Finance Panel Delivers Timely Market Insights
The NAIOP San Francisco Bay Area Chapter hosted its Annual Commercial Real Estate Finance Panel on July 10, 2025, drawing a strong crowd of over 100 industry professionals to CBRE’s beautiful 181 Fremont venue for an afternoon of market intelligence, expert commentary, and lively networking.
The program opened with a special presentation from Luis Belmonte, Founding Partner of Seven Hills Properties and among the founders of AMB (Prologis). Known for his sharp wit and decades of real estate leadership, Belmonte walked the audience through a brief history of his career through many market cycles, followed by his take on the current landscape and future recovery.
When asked where he’s investing these days he replied, “If my life expectancy were longer I’d buy office buildings. There are some good deals out there but you gotta be able to hang in there.” Belmonte also predicted, “Interest rates are going to be 5-7% going forward, 4% rates aren’t coming back. You just have to plan on that. I don’t think that’s gonna change.”
The panel discussion, moderated by Jordan Angel of JLL Capital Markets, brought together top lending executives actively financing deals across all property types:
- Shawn Cully, Prime Finance
- Alex Mast, JPMorgan Real Estate Banking Group
- Eric Smith, Deutsche Bank
- Natalia Todorov, New York Life
Together, they tackled the pressing question: What’s getting financed in today’s environment—and what’s not? The panelists provided valuable perspectives on navigating today’s interest rate environment, underwriting complexity, and risk-adjusted decision making.
- Lending is Selective but Active
Banks, debt funds, life companies, and CMBS lenders are still originating—but with more caution, tighter terms, and a strong focus on sponsor quality and deal fundamentals. “The market is still looking for predominantly shorter term paper.” – Natalia Torodov - Asset Type Matters More Than Ever
Multifamily and industrial remain most financeable while office remains tough but significantly improving. “Some of the best deals I've done in the past few years were office deals." – Shawn Cully - Distress is Real, But Managed
Workouts, extensions, and negotiated solutions are common, though foreclosures are ticking up. Lenders are cautious with repeat borrowers and co-lender dynamics are increasingly shaping outcomes. "In the last 12 months we are being much firmer with our maturities and our modification demands." – Shawn Cully - Outlook: Volatility Brings Opportunity
While market uncertainty remains, lenders see room to deploy capital strategically. Panelists advised staying informed, adaptable, and ready to seize opportunities when conditions shift. “Competition amongst the b buyers has been really beneficial for the market.” – Eric Smith
The afternoon concluded with networking over drinks and appetizers, giving attendees the chance to continue the conversation and make new connections within the Bay Area’s commercial real estate community.
NAIOP SFBA extends sincere thanks to our speakers, attendees, and our host venue CBRE for making this program a success. Stay tuned for more impactful events in the coming months!
