Lending

The industry is increasingly betting that income growth can offset higher borrowing costs. The question is whether that growth will arrive before refinancing deadlines do.

Duncan Batty has returned to the UK manager following a stint at digital banking firm Revolut.

The sponsors will use the loan to refinance maturing debt.

The Arrow Global-owned lender is financing the sales period for tenanted units at the city’s Circle Square campus.

The Lending Barometer found non-bank lenders originated $26bn in 2025, with about $21bn year-to-date.

The fund aims to originate loans across a range of sectors, including real estate and infrastructure.

Private capital is cementing its structural role in real estate credit, but with capital shifting toward multifamily and data centers and rate uncertainty persisting, lenders say underwriting discipline, not rate calls, is what sets the winners apart.

As banks retreat from parts of the market, private lenders are filling the gap with flexible capital and through greater interaction with public markets, argue PIMCO’s Roman Kogan and Seray Incoglu.