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|CMBS, or something like it. That's what Winstead's Kevin Sullivan tells us we need. Commercial loan originators were far from blameless, but he says the market threw the baby out with the bath water. (By the way, Kevin is part of an all-star cast at our Bisnow DFW Capital Markets Breakfast & Schmooze, July 29. Sign up!)|
|As chairman of Winstead's real estate structured finance practice group, Kevin tells us that many of the CMBS characterizations just weren't fair. "There was an understandable loss of investor interest resulting in CMBS going away for a few years. But it's critical for CMBS or something similar to emerge because of the shortage of capital," Kevin tells us. Multifamily has Fannie and Freddie, but hotels, industrial, retail, and office are also in "dire need of capital." Calling it CMBS 2.0., Winstead is smack in the middle of the next generation of CMBS that's coming out. He says after an almost three-year hiatus at least three clients engaged the firm for their initial loans. "What's very exciting is how many of our relationships are starting to talk up this sort of financing product again."|
|Kevin, right, here with Winstead lawyers Chris Nixon, Kyle Beaty,Brian Short, and Brad Broberg, tells us there is still some disconnect between borrowers, lenders, and expectations. "I don't think the market will come back in an avalanche; it's probably healthy that it doesn't," he says. It won't be like â06 and '07, he notes, adding we have to walk a little before we run, "a notion that feels good after sitting for so long." Winstead's so bullish, the firm opened a Charlotte office this year, where shareholders Jeff Lee,Keith Mrochek, and others will handle primarily a real estate finance practice including CMBS. We'll see you, Kevin, and an all-star cast of experts on July 29!|