How Real Estate Lending Trends Are Shifting in NYC – and What That Could Mean for the Rest of the Country

Commercial real estate lending trends shifted drastically in New York City this year, in what could be a temporary blip – or could signal changes in CRE financing far beyond the Big Apple.

CrediFi’s NYC Lending Spotlight for Q1, released this week, found that national banks no longer constitute the biggest lender category in the city and are now ranking near the bottom of the pile.

That change is tied to broader national issues regarding two seemingly contradictory ways in which government regulatory practices can affect commercial real estate finance.

Read the full NYC Lending Spotlight for Q1 2018.

On one end of the spectrum, New York Community Bank’s anticipation of the Dodd-Frank rollback helped make it the No. 1 CRE lender in New York City in the first quarter.

NYCB has explicitly tied its loan growth and balance-sheet growth to its expectations that the SIFI threshold would be raised, as happened in May.

In this sense, NYCB serves as a model for how the Dodd-Frank rollback could be a boon for commercial real estate lending and for how other regional banks may seek to grow as well, now that they have more room to do so without triggering a SIFI designation.

On the other end of the regulatory spectrum, the Federal Reserve’s unprecedented decision in February to restrict Wells Fargo’s growth following a wave of misconduct scandals and investigations may have played a role in the steep decline we found in Wells Fargo’s CRE lending in New York City in Q1.

After two years as one of the leading CRE lenders in New York City, Wells Fargo was not even among the top 20 CRE loan originators there in Q1. At the same time, CRE origination by other national banks in New York City also declined, while insurance lending went up, combining to make national banks a low-performing originator segment in the quarter. (Read about which originators picked up the slack.)

We’ll be keeping an eye on final data from Q2 to monitor whether the change in NYC lending patterns is continuing to take root and whether the impact that regulatory practices seem to be having on New York City can be seen in other markets as well.

To download the full NYC Lending Spotlight for Q1 2018, click here.

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Alex Veksler

Head of Content

Alex Veksler has 16 years of finance, data analysis and project management experience. He is a former vice president at Morgan Stanley, where he worked on product control of equity and fixed-income derivatives products as well as various projects involving finance and technology, such as revamping risk attribution and balance-sheet systems for profits and losses. Alex has previously worked at hedge funds, most recently as a director at Exigent Capital. He has a bachelor’s in computer science from Yeshiva University and an MBA from New York University.

Ely Razin

CEO

Ely Razin founded CrediFi in 2014 with Battery Ventures. A rare combination of seasoned corporate executive and technology entrepreneur, Ely previously served as global head of board governance for Thomson Reuters Accelus and head of business law for Thomson Reuters, after the software company he founded was acquired in 2004. The company, Expert Ease Software, developed AI-based software that automatically summarizes key deal terms for transactions in fields including capital markets, M&A and real estate. Ely began his career as a corporate and securities lawyer, and holds an LLB and MBA from York University.

Frank Muhlon

Head of Transactions

Frank Muhlon oversees CredifX, the commercial real estate financing marketplace that mines the CrediFi database at its core. Prior to joining CrediFi, Frank served as vice president of Northeast region business operations for online CRE property trading platform Ten-X, which has closed over $40 billion in transactions since its inception. He has also held key positions at Orix USA/Houlihan Lokey, Silverstein Properties and Trammell Crow Company. Frank received his master’s degree in real estate finance from New York University and his bachelor’s in finance from Rutgers University.

Charles Mctiernan

Head of Sales

Charles Mctiernan comes to CrediFi from Ned Davis Research Group and Roubini Global Economics, where he was the global head of sales. He also spent more than 10 years at Reuters America Holdings, where he held a number of senior sales leadership roles, including head of solutions sales and head of global accounts. Charles, who received his bachelor’s in economics from East Carolina University, has more than 25 years of experience in technology, data and research sales.

Amichai Levy

VP R&D

Amichai Levy is the former VP of R&D at Israeli high-tech firm Payoneer, where he developed its signature cross-border payment platform and integrated it with existing bank technology. In his prior role at Ness Technologies, Amichai was a key player in developing an electronic case filing system for Israel’s courts. He has over 20 years of experience in software engineering.

David Fajgman

Head of Finance

David Fajgman brings over 14 years of financial and managerial experience to CrediFi. Prior to joining the CrediFi team, he served as finance director of Bioness Neuromodulation Ltd., which develops and manufactures medical devices involved in neurological rehabilitation. He has previously worked in multiple finance roles at Thomson Reuters and as an accounting and consulting manager at Ernst & Young, where he was responsible for a wide range of clients, including companies listed on the Nasdaq and privately held high-tech companies. David is an Israel-licensed certified public accountant and has a bachelor’s degree in business and accounting.

Liat Bar David

Head of Human Resources

Liat Bar David has over nine years of human resources experience, primarily focused on the high-tech industry. She is a former HR business partner at semiconductor solutions provider Broadcom, where she was responsible for onboarding processes, benefits, policies, training and development, performance management and employee retention. Liat holds a bachelor’s in communication and human services and a master’s in human resources and services, both from the University of Haifa.