The past year has brought numerous challenges to the commercial real estate capital markets not the least of which is more restrictive underwriting for commercial and multifamily mortgage loans. In spite of these changes, our Q10 Capital partners have managed to continue to find capital for quality real estate projects. Our 11 offices closed just over $2 billion in new loans in 2020. We were active in all property types with industrial and multifamily leading the way. Office and retail were challenging property types during the year, but we continued to find capital for these properties albeit at lower LTV’s and somewhat higher rates than years past. With the hospitality sector largely closed for a portion of the year we do expect capital to return to this sector during 2021.
The new year has shown significant improvements in many markets already. We’ve spoken with over 40 capital sources in the last 60 days and all report ample capital available and the desire to do more business in 2021 than they did in 2020. Recent transactions include a $20.5 million retail loan in West Virginia, a $16.9 million apartment loan in Michigan, a $100 million apartment loan in California and even a hotel loan of $14 million in Oregon. Regardless of property type or location, contact us for additional information and assistance on your next deal.