Stratas

🏛️ Commercial Real Estate Capital
🏗️ $1B+ in Debt & Equity Placed
🏢 Multifamily · Hospitality · Data Centers
📍 48 Wall Street New York, NY 10005

[Stratas @StratasLLC]

Office is still a two-tier market. CBRE says D.C. Prime/Trophy vacancy fell to 8.3% in Q3, while older government-heavy space remains a drag. For underwriting, “office” isn’t the category—building quality, tenant mix and submarket are. #CRE

[Stratas @StratasLLC]

CRE securitized debt is active again: CREFC says $5.0B of CMBS/CRE CLO deals priced last week and YTD issuance is up 21%. More liquidity is back—but one new CRE CLO still underwrote to ~69% LTV and a 6.8% debt yield. Capital is available, not careless. #CRE

[Stratas @StratasLLC]

Multifamily underwriting: don’t size debt off face rent alone. RealPage says 15.4% of stabilized U.S. units offered concessions in August, averaging ~11% of asking rent (~5.7 weeks free). Effective rent is what supports NOI and debt service. #CRE #Multifamily

[Stratas @StratasLLC]

Valuation is moving earlier in CRE. With ~$875B of commercial mortgages expected to mature in 2026, pressure-test NOI, cap rates and value before sizing the refinance—not after the lender orders the appraisal. #CRE

[Stratas @StratasLLC]

#CRE

[Stratas @StratasLLC]

Valuation is moving earlier in the CRE process. Walker & Dunlop says owners and lenders are using appraisers before capital is committed to test assumptions and risk. With ~$875B of CRE mortgages expected to mature in 2026, value needs to be pressure-tested before the refinance.

[Stratas @StratasLLC]

CRE lending is improving, but not evenly. MBA’s latest Q2 data: CMBS originations +68% YoY, depositories +61%, while GSE volume fell 17% and life companies fell 27%. Matching the deal to the right capital source matters. #CRE #CREFinance

[Stratas @StratasLLC]

Hotel underwriting lesson: one weak week doesn’t make a trend. STR/CoStar reported U.S. RevPAR -6.2% YoY for Sept. 6-12, largely due to the Labor Day calendar shift after 21 straight weeks of growth. Normalize the calendar before changing the thesis. #CRE #Hotels

[Stratas @StratasLLC]

Industrial underwriting isn’t just occupancy. Trepp says Amazon and FedEx anchor $6.57B of industrial CMBS exposure; 28.6% of FedEx-anchored balance has a reported lease expiring before loan maturity vs. 9.2% for Amazon. Lease timing matters. #CRE

[Stratas @StratasLLC]

CRE lenders are competing more aggressively for strong deals, but that doesn’t mean leverage is expanding. CBRE’s Q2 data shows commercial loan count +11% YoY, spreads 21 bps tighter, and average LTV at 59.6%. More capital still rewards disciplined underwriting. #CRE

[Stratas @StratasLLC]

2026 construction growth is highly concentrated. ConstructConnect’s Sept. 8 forecast says data centers account for $77.4B of the expected $78B gain in U.S. commercial construction. For sponsors, national growth can hide very different asset-level conditions. #CRE

[Stratas @StratasLLC]

Trepp’s Sept. 9 update says balance-sheet lending spreads remain tight even as Treasury yields stay volatile. For CRE borrowers, that means execution matters: strong sponsorship and clean underwriting can still win pricing, but benchmark-rate risk remains real. #CRE #CREFinance

[Stratas @StratasLLC]

Today’s PPI is a reminder for developers: cost pressure is still alive. BLS says final demand rose 0.4% in August and 5.4% YoY; diesel jumped 24.1% for the month. Construction budgets need real contingency—not a token line item. #CRE

[Stratas @StratasLLC]

September’s private-label CMBS maturity cohort is $2.74B. Trepp says 50.6% is below an 8% debt yield. The lesson for sponsors: refinance risk is often a cash-flow problem before it’s a lender problem. Start with NOI, proceeds and basis. #CRE

[Stratas @StratasLLC]

CRE credit is getting more competitive, but underwriting hasn’t gotten loose. The Fed’s latest Beige Book shows solid commercial-loan demand and more borrower-friendly competition, while construction costs remain elevated. Better execution ≠ easier deals. #CRE #CREFinance

[Stratas @StratasLLC]

CRE debt markets are functioning, but higher benchmark rates are keeping cap rates largely stable. For developers: don’t underwrite the exit around future cap-rate compression. Make the basis, NOI and debt service work today. #CRE #CREFinance

[Stratas @StratasLLC]

🛠️ Hotel Construction Capital

Developing a hotel project that needs $100MM+ in construction capital? Stratas helps experienced hospitality sponsors evaluate financing options for qualified developments in non-rural U.S. markets. Best-fit opportunities have credible budgets, strong equity, lender-ready documents, and a defined stabilization or exit plan. Stratas is a broker, not a direct lender. Financing is subject to lender review, underwriting, approval, and closing conditions.

Click Learn More to get started, call 7252575354, or email [email protected].

[Stratas @StratasLLC]

🧠 Capital Strategy for Serious Deals

When a $100MM+ CRE project needs layered capital, Stratas helps experienced sponsors evaluate financing paths across bridge debt, mezzanine, preferred equity, and JV options in non-rural U.S. markets. Best-fit opportunities have credible sponsorship, strong fundamentals, and a clear path to repayment, refinance, or exit. Stratas is a broker, not a direct lender. Financing is subject to lender review, underwriting, approval, and closing conditions.

Click Learn More to get started, call 7252575354, or email [email protected].

[Stratas @StratasLLC]

✨ Hotel Value-Add Capital

Hotel PIP, rebrand, and repositioning plans need a capital structure that fits the business plan. Stratas helps experienced sponsors source $100MM+ financing options for qualified hospitality assets in non-rural U.S. markets. Best-fit deals usually have credible budgets, meaningful equity, and a realistic stabilization or refinance path. Stratas is a broker, not a direct lender. Financing is subject to lender review, underwriting, approval, and closing conditions.

Click Learn More to get started, call 7252575354, or email [email protected].

[Stratas @StratasLLC]

🤝 JV & Preferred Equity Options

Need equity or layered capital for a $100MM+ CRE project? Stratas helps qualified sponsors explore preferred equity, JV equity, and related capital relationships for non-rural U.S. market opportunities. Stronger fits typically include a credible sponsor, clear capital stack, meaningful economics, and lender-ready project information. Stratas is a broker, not a direct lender. Financing is subject to lender review, underwriting, approval, and closing conditions.

Click Learn More to get started, call 7252575354, or email [email protected].