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FEATURED episode


Construction lending bounces back, spreads widen, borrowers hit pause


Cole and Omar interview Andrew Pabon, Altus Group’s Director of Debt Advisory, to break down the Q3 2026 US debt capital markets survey results. With Treasury yields spiking above 5% and the Fed signaling “even higher for even longer,” they explore what’s changed in CRE lending and borrowing. Construction financing has roared back with quotes jumping from 3% to 13% of activity, but borrowers hit pause at the end of the quarter as uncertainty peaked. Spreads widened across the board, floating-rate products returned as lenders and borrowers seek clarity, and fixed-rate loans took the biggest hit from yield movements. They also discuss seniors housing as the hot sector, how negative leverage is affecting valuations, and the gap between legacy loan coupons and today’s elevated rates.



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