Revista panelists delve into the state of debt and capital markets
By John B. Mugford
The Revista debt panel included (from left to right): moderator John Nero of Newmark Group, Steve Reedy of First Citizens Bank, Winston Abbott of Siemens Financial Services, Zack Holderman of CBRE Group Inc. and Erik Tellefson of Capital One. (HREI photo)
PALM BEACH GARDENS, Fla. – After seeing some stabilization in the healthcare real estate (HRE) lending arena in 2024 – after a rocky, difficult 2023 – what does the remainder of 2025 hold?
At a recent HRE conference, a group of panelists – including three lenders in the space and one professional who helps borrowers find debt solutions – agreed that the year ahead won’t necessarily be marked by great growth. However, they predicted that there will be a stable and robust environment for accessing capital for acquisitions and development projects.
“In terms of liquidity in the market, one observation that I would’ve had had sitting up here at this time last year was that anywhere from a third to maybe half of the quote-unquote active lender community was still somewhat sidelined – somewhere between cautious and sidelined entirely,” said John Nero, senior managing director of the Healthcare Capital Markets team with Newmark Group Inc. (Nasdaq: NMRK).
“But, this year, I’ve definitely noted an improvement and an increase in liquidity.”
Mr. Nero moderated a panel session focused on capital markets and lending in the HRE sector during the 2025 Revista Medical Real Estate Investment Forum at the PGA National Resort in Palm Beach Gardens in early February.
The session was titled “Healthcare Real Estate Capital Markets: Debt Investment Strategies and Sustainability in 2025.”
When Mr. Nero asked the panelists what they foresee for 2025, Steve Reedy, head of medical office banking with the Healthcare Finance team at First Citizens Bank (Nasdaq: FCNCA), said that the firm is “projecting that we’re going to have a stable year, and you’re right, there are more banks entering the marketplace.
“Competition is increasing from the lending side, which is healthy for the market.”
Even with more liquidity available, Mr. Reedy added that he believes the market won’t necessarily see a “large spike in the number or size of transactions in 2025. We might see some larger portfolios close this year, as there is a lot of chatter about that, but whether or not those materialize is yet to be seen. But, you know, I would have to say that I believe there will be larger transactions in 2025 than in recent years.”
The panel also included:
■ Winston Abbott, VP of national sales with Germany-based Siemens Financial Services, whose U.S. headquarters is in Iselin, N.J.;
■ Zack Holderman, senior VP with the Capital Markets group at CBRE Group Inc. (NYSE: CBRE); and
■ Erik Tellefson, senior managing director and head of Healthcare Real Estate Lending at Capital One Financial Corp. (NYSE: COF).
Mr. Tellefson of Capital One said that
The full content of this article is only available to paid subscribers. If you are an active subscriber, please log in. To subscribe, please click here: SUBSCRIBE
