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Deals Aren't Easy, But Not Impossible

SAN DIEGO-Lenders are fleeing to quality, but they still are investing, International Council of Shopping Centers audiences are told.

By Debra Hazel | Updated on September 04, 2009

SAN DIEGO-Spreads are tightening, but some financing deals are cautiously being made, speakers said at a session on capital markets at the International Council of Shopping Center’s Western Conference and Idea Exchange, which concludes here today.

Funds are still extremely tight, and the money that is available is looking for quality, says Steve Fried, a vice president of Mesa West Capital, Los Angeles. The result is an odd situation in which spreads are tightening, from 13% to 15%, to 11% to 13%, despite a dearth of deals.

“It’s weird that spreads are coming in when there are still so few deals, but everyone is fighting over the quality deals,” said Fried, whose firm is a portfolio lender specializing in short-term (three-year), nonrecourse, interest only loans of $10 million and more.

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