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The Best Ever CRE Show

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

The Best Ever CRE Show

Best Ever CRE

Realestatepodcast, Entrepreneurship, Business, Realestate, Investing, Realestateinvesting, Realestateinvestingpodcast

4.8983 Ratings

🗓️ 27 July 2025

⏱️ 42 minutes

🧾️ Download transcript

Summary

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

Transcript

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0:00.0

Hey, best ever listeners, I want to tell you about something that's caught my attention,

0:03.6

Sunrise Capital Investors, and they're soon to close, growth and income fund four.

0:09.1

Here's what impressed me. They've got a track record that speaks volumes. Over $1 billion in

0:15.1

transactions completed, $300 million in assets under management, and get this, zero investor losses across their first four funds.

0:26.1

Their strategy, they focus on mobile home parks and parking facilities,

0:30.6

two recession-resistant asset classes that most institutional players haven't fully tapped into yet smart positioning.

0:39.1

Now, with Fund 4, they're projecting 14 to 18% total annual returns with 7% to 8% annual

0:46.7

cash distributions. They've already acquired nine properties all cash flowing with over $21 million

0:53.2

in portfolio level equity. Plus, for every

0:56.8

dollar invested, Sunrise funds have historically delivered over 90 cents on the dollar back

1:01.9

in K-1 passive losses. Last year, Fund 4 investors got 70% of their invested capital back via

1:09.2

depreciation. If you're an accredited investor looking for

1:13.9

consistent performance and alternative assets, Sunrise Capital might be worth a conversation.

1:19.3

But don't wait. They're closing fund for in September. Learn more at invest with sunrise.com.

1:26.9

That's invest with sunrise.com. You know, flexibility is something

1:31.5

I value a lot as an entrepreneur. Whether it's structuring a deal, reviewing underwriting,

1:36.6

or scheduling podcast interviews, it's all about using my time where it matters most. That's why I've

1:42.1

added stamps.com into my workflow. For certified mail,

1:46.0

invoices, checks, we can handle all of that without leaving the office or breaking focus.

1:52.0

It's an all-in-one mailing and shipping solution that gives you back control over when and how you get it done.

1:58.0

We've got investors and partners across the country,

2:05.5

and Stamps.com makes it easy to ship documents or packages right from my computer,

...

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