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The Briefing
The latest news, updates and insights from the Johnson Capital team.
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Capital Markets
Lenders are active, but selective. Capital is deploying toward sponsors with clean stories, realistic underwriting, and well-prepared packages, and pausing everywhere else.
Execution
Term sheets come from spreadsheets. Closings come from relationships. Lenders stretch on proceeds, structure, and timing for sponsors and advisors they know and trust.
Structuring
Most capital stacks are assembled one piece at a time, under deadline pressure. The stronger approach is designing the whole stack: senior, mezzanine, equity, before the first term sheet.
Waiting for the perfect rate is a strategy for missing the window. Refinancing decisions should be driven by the asset’s trajectory, loan maturity, and lender appetite, not the news cycle.
HUD-insured loans offer some of the best terms available for multifamily and healthcare, long-term, fixed-rate, non-recourse. The trade is a process that rewards preparation and punishes improvisation.
The coupon is the most visible number in a term sheet and often the least important one. Proceeds, recourse, flexibility, and exit provisions decide what a loan actually costs.
Lenders underwrite the sponsor before they underwrite the deal. The materials you send, and the questions you can answer, set your pricing before negotiation begins.
