Robin Potts

What’s been the biggest highlight and biggest challenge of 2025 for your team thus far? 

The biggest highlight this year has been momentum in the broader market resulting in a pickup in transaction activity for our platform. The CRE market has slowly turned the corner over the last 12 months, with valuations having bottomed, a line of sight toward improving operating fundamentals with limited new supply on the horizon, and the Fed’s recent rate cut. This has resulted in increased liquidity in the debt capital markets, and increased debt originations for our platform.  

One downside challenge this year was the elimination of one of our unique sourcing channels that we had for our debt platform. We were one of about 20 groups that was a direct new issuance B piece buyer under Freddie Mac’s K Series securitization program. They recently transitioned away from that program into a different securitization structure in which they are not offering B pieces. Certainly, we are fortunate that the main part of our debt business is directly originated loans, and so we can offset the loss of this program with direct originations. But the Freddie K Series B pieces offered an interesting and differentiated risk-
return profile, so it was a disappointing development.

Which lending opportunities that didn’t exist last year are you grabbing today? 

We’ve been active in both construction lending and bridge lending for decades. This year, we have actively focused on expanding and emphasizing our bridge lending efforts, and we added resources to our team to capture the growing opportunity set. We think the lending environment is extremely favorable as we can provide financing into a recovering market from both a fundamentals and valuation perspective. 

As a result, we are leaning into being competitive for high-quality borrowers to maintain and establish new lending relationships across property types. We have been active recently lending across multifamily, student housing, senior housing, industrial and commercial property types.

What role will private credit play in CRE lending over the next year? 

Private credit continues to be the most flexible capital solution provider as traditional bank, agency, and life company capital is constrained to certain deal profiles and low-leverage levels. We are able to play as a stretch senior lender or subordinate debt provider to provide the capital solution that borrowers need in many situations. Banks in many cases have transitioned from being direct lenders to borrowers, and prefer working with trusted private credit fund relationships like us in larger relationships. We’re able to provide a single-source senior whole loan execution to the marketplace with our banking relationships behind the scenes.

What’s shocked you the most this past year in terms of market activity or response? 

The speed at which mini-cycles are moving in the capital markets has been fascinating. The capital markets pullback from the tariff tantrum in April subsided quickly, and there was really only a 30- to 45-day period to step in during a liquidity gap in the market while some lenders went into wait-and-see mode. Credit has cycled back into risk-on mode since then with lenders re-entering and tightening spreads at record speed, so it’s a very dynamic and fast-moving environment. 

Which multifamily market currenty has the best lending fundamentals? 

Coastal markets in general have had much stronger operating fundamentals recently than the Sun Belt markets because of the barriers to entry on developing new supply. As a result, San Francisco has turned around completely to being one of the top markets for multifamily. The new mayor and city council member changes have had a major impact on the city, which has helped bring residents back along with increased return-to-work mandates. There has been no new supply in the market, and so as demand has picked back up, vacancy rates have fallen and rent growth has surged to the highest in the country.

Lighting Round:

“The Summer I Turned Pretty” or “The Morning Show”?

“The Morning Show.”

Biggest moment of 2025: TSwift’s engagement or Fed rate cuts?

Tay-Tay’s engagement timing was just right; the Fed’s rate cut — not so much. 

Data centers: Been there done that, or Gimme more?

Gimme more.

Holiday wish?

Lower Treasurys.

Friend, unfriend, block: Office, retail, hospitality?

Friend: retail; unfriend: hospitality; block: office.

How do you shake off market stress?

Light saber fights with my 1-year-old and 4-year-old.

What song would be the theme tune of your life?

“How It’s Done” by HUNTR/X…. IYKYK.

Thanksgiving: Chef or spectator/taster?

Taster.