The Best Ever CRE Show JF 4123: 2025 Lessons, Liquidity and Discipline in CRE ft. the Best Ever Hosts
Dec 18, 2025
A year-end roundtable reveals surprising market developments from 2025, highlighting hidden distress and the importance of liquidity and discipline. The discussion focuses on the shift towards cash flow and capital preservation among LPs, along with evolving opportunities in small-cap multifamily and discounted office assets for 2026. The hosts debate the role of bridge debt, the need for strong operator-LP relationships, and the implications of AI in real estate operations. Key questions for LPs are emphasized, alongside lessons learned from past investor interviews.
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Bring Experts To Vet Underwriting
- If you lack underwriting skill, assemble expert advisors to vet deals and ask hard questions.
- Use third-party expertise to uncover blind spots and protect capital.
Refinanced Early After Bigger-Than-Expected Value
- John described refinancing a 2021 heavy-renovation deal to lock a five-year loan and avoid bridge-rate risk.
- The team pushed rents far beyond expectations and chose certainty over waiting for rates to fall.
Focus On The Three Big Deal Levers
- Major deal levers are debt and operating income; taxes and insurance are big uncontrollable risks.
- LPs should evaluate how those levers might move and whether operators have mitigation plans.