Slatt Capital Closes Nearly $600M in the First Half of 2026

The defining theme of the first half of 2026 was the continued broadening of the capital markets. Slatt Capital closed 130 transactions totaling nearly $600 million through June 30, working with 72 unique lenders across 23 states. While overall volume ran modestly behind a strong first half of 2025 ($597 million versus $647 million), the mix shifted in notable ways: acquisition financing saw a meaningful increase as buyers returned to the market, CMBS returned as a capital source with two larger closings, and hospitality lending picked up considerably compared to last year, led by several larger loans.

Slatt Metrics by Transaction Type – First Half 2026

• CMBS volume grew nearly seven-fold versus the first half of 2025, increasing from under 2% of fundings to 11%—led by a $39.2 million refinance of a 396-unit multifamily community in Baltimore, MD and a $23 million multifamily refinance in San Gabriel, CA. 

• Hospitality financing nearly tripled year-over-year, from $30 million to $88 million—16% of volume versus 5% in H1 2025—highlighted by a $23 million refinance of a 154-room hotel in Texarkana, TX. 

• Bridge lending increased 28% year-over-year to $108 million (18% of volume), as sponsors repositioned assets and bought time for a more favorable rate environment. 

• Structured finance remained an active part of the business, with nearly $80 million in construction financing closed in the first half, up from $66 million in H1 2025—led by a $26.9 million construction loan for a 137,000-square-foot mixed-use development in San Gabriel, CA and a $26 million construction loan for a 94-unit multifamily development in Woodburn, OR. 

• Life insurance companies remained our largest capital source at 30% of volume ($167 million), consistent with the first half of 2025—a reflection of the steady execution our correspondent relationships provide through every market cycle. Recent closings include a $21 million refinance of a 213-unit multifamily community in Novato, CA. 

• Acquisition financing was a bright spot, growing 35% year-over-year to $122 million and expanding from 14% to 20% of volume—a clear sign that buyers are returning to the market and deal activity is broadening well beyond refinancing. Notable purchases included a $12 million office acquisition in Rohnert Park, CA financed by a life insurance company and a $9.5 million hotel acquisition in Fort Smith, AR. 

• Permanent financing represented 66% of volume, in line with full-year 2025, and office volume continued its recovery, growing 23% year-over-year. 

Broader Industry Trends and Lending Activity

Our first-half experience mirrors a market that continues to gain momentum. According to the Mortgage Bankers Association, commercial and multifamily mortgage originations were 52% higher in the first quarter of 2026 than a year earlier, with depository lending up 80% as banks re-engaged to address the large volume of maturing bank-held loans. Growth was strongest in the property types where we saw it firsthand: hotel originations rose 85% and industrial 56% year-over-year. The MBA forecasts total commercial and multifamily originations to reach $805 billion in 2026, a 27% increase over 2025, driven by ongoing refinancing demand and stabilized valuations.

Strategic Takeaways for Clients

If 2025 rewarded proactive execution, the first half of 2026 rewarded matching each deal with the right capital source. Best execution moved between lender types from quarter to quarter—relationship-driven life companies for lower-rate, long-term permanent debt, banks for low-cost execution and prepayment flexibility tied to deposit relationships, credit unions for favorable prepayment provisions, debt funds for speed and flexibility on transitional business plans, and a re-emerging CMBS market offering higher leverage and non-recourse terms on select larger, cash-flowing assets.

With a significant wave of loan maturities still ahead and lender selectivity remaining high, borrowers benefit from an advisor who knows which capital source fits each deal—and when a returning market like CMBS is the right execution. We expect the second half—historically our strongest, representing 54% of volume in 2025—to benefit from both continued refinancing demand and the rebound in acquisition activity we saw build through the first half.

If you would like more information regarding our results or how to take advantage of this momentum by requesting a quote, contact us here.