One of the most important things we did was exit the CMBS market in 2006, before the market fell apart. It was a tough decision at the time but a wise one. The CMBS loans we had in the market proved over time to be strong. We not only have a great track record originating for CMBS, but we also proved we knew when to stop. The market is back and we're quoting CMBS deals again. It's a complementary product to our bridge financing because, while the bridge product enables investors to stabilize assets, conduit financing provides a longer-term solution.

When dealing with borrowers, how do you differentiate yourselves in this market?

Investors come to us because we can get the deal done, small or large, and structure it to meet the borrower's needs. We offer financing with higher LTVs, and a more comprehensive capital solution that can cover CAPEX, TIs and leasing commissions. We're not all things to all people, but we offer the expertise of nearly 40 years in the industry.

Have investors changed their criteria for loans they're seeking?

For the past few years, we've been seeing bridge financing with three-year terms. More recently, we've seen the return of CMBS. We've also completed mezzanine financing deals, which are funded by the GE Capital Real Estate Debt REIT that we sponsor.

What advice would you give borrowers looking to secure financing in today's market?

Borrowers should focus on their property hold term. If it's a 10-year strategy, they should consider CMBS, banks and life companies, where they can get 60% to 65% LTVs and a great rate. If their hold term is shorter and the asset is a value creation play over the next three to five years, it's a strong fit for us. Once the property stabilizes, we can convert that three-year bridge financing into longer-term conduit financing. Most importantly, borrowers should want their lending team to have the expertise to evaluate assets and structure a deal that best meets their objectives.