Real Estate Debt & Lending
Real estate debt and lending across the capital stack. Thesis Driven dives into private credit and debt funds, construction and bridge lending, CMBS and the role of rating agencies, small balance and small multifamily loans, predevelopment capital, C-PACE and structured alternatives, mortgage technology and origination, and how debt terms determine which deals pencil.
New Workshop: C-PACE: Redefining CRE Capital Stacks
C-PACE used to live at the edge of the capital stack. A niche tool for energy retrofits, small-ticket
Why AI Has Struggled to Break Into Mortgage Lending
Stacks of documents, repetitive workflows, and massive economics make mortgage lending an obvious target for AI, but adoption has been slow.
How Rating Agencies Shape CRE Prices
The below-the-surface assessments of a handful of powerful firms influence borrowing costs, capital flows, which deals get financed—and which don't
Deep Dive: Lev
AI is changing the way deals happen outside of real estate. Can Lev bring CRM magic to commercial operators and brokers?
Seven Surprising Facts About the State of AI in Real Estate
What 2025 Revealed About the New Rules of CRE Innovation
How Rate Volatility Broke America's Housing Finance System
A $2 trillion problem hidden in plain sight
Beyond Ownership: Delivering the Integrated Real Estate Experience
Rocket's acquisition of Redfin is another attempt at building the integrated real estate journey. Can AI finally make it work?
Making Co-Ownership Work
New models aim to help people live together affordably. Can they succeed and scale?
Funding Pre-Development Costs
Developers have more options than ever to capitalize early deal expenses. Here's why that matters.
Are Office Condos an Answer to the Commercial Glut?
Office condos are a third option as distressed inventory piles up. When the model makes economic sense — and who's actually buying.