Tony Fineman

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

There has been a lot of very positive momentum in the market this year, and we continue to see more and more good investment opportunities as the year progresses. Overall origination volumes are significantly higher this year than the prior two years, and we are optimistic the momentum will continue into next year and beyond. 

There still seems to be more debt capital chasing deals than actionable deal flow, although we have seen the imbalance improve throughout the year and expect the trend to continue. 

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

If I had to pick one, I would say office acquisition loans in good markets, with reset bases and strong in-place cash flows.  

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

Private credit continues to play an increasingly important role in CRE finance. The larger money center and super-regional banks are generally healthy and participating in the market, while the smaller regional and local banks are a mixed bag with many still working through issues.

That said, there is a place for both banks and nonbanks to lend, including in partnership with each other, and we expect nonbanks to continue to gain market share in the coming years.

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

How quickly credit spreads have tightened throughout the year, in all product and loan types, but most notably with respect to office.

What could be the industry’s next black swan?

I am not going to put negative thoughts out there, because we deserve calmer waters after the last five-plus years.  

What are prospects in the next year for private lenders to raise funds from insurance companies looking to invest more in CRE credit?

We manage a large amount of capital for insurance companies and expect to continue to do so going forward.

Lighting Round:

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

“Tulsa King.”

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

Fed rate cuts, although the Eagles winning the Super Bowl was bigger. 

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

More.

Where will rates be one year from now?

Lower.

Holiday wish?

Personal: Health, happiness and prosperity for family and friends. Business: Continued positive momentum.

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

All good friends.

How do you shake off market stress?

What stress?

NFL or college football?

Love both, but, if I had to pick, college football.

What song would be the theme tune of your life?

“Buy Dirt” (Jordan Davis).

Ultimate dinner party: Pick three guests?

Can’t pick three.

Thanksgiving: Chef or spectator/taster?

Chef.