The TreppWire Podcast: A Commercial Real Estate Show 378. Banking Back in Focus: Santander-Webster Deal, SLOOS Signals, Office CRE Delinquency Jump, Industrial & Data Center Deal Desk
Feb 6, 2026
Ryan Seavers, tax partner at EisnerAmper who advises on CRE tax strategy. He breaks down the One Big Beautiful Bill, including permanent 100% bonus depreciation and Section 199A implications. Short takes cover what made the cut and what did not. The conversation links tax changes to lending trends, CMBS office delinquencies, and big banking deals like Santander-Webster.
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Policy Uncertainty Shapes CRE Refinancing
- Uncertainty about Fed leadership and policy is the dominant macro risk for CRE refinancing math.
- Stephen Bushbaum says refinancing outcomes hinge on term premiums, volatility, and lender reaction functions over 12–24 months.
Bonus Depreciation Brings Certainty — With Caveats
- Permanently extending 100% bonus depreciation creates planning certainty but raises utilization and state conformity issues.
- Ryan Seavers cautions sponsors to evaluate whether they can use accelerated deductions and consider state tax add-backs.
199A Permanency Helps Fund Structuring
- Making Section 199A permanent preserves favorable tax treatment for pass-throughs and REIT structures.
- Ryan Seavers highlights that REIT dividends automatically qualify, aiding debt funds and REIT-structured strategies.