Novogradac Conference to Explore How Housing Intersects with NMTC Strategy
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
- The 163rd San Francisco story tracked on the wire in September 2026. All San Francisco coverage →
- Disclosed capital deal value tracked in September 2026: $23.5B across 49 reported transactions.
Computed from Real Estate Trail’s own tracked coverage
Novogradac to Host 2026 Fall New Markets Tax Credit Conference, Oct. 22-23 in New Orleans SAN FRANCISCO, Sept. 28, 2026 /PRNewswire/ -- Community development professionals will gather to take a focused look at how the…
External link. Real Estate Trail does not republish source content.
Related coverage — San Francisco · Capital
Heath Freeman Buys San Jose Earthquakes and 18,000-Seat PayPal Park in $625MM Deal
Alden Global Capital President Heath Freeman has agreed to acquire the San Jose Earthquakes along with PayPal Park, the club-owned stadium on Coleman Avenue, in a transaction valued at $625 million that hands a media…
Morgan Stanley’s Prime Property Fund Puts 250,000 SQFT 150 California Street on the Market in San Francisco
Morgan Stanley's Prime Property Fund is marketing 150 California Street, a 249,960-square-foot, 24-story Financial District tower completed in 2000, as investors return to downtown San Francisco and a run of distresse…
Private Investor Buys 71-Unit Nook on Valdez in Oakland from Lender for $8.6MM
A private investor paid $8.6 million for Nook on Valdez, a 71-unit micro-studio building near Oakland's Uptown, taking the 2016-vintage asset off a private lender's hands with $6.02 million in bank financing as the ci…
Shola Olatoye Exits as CEO of San Francisco Downtown Development Corp. After a Year; Sixth Street’s TJ Wenzel Steps In
Shola Olatoye is leaving the San Francisco Downtown Development Corp. little more than a year after becoming its first chief executive, handing interim control to capital initiatives chief TJ Wenzel as the Lurie-align…
Swig Company Lands $38MM Prime Finance Loan for 300,000 SQFT 350 California in San Francisco as Occupancy Nears 45%
Three years after buying the nearly empty former Union Bank tower at 350 California Street with nothing but equity, The Swig Company has placed the first mortgage on the 300,000-square-foot Financial District building…
Vander Capital Partners Buys Google-Leased 51,000 SQFT 40 Jessie Lab Building in San Francisco for $27.8MM With $20.45MM Valley Bank Loan
Vander Capital Partners has acquired 40 Jessie St., the six-story South Financial District lab building leased to Google through 2030, financing the purchase with a $20.45 million Valley Bank loan that by itself excee…