CMBS Issuance Might Decline by 5 to 10 Percent in 2019
Joe DeRoy, KeyBank Real Estate Capital CMBS National Director, was recently quoted in an NREI article. "Lenders will continue to battle competition in 2019. “What we saw last year is that there was an intersection of many different products competing for the same business,” says DeRoy. Life insurance companies slightly increased leverage. The CLO market has grown, while agencies are continuing to exhibit their dominance in the multifamily sector and are securitizing at a feverish pace. In addition, the shadow, or non-bank, lenders also stepped up and are competing as well, he says.