Commercial real estate lending is still quite active in the South Florida market, but terms have changed as lenders take a more conservative approach, says Jordan Simler, who heads up Valley Bank's South Florida CRE lending efforts.
Valley Bank did $412 million in loans for area CRE projects last year, and has loaned $160 million since the start of 2020, with its funding spanning a wide range of sectors. As examples, its work over the past 18 months has included a $7.8 million refinancing of Delray Beach's Peachtree Plaza, a $10.5 million loan for a new Plantation self-storage facility, and a number of sizable loans to condo homeowners associations making upgrades to their facilities.
So what do CRE lending deals look like these days, what segments are the most active, and how does South Florida compare to the rest of the state? GlobeSt.com asked Simler these questions and others as the market continues to cope with the pandemic.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
