Carina Kalaw

Is it better to be a lender or borrower today? 

Lender. There are still pockets of opportunity even in the current environment. Client relationships and lender relationships remain critical in winning mandates and syndicating deals. 

What is the biggest challenge you’ve encountered as a lender in 2026?

There was a period of uncertainty in the summer where clients and lenders were hesitant, which affected the overall execution of certain deals, but that has improved going into the fall.

Which property sector is most attractive from a lending perspective today, and which are you most cautious about? 

The main food groups in real estate are still attractive — multifamily, industrial, retail, and some selective office — as well as specialty sectors like medical office, student housing and senior housing. 

But, even in attractive sectors, a strong loan structure and experienced sponsor are still crucial. 

Is AI indeed going to kill us all?

With adequate checks and balances, we could live in some level of harmony with AI. We still need human beings with professional talent and experience to use the AI data and to provide trusted service that only people can provide.

Data centers: As attractive a lending opportunity as they were two years ago? 

Despite continued activity, some lenders seem to be slowly shifting from green to yellow light.

If you were marooned on a desert island, which three items would you bring, and what would be your key survival skill? 

Victorinox Swiss Army knife à la MacGyver, a very large box of matches, and a high-quality blanket. 

Biggest headwind and tailwind to lending activity in 2027?

Headwind would be any further increase in interest rates and addressing refinancing of existing loans. Tailwind would be disciplined bank lending in a resilient CRE market.

Lightning Round:

“Traitors” or “Alone”? “Traitors” — it’s the Scottish Highlands!

Super Bowl or World Cup? World Cup.

Orcas or yachts? Orcas.

If you could train AI to do one new thing, what would it be? To answer all the emails I prefer not to answer.

Best vacation you ever took? Island hopping in the Galapagos Islands (not a cruise) with my daughter.

Last time you said, “Phew, that was a close one!”? My last romantic relationship.

Conversions: “Keep `em comin’ ” or “Sooo 2020 (scoff)?” “Keep `em comin’.”

Book reader or phone scroller/email checker before bed? Audiobook reader.

“Power” song you listen to when mentally preparing for a big event/deal/day? “Uptown Funk” by Mark Ronson and Bruno Mars.