Fannie Mae forecasted that concessions will decline throughout 2022, returning to more normalized levels by the end of the year.

Moody's forecasted that inventory levels will pick up for the next school year, and expects increases in vacancy rates and rental rate growth.

Having the borrower and lender agree on the property's pro forma cash flow early in the underwriting process is key to expediting closings.

"I think the key to successful business development is to advise your clients as though you are their internal counsel, and regard their issues as though they are your own," says Jennifer M. Kiely of Mintz.