Hey everyone, excited to join the group. I work on the commercial real estate debt side as both a direct lender and mortgage broker, primarily across bank, life company, and debt fund executions, and I also invest passively in commercial real estate deals. If helpful, I’d be happy to share periodically, real-time lender color on pricing, leverage, recourse, and which capital sources are tightening up or getting aggressive. Just from last week: • Regional banks were around 5.75% fixed • Life companies were quoting roughly 130–175 bps over Treasury • Bridge lenders were generally around SOFR + 275 depending on leverage and business plan The capital markets have become very deal-specific lately, and it’s been interesting seeing how differently lenders are underwriting industrial based on tenancy, rollover, sponsor profile, and market liquidity. Looking forward to connecting with everyone and hearing what people are seeing in the market.

Question for current facility owners. Shane and I have never had a problem allowing our any of our BOG to have a free unit (depending on occupancy, of course). It gives them a different prospective utilizing the facility as a customer as well as an employee. Do any of you do this? If so, what issues have you experienced? Positive or Negative..

We are under contract on a facility and I want to make sure I share this project journey with you so you can see the exact steps we take during the DD process. Teaching from theory is one thing. Walking you through an actual deal in real time is a whole different ball game. This is a good one as I've underwritten a lot of deals and have never come across something quite like this! This facility has 110 units. 35 of those units are past due for a total amount due of over $100k! Some made their last payment as far back as April 2018.. Another 19 units are being used by the owner and family for FREE! Current street rates are about 40% below market. No internet on site.. No Website.. No software.. No one answering the phones.. No P&L.. No management reports.. No tax returns... Just a spreadsheet rent roll and a handful of bank statements. Currently collecting about $2,500 per month. We should get that up over $10k per month within 3 years conservatively. Current 3 mile market supply = 17 square feet per capita. Average HH income = $66k 3 Mile Population = 29k people Under contract for $29 per square foot! Drop your questions or comments below! 👇

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Curious to see if any of the facility owners here pay a landscaping company, or add additional money to your BOG monthly wage? We have done both, and I find that it could be a good savings if you just add extra money for your boots- or include into the initial list of duties upon hiring.