Commercial Real Estate

As many of you know, I am retiring from Dechert LLP but anticipate staying active in our industry in my advisory vehicle, Jackstay Investments, LLC.  The firm has graciously given me the domain name CRUNCHEDCREDIT and hence, I will begin to resume publishing my commentaries in CrunchedCredit on an ongoing basis.  You will also be

I’m going to tell you a story.  This is the type of thing told around campfires designed to scare naïfs, who know too little, and PhDs who (think) they know too much.  I don’t necessarily believe in the story, but it could be true. 

Once upon a time, in a time we now call the

Several weeks ago, I wrote a commentary called Funny Times in which I bemoaned the complete lack of coherent data, making the process of predicting the course of interest rates, cap rates and transactional velocity over the next couple of quarters awfully hard.  This uncertainty, itself, contributes to a knock-on doom cycle sort of way

I’ve written extensively about the CRE CLO technology for a long time and why it is the best leverage technology across securitization markets.  With the sponsor typically holding up to 20% of the bottom of the capital stack, it represents the best alignment of interests between sponsor and investor.  For the sponsor, it provides unique

If the wisdom of crowds has any validity (and there’s no real evidence that it’s any worse than the pontifical huffings of the chattering class), then there’s hope for 2023.  Optimism did itself proud at CREFC.  We’ll see if that optimism is recapitulated at SFVegas and at the MBA CREF meeting coming up in the

It’s Golden Turkey Awards Time, Folks!

Our Turkeys are a little late this year but hey, we’ve been busy worrying about the collapse of the world’s economy.  This is the 10th edition of our Turkeys and much thanks to our disorderly, often dysfunctional, regularly inscrutable and absurd government, polity and marketplace for continuing to

On October 26, 2022, Dechert partners Laura Swihart and Stewart McQueen attended the CREFC Capital Markets Conference in New York City. Stewart gave opening remarks and Laura moderated a panel on the current housing market and its intersection with multi-family, single-family and build-to-rent properties. Laura and Stewart sat down with Law Clerks Jared Goldstein and

Happy Inauguration Day (I hope).

Every turning of the year makes for a convenient point to look backwards, and of course, forward, but this year seems to actually denote some sort of inflection point and, as a card-carrying member of the blogosphere, I feel compelled to burden you with my views as to what the next year will hold for us all.  I am unburdened by anxiety or discomfiture in doing so, as the prediction business is one of asymmetrical risk and reward.  An anodyne exercise, I trust.  No one actually expects talking heads to be right, and no one remembers when you’re wrong; but in the blind cat finding a dead mouse type of way, if you are right, you get to annoyingly trumpet your breathtakingly erudite and accurate prediction over and over again for the rest of the year.

After predicting a terrific 2020 last January, how wrong could I be this time?
Continue Reading Elections Matter: My Dead Nuts Certain Guarantees for 2021