Matthew Weinstein, Partner and Co-Chief Investment Officer at Axonic Capital, was featured in “Private Credit Turns Core,” a recent article from Institutional Real Estate, Inc. (IREI) examining why institutional investors increasingly view real estate debt as a stable source of income and downside protection.
The article highlights a significant shift in commercial real estate lending as banks and government-sponsored enterprises (GSEs) pull back. Weinstein points to the scale of the opportunity, noting that “Moody’s estimates that $1 trillion of today’s commercial real estate debt could shift to private credit funds as traditional lenders retrench.” Banks and GSEs, which once controlled approximately 80% of lending, are “pulling back, losing market share in a meaningful way,” adds Weinstein.
That pullback comes as borrowers continue to face substantial refinancing needs. Commercial banks have been constrained by tighter regulatory and capital requirements, while property buyers and developers still require capital. The article notes that many banks are stepping back from refinancing maturing loans in the current environment.
Against this backdrop, Axonic is positioning itself for the shift in CRE lending by expanding its commercial real estate private credit platform, with a growing focus on multifamily. The firm has developed a fully integrated process spanning loan origination, underwriting and proprietary securitization.
Axonic is on track to originate approximately $2 billion of commercial real estate private credit in 2026, including approximately $1 billion of multifamily private securitizations. This puts the firm in a strong position to meet growing demand for private capital as traditional sources of CRE financing retrench.
For Axonic, the shift represents an opportunity to expand its role in commercial real estate lending as the market increasingly turns to private capital.
Read the full article here.