RE #56: Cullen Aderhold - COVID-19: Capital Markets & Lending Trends

Cullen Aderhold is the Senior Director of Capital Markets at JLL. JLL is a global commercial real estate service across all major asset classes.  JLL provides tenant-rep/leasing solutions, property management, project design/management, capital markets solutions, and technology/it solutions to companies across the globe.  In this episode, Chris and Cullen discuss the most recent trends in capital markets due to the COVID-19 pandemic, lender strategies, private fund structures vs. REIT structure, hotel & retail loans, and much more. Enjoy!

Follow Chris on Twitter @FortWorthChris
For more information on Chris Powers and Fort Capital, visit www.FortCapitalLP.com

01:03 — If you had to describe your job, what do you do? How did you get to where you are today?
02:17 — What asset classes do you work with? Are they nationwide?
03:28 — Did you know you would get into this line of work, or did you stumble upon it?
06:20 — Are there certain things that great real estate investors do that set them apart from the rest?
10:27 — What has the last month been like in capital markets as an owner?
13:58 — Did you have a signed deal before this situation started? Did it move forward or could the lender rescind?
16:44 — Is anyone acquiring debt right now? If lenders are moving forward, are they borrower-dependent or asset-dependent?
19:21 — How are lenders pricing right now?
24:43 — Is a private fund structure similar to the mortgage REIT structure?
25:42 — Hotels and retail have been hit hardest—will they be the last loans to come back?
29:39 — What things are people getting loans for that we wouldn't have seen before?
31:15 — Is there a pent up demand for refinancing as soon as things recover?
33:02 — What will happen to loans that were going to be refinanced or sold?
35:40 — Do you or JLL deal with distressed debt situations? What happens to distressed debt that comes to market?
37:05 — Do you remember the moment that the COVID-19 pandemic began to feel very real?