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Connect CRE · San Francisco · Capital

JV of Affinius, Alliance Residential Divests NorCal Seniors Housing Duo

Via Connect CRE · August 27, 2026
Compiled by Real Estate Trail Editorial · August 27, 2026

Why this matters

Capital markets activity continues to be defined by the rotation from bank balance sheets to non-bank lenders. Private credit funds have raised record dry powder; banks have tightened CRE underwriting standards for the sixth consecutive quarter. The result is a market where well-sponsored deals clear, and marginal credit pays a meaningful spread to do so. San Francisco continues to clear office at the deepest discounts to 2019 basis seen in the cycle, while multifamily fundamentals have stabilized and life sciences in the Peninsula remains active. For LPs, the allocation conversation has shifted decisively toward real estate debt, with equity allocations being deployed more selectively into operator-led platforms.

Editorial analysis · Real Estate Trail Editorial

On the RET wire

Computed from Real Estate Trail’s own tracked coverage

Excerpt from Connect CRE:
JLL ’s Capital Markets group completed the sale of a two-property seniors housing portfolio totaling 545 units in San Jose and Roseville. Senior managing director Aaron Rosenzweig, along with senior director Dan Baker…
Read the full article at Connect CRE

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