Banks trying to reenter the commercial real estate lending game have found themselves in a Catch-22. Regulatory scrutiny and balance sheet issues effectively barred financial institutions from the market starting in 2023. Instead of disappearing completely, they lowered their exposure by lending to their new counterparts. "We've backlevered ourselves essentially by financing some debt funds and causing that margin compression," KeyBank Real Estate Capital Regional Executive A

Construction at 30-25 Queens Boulevard in Long Island City has risen above street level. The 46-story mixed-income tower, backed by $388.5M in financing, will deliver 561 residences and luxury amenities by 2028.