time to be a lender. While corporate spreads are effectively at all-time highs, Blackstone finds real estate spreads are at median highs. Meanwhile fundamentals are improving: Supply has fallen 60 to 90 percent depending on the asset type, and cash flow growth is coming.<\/p>\n\n\n\n<p>With all the talk of a bubble, it\u2019s often overlooked that the cost of real estate capital has fallen significantly as new lenders have come into the market, Werner noted. Three years ago, spreads were 9 percent\u20145 percent base rate plus 400 basis points\u2014and today they are 5 percent.<\/p>\n\n\n\n<p>\u201cI think the other side of the coin is, as lenders compete, you\u2019re seeing spreads from them,\u201d he said. \u201cThat\u2019s very good for real estate valuations.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"<p>How much liquidity is too much?<\/p>\n","protected":false},"author":756,"featured_media":1004780346,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21825,21783,1600],"tags":[],"class_list":["post-1004780286","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance","category-investment","category-new-york"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>NYU Schack Special Report: No Credit Bubble Yet - 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\/nyu-schack-special-report-no-credit-bubble-yet\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"NYU Schack Special Report: No Credit Bubble Yet\" \/>\n<meta property=\"og:description\" content=\"How much liquidity is too much?\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/nyu-schack-special-report-no-credit-bubble-yet\/\" \/>\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=\"2025-12-04T12:27:10+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2025-12-06T15:58:50+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/12\/IMG_0475.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"800\" \/>\n\t<meta property=\"og:image:height\" content=\"647\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Therese Fitzgerald\" \/>\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\/nyu-schack-special-report-no-credit-bubble-yet\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/nyu-schack-special-report-no-credit-bubble-yet\/\",\"name\":\"NYU Schack Special Report: No Credit Bubble Yet - Commercial Property Executive\",\"isPartOf\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/nyu-schack-special-report-no-credit-bubble-yet\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/nyu-schack-special-report-no-credit-bubble-yet\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/12\/IMG_0475.jpg\",\"datePublished\":\"2025-12-04T12:27:10+00:00\",\"dateModified\":\"2025-12-06T15:58:50+00:00\",\"author\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/72a93f240402a8c7f4e56a69aed5f713\"},\"breadcrumb\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/nyu-schack-special-report-no-credit-bubble-yet\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.commercialsearch.com\/news\/nyu-schack-special-report-no-credit-bubble-yet\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/nyu-schack-special-report-no-credit-bubble-yet\/#primaryimage\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/12\/IMG_0475.jpg\",\"contentUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/12\/IMG_0475.jpg\",\"width\":800,\"height\":647,\"caption\":\"Miriam Wheeler of Goldman Sachs, Bryan Donohoe of Ares Real Estate. 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She got her start writing about the New York City market with Real Estate Weekly and later joined CPE\u2019s predecessor publication, Commercial Property News, where she held various positions including editor in chief. In addition to working on the CPE and MHN websites, she edits CPE's Capital Markets Newsletter and MHN's Finance &amp; Investment Newsletter. 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Jeff Modica of Starwood Realty Trust and moderator Dino Paparelli of Deutsche Bank. 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She got her start writing about the New York City market with Real Estate Weekly and later joined CPE\u2019s predecessor publication, Commercial Property News, where she held various positions including editor in chief. In addition to working on the CPE and MHN websites, she edits CPE's Capital Markets Newsletter and MHN's Finance &amp; Investment Newsletter. 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