Fortress Eyes Deals Milestone as Rivals Shun $4.5 Trillion Property Refinancing Wall

Fortress Investment Group says rival lenders are running shy of a $4.5 trillion market for property loan refinancing over the next three years, putting its commercial real estate credit business on track to achieve a $5 billion milestone for new deals by end-2026.

Spencer Garfield and Noah Shore, global co-heads of the division, said some regional US banks and debt funds hampered by legacy problems had so far shown limited interest in a massive volume of maturing loans in the upper middle-market space, where bricks and mortar values have tumbled as much as 40% versus their peak.