Jim Fried, director of Investments for Mayan Properties, tells GlobeSt.com large institutions have long been the most prominent source of financing for new development. He predicts we'll continue to see those lenders on the frontlines when it comes to committing capital for trophy assets.

“More and more, we're seeing high net worth individuals and family offices gravitate toward direct equity investments in ground-up developments,” Fried says. “Many of these investors are seeking long-term capital preservation, so they are most interested in hotels, multifamily apartments and retail shopping centers that generate steady returns over time.”

Jim Shindell, partner with law firm Bilzin Sumberg and head of the firm's Real Estate Group, tells GlobeSt.com lenders will continue to compete to lend on well-located projects with top-notch sponsors in the near-term. Second tier projects may have some difficulty finding financing on suitable terms, he says: “Strong condo developers will be able to find financing as long as there is sufficient influx of international dollars to support the current deposit structure, although lenders will keep a weather eye out for signs of overbuilding in various sub-markets.”

Gavin Campbell, managing principal of Steelbridge Capital, tells GlobeSt.com this year will see the largest amount of office investment sales offerings since the 2007 peak. “Owners who have been trying to thread the needle of waiting long enough to take advantage of the leasing recovery while still selling into an environment of low interest rates are finally going to push the sell button as Fed tightening begins in earnest,” he says. “This will be true nationally as well.”