Scott Epperson

What’s been the biggest highlight and challenge of 2025 so far? 

Our biggest highlight has been our ability to capitalize on two key trends. First, a significant resurgence in trophy office financings, supported by efficient single-asset, single-borrower capital markets execution. This recovery is bolstered by strong leasing demand, driven by return-to-work trends and well-capitalized sponsors investing in assets. Second, a surge in demand for data center financing, propelled by exponential hyperscale growth opportunities. Goldman takes an integrated approach that leverages expertise across capital markets, syndication and private placements, which has been key to capitalizing on these opportunities. 

The primary challenge lies in the highly competitive, agented nature of the SASB market. Cultivating deep partnerships and trust with clients is more critical than ever. We continue to stay true to Goldman’s core value of exceptional client service, treating every loan opportunity as a collaborative client partnership. 

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

We are leaning into lending opportunities in trophy office and data centers. The resurgence of return-to-work mandates has fueled tenant demand for premium office spaces, leading to successful execution of high-profile, single-digit, dividend yield office SASB financings. The CMBS market is efficient in pricing these large deals, and this trend is expected to continue into 2026. Data center financing has seen an exponential growth since last year, driven by hyperscale demand and necessitating creative capital market solutions. 

Difficult to pick your favorite child, but which transaction made you most proud this year, and why? 

While it’s challenging to single out one transaction, every deal, from a $10 million conduit loan to a $1 billion SASB financing, is paramount to our clients. Each transaction is an opportunity to execute for our clients, and I am always proud after successfully closing and pricing a transaction. 

Should 2026 be a bigger year for CMBS than 2025, volume-wise? 

We anticipate 2026 CMBS volume will surpass 2025, primarily driven by the expected stabilization and potential tightening of interest rates, which have historically been a significant impediment to issuance. More predictable rate environments enable sponsors to confidently make investment decisions, fostering increased transaction activity. We are already observing a rise in opportunistic acquisition financing requests, a trend expected to accelerate with stable rates, leading to greater M&A activity that will subsequently flow into the CMBS market.

Furthermore, data center financings are poised to become a substantial contributor to CMBS volumes. As current construction projects reach completion, sponsors will increasingly seek takeout financing options, many of which will be facilitated through CMBS structures.

What’s your team’s competitive advantage in the market today, and which deals will you compete most fiercely for? 

Our primary competitive advantage at Goldman Sachs lies in the interconnectivity of our people and our ability to collaborate across groups. We leverage our integrated suite of financing, origination, structuring and risk management activities, as well as our extensive internal network and deep relationships with client sponsors, consistently working toward the best optimal outcomes for our clients. 

This is a particular advantage in today’s highly competitive market, where client trust is paramount to winning mandates. We fiercely compete for any financing opportunity where our collaborative, partnership-driven approach can deliver superior execution. 

What do you wish you knew coming into 2025 that you know now?

What we’re seeing across asset classes is that success is increasingly predicated on a sophisticated and forward-looking approach to both lending and capital structures. We are actively sharing these critical insights with our clients, emphasizing that strategic liquidity management, disciplined patience, and a robust, data-driven investment framework are paramount for achieving successful financings. While macroeconomic factors may introduce volatility, the overall market remains resilient, positioning our clients to strategically navigate challenges and capitalize opportunistically. 

Lighting Round:

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

“Morning Show.”

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

TSwift.

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

Gimme more.

Where will rates be one year from now?

25 to 50 basis point tighter.

Friend, unfriend, block: Office, retail, hospitality

Friend all.

How do you shake off market stress?

Long runs.

NFL or college football?

NFL – Let’s go Broncos.

What song would be the theme tune of your life?

The Verve — “Bitter Sweet Symphony.”

Ultimate dinner party: Pick three guests (dead or alive)?

Newton, Einstein and Feynman — I’m a big-time science nerd.

Thanksgiving: Are you the chef or spectator/taster?

Taster.

Holiday wish?

12-plus inches of fresh powder in the Rocky Mountains.