JF 3979: CRE Capital Flows, DSCR Constraints, and the Lending Pivot in 2025 ft. John Manning

On this episode of The Horizon, John Chang interviews John Manning, Executive Managing Director at Marcus & Millichap Capital Corporation, to unpack the current lending environment across commercial real estate. Manning outlines why CMBS lending has surged in 2025, citing borrower acceptance of current interest rates, availability of non-recourse loans, and the appeal of full-term interest-only financing. He compares CMBS to banks, life insurance companies, GSEs, and debt funds, highlighting how each fits into the market and why debt funds are becoming dominant for bridge and construction loans. They also look ahead to the next five years, predicting a recovery in transaction volume and capital flows, especially if proposed legislation allows more retirement money to flow into real estate. John Manning Current role: Executive Managing Director, Marcus & Millichap Capital Corporation Based in: Seattle, Washington Say hi to them at: https://www.marcusmillichap.com/advisors/john-manning Visit investwithsunrise.com to learn more about investment opportunities. Post your job for free at https://www.linkedin.com/BRE. Terms and conditions apply. Join the Best Ever Community The Best Ever Community is live and growing - and we want serious commercial real estate investors like you inside. It’s free to join, but you must apply and meet the criteria. Connect with top operators, LPs, GPs, and more, get real insights, and be part of a curated network built to help you grow. Apply now at ⁠www.bestevercommunity.com⁠ Learn more about your ad choices. Visit megaphone.fm/adchoices