The Distribution by Juniper Square Private Credit Through the Cycle: Why Relationships Matter More Than Capital - John Atwater - Co-Founder and Managing Partner - Prime Finance
Mar 17, 2026
John Atwater, co-founder and managing partner of Prime Finance with decades in commercial real estate lending and apartment ownership. He recounts launching Prime during the S&L crisis and why market stress breeds opportunity. They explore how Prime built scale across CMBS, origination, and special situations. The conversation compares real estate and corporate private credit and outlines near-term market dynamics and where opportunities may arise.
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Launching Prime During The S&L Crisis
- John Atwater founded Prime during the Savings and Loan crisis and bought massive apartment complexes like Park La Brea despite limited capital.
- He used extreme leverage and operational fixes (rent/occupancy lifts) to rapidly increase cash flow and survive refinancing challenges.
Why Crises Create The Best Entry Points
- Crisis moments create outsized opportunity because few competitors remain and the key differentiator is willingness to transact, not just capital.
- Entrepreneurs reduce perceived risk by building operational edges that make risky assets manageable.
Founding Prime Finance Around The GFC
- After 2007 John partnered with debt specialists and closed Prime Finance's first fund in June 2008 to buy discounted loans and lend into stressed markets.
- They shifted from buying discounted loans to origination when borrowers began to regain leverage and option value.