The partners have more than 40 years' combined experience. "We've seen markets go up and down," Sonnabend says. "Things may not have been as down as they are now for a long time, but the important part is that we have experience in getting deals done and we're focused on working with our clients on what they can realistically accomplish in this environment." He adds that while some of these deals have focused on acquisitions and construction loans, "for the most part, we're focused on existing properties."

PM's primary emphasis is on the middle market, with transactions that need between $5 million and $50 million in financing and a "sweet spot" of around $20 million, says Sonnabend. "The key, as always, is to find the right checkbook for the right deal."

Sonnabend notes that at present, "the regional banks are a lot more active than the larger banks, and we've also dealt with some private capital." Life companies, too, are in the game "very selectively," he adds. "There are those who have always done deals of this size, and those that look to do larger deals. The issue is those looking to do the much larger deals; that's problematic. But we're finding some decent traction in our space."