IRVINE, CA—Securing the right debt and equity in a market with so much competition has its challenges. As GlobeSt.com reported earlier this month, JLL's Capital Markets has hired Kim Westerbeck as SVP to secure debt and equity for office, industrial, retail, hotel and multifamily properties throughout the Western US. We spoke exclusively with Westerbeck about her new role, the challenges she faces and how she views crowdfunding as a means of raising capital.

GlobeSt.com: What do you hope to accomplish in your new position?

Westerbeck: I am joining a great team with Chris Casey and Reid McGlamery. They have deep relationships with both borrowers and lenders, and I plan to bring more of the same. Having negotiated and closed nearly $4 billion in financings since 2007, I know the capital markets very well and can advise our clients on putting together a financing strategy that both enhances their returns and minimizes their exposure to risk.

GlobeSt.com: What are the greatest challenges in securing debt and equity for commercial real estate transactions?

Westerbeck: Debt and equity are plentiful right now, and so there aren't too many challenges in finding lenders and equity investors for today's transactions. However, the challenge comes in understanding all the structure built into these transactions and knowing which one is the best fit. The market is always changing, and there are always new strategies that JLL can employ to make a real difference for our clients' bottom line. Traditional lenders are eager, but they are also subject to a great deal of oversight and can't always provide the best execution. New lenders are joining the market all the time, and we stay aware of these new platforms to be sure we understand each one's sweet spot and loan structures.

GlobeSt.com: What types of transactions are growing in prevalence?

Westerbeck: Investors are continuing to find it difficult to hit their yield thresholds, so we've seen more repositioning recently. Sellers can now achieve cap rates they couldn't a few years ago, and many would prefer to sell at today's low cap rates rather than dealing with upcoming rollover and the need for fresh capital. Buyers are bullish on market rent growth and more willing to pay these prices, so more trades are occurring, especially in Southern California where the markets are very tight. Borrowers now have the option of financing these properties with their relationship bank or looking for another lender that may charge a slightly higher rate but may not have as much structure or recourse tied to the performance of the market and the property.

GlobeSt.com: How do you view crowdfunding's role as a financing source for CRE transactions?

Westerbeck: I haven't run into the crowdfunding lender yet. I believe they are raising capital, but it will be in such small increments that their deal size will be too small to compete with larger debt funds that get their money from pension funds and other institutions. The crowdfunding platform will likely be most competitive on very small commercial product, say $2 million and less, or single-family residential.