12 — April 2026 — Financial — M id A tlantic Real Estate Journal
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F inancial
By Mike Mignogna, MAI, SRA, AI-GRS, Appraisal Institute How the Mortgage Credit Order affects appraisers
G.S. Wilcox & Co. facilitates $18.9M in financing across NC and VA
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resident Trump’s Ex- ecutive Order, Promot- ing Access to Mort-
AVMs, or hybrid approaches in transactions that historically required full appraisals. Similarly, an expanded use of alternative valuation tools, particularly AI-enabled models, introduces both opportunity and risk. While technology can enhance efficiency, it also raises concerns around data integrity, model transparency, and ap- plicability in complex or thinly traded commercial markets. Commercial assets often re- quire nuanced analysis that au- tomated systems may struggle to replicate consistently. The Executive Order also calls for simplification of ap- praiser qualification criteria, which could have longer-term implications for the profession. Any effort to reduce experience requirements may accelerate entry into the field, but it could also create a wide range of com- petency standards, particularly if states adopt changes unevenly. Equally important is the po- tential for expanded appraisal waivers and increased federal de minimis thresholds. While currently more relevant to res- idential lending, such changes could influence supervisory ex - pectations more broadly, par- ticularly for smaller-balance commercial transactions. Fed- eral banking regulators raised appraisal threshold levels in 2019 and 2020, reducing the number of transactions that require a full appraisal. But higher thresholds heighten safety-and-soundness expec- tations: evaluations must be well supported, independent, and appropriate, especially where complexity, volatility, or concentration risk is pres-
ent, so regulatory relief does not replace prudent collateral risk management. As these issues evolve, co- ordinated stakeholder en- gagement will be critical. A fragmented response from the profession risks creating in- consistent messaging at a time when policymakers are active- ly shaping implementation. Early collaboration among appraisal organizations and industry participants can help identify shared priorities, rein- force common principles such as independence and credibil- ity, and ensure that modern- ization efforts are paired with appropriate safeguards. To that end, the Appraisal Institute has already convened a stakeholder working group with other organizations to begin identifying key issues and to lay the groundwork for that collaboration and coordination as specific policy proposals emerge. Ultimately, the commercial appraisal profession is not immune to the policy direc- tion outlined in this Executive Order. As federal agencies begin implementation over the coming months, the focus should be on ensuring that in- novation and expanded access do not come at the expense of independent, credible valua- tion, particularly in markets where complexity and risk demand it most. The Ap- praisal Institute will remain organized, engaged, and pre- pared to respond quickly as proposals emerge. Michael Mignogna, MAI, SRA, AI-GRS is president of the Appraisal Institute. MAREJ when he bought it 10 years ago, so we know the asset and market very well. The initial loan was CMBS but this time the sponsor needed something more flexible to allow him to keep all strate- gic options on the table over the next couple years. Tar- geting conventional sources, we covered a wide landscape from local to national lend- ers, ultimately landing on a credit union syndicate we’ve developed a close relation- ship with over the years. Procuring a deal with no pre- pay was a great execution for our Sponsor on this.” MAREJ
gage Credit, was issued a little more than a month ago. While it is largely focused on residential lending, it carries mean-
Bridget Wilcox
Wesley Wilcox
Will Gallagher
is nearly fully occupied and located just minutes from Route 70. In Richmond, the property consists of three buildings totaling 112,000 s/f and is fully occupied. The $11.2 mil- lion loan was secured on a five-year term at a highly competitive rate. Additionally, the borrower recently invested significant capital into the property and executed a long- term lease extension with the anchor tenant. “It was a pleasure working with both the borrower and lender to get these transac- tions across the finish line. Both transactions signal con- tinued growth and investment in the retail market in the Southeast,” said Wilcox in a prepared statement. MAREJ
GREENSBORO, NC AND RICHMOND, VA — G.S. Wil- cox & Co. has completed $18.9 million in combined financing for two retail properties in Greensboro, North Carolina and Richmond, Virginia for a New Jersey-based borrower. Both retail properties are anchored by the local grocery chain Food Lion. The financ - ings were arranged by Bridget Wilcox , partner, Wesley Wil- cox , partner, and Will Gal- lagher , associate Producer, and were secured through two correspondent life insurance companies of the firm. The Greensboro property is 151,000 s/f across two build- ings and was secured by a $7.7 million acquisition loan on a five-year term at a highly attractive rate. The property
Mike Mignogna
ingful implications for the broader valuation profession, including commercial apprais- ers. The order includes five appraisal-related policy di- rectives, and even though it is short on specifics, it sets in motion a regulatory review process that could reshape how collateral risk is evalu- ated across asset classes. At its core, the directive em- phasizes modernization. This includes expanded use of al- ternative valuation methods, increased reliance on artificial intelligence, and reduced regu- latory friction for lower-risk transactions. For commercial appraisers, the concern is not whether these changes will remain confined to residential lending, but how quickly they may migrate into standards for commercial underwriting. One of the most significant areas to watch is the potential revision, or even retirement, of the Interagency Appraisal and Evaluation Guidelines. These guidelines have long provided the framework for when an appraisal is required as opposed to an evaluation. If these guidelines are revised, lenders could gain broader dis- cretion to rely on evaluations, WYOMISSING, PA — Cronheim Hotel Capi- tal (CHC) has secured $13.065M from a national credit union syndicate for the refinance and renovation of the Hampton Inn in Wyo- missing, PA. The five-year fixed-rate loan has no prepay for the entirety of the term, a very attractive feature in a declining interest rate environment. The hotel is a consistent top performer in the comp set and sits within close proximity to an array of demand drivers, ranging from Fortune 500 companies
MMCC arranges $4.1M financing for DC multifamily property
Across the country, legacy malls and underperforming centers are being repositioned into vibrant mixed-use desti- nations in markets such as Dallas, Atlanta, Detroit, Se- attle, and Scottsdale. These projects highlight how tar- geted capital investment and thoughtful tenant mix can unlock significant value while strengthening a property’s role as a community anchor. WASHINGTON, DC — Mar- cus & Millichap Capital Cor- poration (MMCC) arranged $4,134,000 in financing for a newly built, 11-unit multifamily property located at 1706 17th St. Southeast in Washington, DC. Jared Cassidy , senior direc- tor in MMCC’s Washington, D.C. office secured 5-year, non- recourse agency financing at 70% loan-to-value on behalf of a private client. The loan also includes 3 years of interest- only payments and a flexible prepayment structure. “This financing supports our client’s recapitalization strategy while taking advantage of strong agency execution in the Wash- ington, D.C. multifamily mar-
1706 17th St. Southeast ket,” said Cassidy. “Well-located, smaller multifamily assets like this continue to attract favor- able terms with the Agencies given their affordability targets and consistent demand for new product.” The property features two- bedroom units and is located in the Fairlawn neighborhood, about 5 miles from downtown Washington, DC. MAREJ Together, strengthening fundamentals, stabilizing capital markets, and evolving consumer preferences are re- shaping the retail narrative. “Retail’s story today is not about survival—it’s about opportunity,” Loeffler said. “For owners, occupiers, and investors who understand where demand is going, retail is increasingly one of the most compelling places to deploy capital.” MAREJ
Cronheim Hotel Capital secures $13MM for refinance of Hampton Inn Reading / Wyomissing, Pennsylvania
continued from page 2 Retail real estate emerges as a top . . .
Hampton Inn
(Travelers), to major re- gional healthcare providers (Tower Health), to institu- tions of higher education (Drexel University Medical School and Penn State Uni- versity Berks). David Turley , president of CHC, said: “We financed this hotel for the sponsor
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