Jonah Aelyon

CRE Debt Guy. $5.35B in capitalizations to date. Loves a good sandwich.

[Jonah Aelyon @JonahAelyon]

@realEstateTrent Expand it down thru pac heights and up slightly into San Rafael - yes!!!!!

[Jonah Aelyon @JonahAelyon]

SF Lease!

We just signed $5500 for a 650 SF 1x1

$8.50 PSF

I pay $3.75 PSF for context

It’s crazy here again…

[Jonah Aelyon @JonahAelyon]

@jefffeldman Every 6-12 months it kills me 😂

[Jonah Aelyon @JonahAelyon]

@adamstatonsmith Not apts

[Jonah Aelyon @JonahAelyon]

Portland update:

Largest transaction since 2022 just traded

First deal above $100M since 2023

Great to see the investor confidence returning to a key PNW market!

[Jonah Aelyon @JonahAelyon]

@FARlikewhoa YES. This is the movie I’m most excited to show my future children.

[Jonah Aelyon @JonahAelyon]

@realEstateTrent Already back my guy!!
I’ll be at HOPR Friday night - come join!

[Jonah Aelyon @JonahAelyon]

You are considered Low Income in San Francisco County if you earn $109,000 per year or less. Wild.

Demographics help lead Fundamentals and neither could be stronger here!

[Jonah Aelyon @JonahAelyon]

Contextually… we still are getting 90-110bps from agencies on low/moderate LTV depending on size, borrower, DSCR and term

Did a T+130 10yr deal at 75% for a first time agency borrower.

Hard to touch Freddie and Fannie right now for cash flowing apts

[Jonah Aelyon @JonahAelyon]

Best spreads:

Insurance Company: seeing 120-125 from insurance companies on a low leverage multi acquisition request

With their amortization schedule - this puts spreads around 112-118bps over comparing to banks/agencies

Good to see the insurance contingent getting more aggressive today!

[Jonah Aelyon @JonahAelyon]

Best spreads:

Insurance Company: seeing 120-125 from insurance companies on a low leverage multi acquisition request

With their amortization schedule - this puts spreads around 112-118bps over comparing to banks/agencies

Good to see the insurance contingent getting more aggressive today!

[Jonah Aelyon @JonahAelyon]

@hq_storage Our national JLL storage team was selling the land for a local landowner and my client won the sales marketing process - then we helped (are helping with) the construction loan

[Jonah Aelyon @JonahAelyon]

Self Storage people - excited to be closing my first loan with a developer I met at Reconvene a couple years ago!

We sold them the land, construction loan closes next month - 85% LTC, recourse bank loan

Who wants to talk storage? Let’s find you a creative capitalization and get something done :)

[Jonah Aelyon @JonahAelyon]

Some takeaways from July economic landscape:

1Fed Policy Shift Imminent: After holding rates steady in July, the Fed is likely to cut rates by 25 basis points in September 2025 due to significant labor market weakening, despite earlier concerns about tariff-driven inflation.

2Bifurcated Consumer Market: Clear division between higher and lower income consumers - higher income households ($100K+) remain resilient (evidenced by Delta's premium cabin growth of 5%) while lower income consumers show increased financial stress and gravitate toward value offerings.

3Labor Market Cooling: Job growth significantly underperformed with only 73K new jobs in July (vs. 115K forecast) and massive downward revisions to May and June data, prompting a downgrade in labor market outlook from "Tailwind" to "Neutral."

4Tariff Impact Quantification: Companies are now providing specific financial estimates of tariff effects - ranging from 20-150 basis points on gross margins, with Carter's projecting $125-150MM in additional annual tariff costs and Deckers estimating $185MM impact to COGS.

5Inflation Trends Shifting: Tariffs are beginning to drive goods inflation (0.6% YoY in June, up from 0.1% in May), while the overall PCE Price Index increased to 2.6% YoY, with certain retail categories showing pronounced month-over-month price increases.

[Jonah Aelyon @JonahAelyon]

Live Debt Insights:

36 different lenders, 41 loans: last week’s under app deals. We always find the best deal.

Banks are Back: forget the headlines, they account for 28% of our closed loans YTD. These are bit numbers.

Multi & Industrial remain the darlings: consistently the vast majority of closed business.

[Jonah Aelyon @JonahAelyon]

@mikeviajando LT holder
5.67%

[Jonah Aelyon @JonahAelyon]

🚨CLOSED! 2 down, 9 to go by end of August. Extra grateful right now.

Fun working with a new client out of SoCal and doing their first Agency loan - not for the faint of heart

- Loan: $15.18 Million
- Term: 10 Years
- IO: 5 Years
- LTV: 75%
- DSCR: 1.25x
- Spread: 1.32%

Excellent execution for a first time agency sponsor and excited to be closed!

Who wants to chat debt?

*85-units in the East Bay

[Jonah Aelyon @JonahAelyon]

@taylormokris Natural AMI %

[Jonah Aelyon @JonahAelyon]

🚨 CLOSED! Large MF asset in PNW with an Agency lender:

- Loan Amount: $109.8M
- LTV: 65%
- DSCR: 1.30x
- Term/IO: 10 years
- Pricing: T+109 (NO buydown)

Great affordability / great sponsor / phenomenal execution.

Locked a 4.27% 10YR UST, equating to a 5.36% rate for 10yrs of interest only payments.

Proud to have this done after 3yrs carefully paying attention and 18-months of work.

[Jonah Aelyon @JonahAelyon]

@joeybaum13 Beav

[Jonah Aelyon @JonahAelyon]

Rate Locked!

East Bay Acq
$15M Agency
5.67% (4.35% + 1.32%) - no buydown
75% LTV / 1.25x DSCR
10yr term / 5yrs IO

Third lock in 10-days, been a busy start to July.

*new client!