Name: How High Interest Rates Impact Real Estate Financing
Uploaded: 2026-07-01T14:40:00Z
Duration: 3 min 34 s
Description: H. Cabot Lodge III, founder and senior managing director of Lodge Quai Capital Management, looks at how higher interest rates for longer will impact real estate markets in the U.S. and Europe.

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H. Cabot Lodge III, founder and senior managing director of Lodge Quai Capital Management, looks at how higher interest rates for longer will impact real estate markets in the U.S. and Europe.

https://m.wsj.net/video/20260701/07d71f89-f93a-49ec-b88e-d8ef68a3edc1/1/hls/manifest-hd-wifi.m3u8

How High Interest Rates Impact Real Estate Financing

You mentioned interest rates are a bit higher. How is higher longer impacting your investment thesis or your business model?

Well, real estate cap rates and interest rates do move hand in hand. It used to be a longer lag than it is today. I think that the higher rate environment is creating some concern with those corporations because they're looking at maturities that they need to refinance. And if they've never considered a sale leaseback before, this is a source of capital for them where they still get a positive arbitrage. We do a lot of business with private equity funds and family offices and the multiple they pay for the business is seven, eight times. And they sell us a piece of real estate at 10 to 12 times. So, they're still getting accretive capital for, compared to what their multiple is that they paid for the business. I think the longer that high rates exist, you're gonna see more credit funds in the market because they like that income. I think there are two things that'll challenge that. One is reduction in rates. It won't discard all of the credit funds from the market, but it'll bring back the traditional commercial banks into lending, notwithstanding Basel III and IV, which has created capital requirements that they apply a cost to that private equity funds don't. And the second are these looming maturities. I think once those are met and digested I think it would possibly pressure the credit funds to find investments elsewhere because it'll bring the commercial lenders back.

And speaking of those commercial lenders, Cabot, do you guys consider Lodge Quai to be part of this wave of disintermediation, I should say, of the traditional commercial lenders? Are you basically taking market share away from them with your work?

No, because we utilize them as part of our acquisition structure. We're generally 50% levered and so because this is an asset type that really lends itself to leverage, it's highly visible, highly transparent, they can underwrite it easily, they don't have to look at what market rates are for replacement cost and this type of thing. So, you know, I wouldn't call us disintermediators. I think we've been around long enough, certainly in the States and now more in Europe, to be an accepted form of financing. But because of the, I guess, complexity of dealing in Europe with different legal systems, currency, everything else, that's why these premiums exist and that's why I like Europe over the US. In a sense, we bring US technology, if you will, to Europe in how we structure these with specific covenants in the loan agreement or the leases that restrict a change of control or use of proceeds or things that aren't typically provided for in a European lease.