Borrowers in these markets are no longer waiting for rates to drop. Instead, they are restructuring capital stacks, buying down rates, and timing decisions more carefully. Kristen Croxton, Principal and Co-Founder of Arcus Harbor Real Estate Capital, has observed this adjustment from the front lines and shares what borrowers need to know as they head into the rest of 2026.
Debt funds in multifamily lending have multiplied in recent years, expanding the availability of capital on paper. But their highly specific underwriting requirements regarding property age, deal size, and business plan stage are creating a fragmented market in which matching the right borrower to the right lender has become a specialized skill.
Join us in congratulating Tina Quirinas for being named a 2026 Woman of Influence within the Broker / Intermediary - Debt & Equity Finance category.
After a stagnant couple of years, capital has started to come off the sidelines to fund commercial real estate deals. But geopolitical uncertainties, continued high interest rates, and maturities and distress concerns have led to more selective financing across all sectors.
ApartmentBuildings.com recently contacted Kristen Croxton, principal, Arcus Harbor Real Estate Capital, to learn more about the status of multifamily capital markets and other issues.
The multifamily capital markets entering 2026 appear abundantly supplied. Origination volume is projected to rise significantly year-over-year, with the Mortgage Bankers Association forecasting approximately $419 billion in new multifamily loans for 2026. This comes on the heels of expanded agency lending capacity, a profusion of dry powder within private credit platforms, a banner year in the CMBS market, and increased life insurance company allocations to high-quality CRE debt.
Join us in celebrating Tina Quirin, recognized as a 2025 Bisnow Commercial Real Estate Power Woman!
Tina's leadership and expertise deliver meaningful results for our clients, team, and the industry. We're proud of her achievements and grateful to have her driving excellence at Arcus Harbor.
Kristen Croxton is among the California Connect CRE 2025 Women in Real Estate Award winners. Connect CRE’s Women in Real Estate Awards honor the achievements and inspirational stories of women who have reached respected leadership positions and taken on mentorship roles.
Arcus Harbor Real Estate Capital is led by principals Greg Reed, Kristen Croxton, Tina Quirin and Andrew Kwok, who bring a blend of institutional experience, proven production and entrepreneurial vision to the company. Launching their team in 2005, these individuals offer a collective 85 years of experience and originated over $21 billion in CRE loans.
Reed and Croxton have been recognized as industry rainmakers, building national lending platforms and earning top producer awards year after year. Quirin brings technical depth and underwriting expertise, having served as a Fannie Mae chief underwriter and driving billions in agency volume. Kwok brings fresh strategic insight with a strong focus on data and analytics while leading originations across asset classes.
Outside of transactions, the firm’s leadership serves on boards such as CREW Orange County and CREW Network’s Multifamily Council, USC Lusk Center for Real Estate, and ULI Orange County Chapter.
These are some of the reasons why the Arcus Harbor team was selected to receive ApartmentBuildings.com’s first annual AB 100 Dealmaker of the Year Award, which recognizes those who demonstrate creativity, skill and success in the multifamily industry.