What's Now in Real Estate Finance (January 2026)

Topics from our January agenda included:

CREFC Miami Recap 
Varuna Bhattacharyya (New York)

Several members of Seyfarth’s Real Estate Finance team attended CREFC’s annual January conference in (not so sunny this time) Miami, which drew a record number of attendees from across the commercial real estate ecosystem. Debt and equity providers, CMBS participants, servicers, and advisors gathered to discuss the trends shaping the CRE market in the year ahead.

The outlook for 2026 was one of cautious optimism. Participants generally expect a competitive lending environment, with tight spreads and increased liquidity. Key themes included continued bifurcation in the office sector between high-quality, Class A assets and commodity stock; innovation in affordable housing to expand supply and meet demand; and sustained enthusiasm for data centers, which remain the market’s “darling” asset class given their strong demand fundamentals.

Throughout the conference, Seyfarth’s team connected with new and familiar faces. A highlight was the Wellness Corner and Puppy Pit, which Seyfarth hosted on Day 2, giving attendees a welcome break in their day. Networking with a puppy in hand proved to be the perfect way to recharge.

HOA Liens: A Twist in Nevada 
Alyssa Rutherford (Los Angeles) and Dan Evans (New York)

In the State of Nevada, certain homeowners’ association (HOA) liens for regular assessments have “superpriority” status, meaning they take precedence over other liens, including a first deed of trust. If the HOA forecloses on the property, the lien of the first deed of trust can face deleterious consequences. However, Nevada law provides certain protections for lenders, including certain rights of notice of default and sale and other rights of repayment. 

EB-5 Financing Update 
Bob Over (Seattle)

The team discussed EB 5 financing, a capital channel involving a government sponsored visa program. Non US citizens can invest certain minimum amounts in qualifying US businesses and become eligible for a green card. The annual market size is determined by the number of visas, with 10,000 visas at $800,000 each totaling $8 billion. 

Proceeds from EB 5 offerings are used to fund loans, often to real estate projects. Most loans have historically been mezzanine loans, although some are senior secured loans. Asset classes using EB 5 loans include multifamily, hospitality, and residential condominiums. Learn more about Seyfarth’s EB-5 Immigrant Investment team.