The partners have more than 40 years' combined experience."We've seen markets go up and down," Sonnabend says. "Things maynot have been as down as they are now for a long time, but theimportant part is that we have experience in getting deals done andwe're focused on working with our clients on what they canrealistically accomplish in this environment." He adds that whilesome of these deals have focused on acquisitions and constructionloans, "for the most part, we're focused on existingproperties."

PM's primary emphasis is on the middle market, with transactionsthat need between $5 million and $50 million in financing and a"sweet spot" of around $20 million, says Sonnabend. "The key, asalways, is to find the right checkbook for the right deal."

Sonnabend notes that at present, "the regional banks are a lotmore active than the larger banks, and we've also dealt with someprivate capital." Life companies, too, are in the game "veryselectively," he adds. "There are those who have always done dealsof this size, and those that look to do larger deals. The issue isthose looking to do the much larger deals; that's problematic. Butwe're finding some decent traction in our space."

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Paul Bubny

Paul Bubny is managing editor of Real Estate Forum and He has been reporting on business since 1988 and on commercial real estate since 2007. He is based at ALM Real Estate Media Group's offices in New York City.