The FORT Podcast: Cullen Aderhold

Cullen Aderhold is the Senior Director of Capital Markets at JLL. JLL buys, builds, occupies, and invests in a variety of assets including industrial, commercial, retail, residential, and hotel real estate. From tech startups to global firms, their clients span industries including banking, energy, healthcare, law, life sciences, manufacturing, and technology. In this episode, they discuss the shift in capital markets due to the COVID-19 pandemic, lender strategies, private fund structures vs. REIT structure, hotel & retail loans, and much more.

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01:03 — If you had to describe your job, what do you do? How did you get to where you are today?
02:17 — What asset classes do you work with? Are they nationwide?
03:28 — Did you know you would get into this line of work, or did you stumble upon it?
06:20 — Are there certain things that great real estate investors do that set them apart from the rest?
10:27 — What has the last month been like in capital markets as an owner?
13:58 — Did you have a signed deal before this situation started? Did it move forward or could the lender rescind?
16:44 — Is anyone acquiring debt right now? If lenders are moving forward, are they borrower-dependent or asset-dependent?
19:21 — How are lenders pricing right now?
24:43 — Is a private fund structure similar to the mortgage REIT structure?
25:42 — Hotels and retail have been hit hardest—will they be the last loans to come back?
29:39 — What things are people getting loans for that we wouldn’t have seen before?
31:15 — Is there a pent up demand for refinancing as soon as things recover?
33:02 — What will happen to loans that were going to be refinanced or sold?
35:40 — Do you or JLL deal with distressed debt situations? What happens to distressed debt that comes to the market?
37:05 — Do you remember the moment that the COVID-19 pandemic began to feel very real?

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