Cullen Aderhold is the Senior Director of Capital Markets at JLL. JLL is a global commercial real estate service across all major asset classes.  JLL provides tenant-rep/leasing solutions, property management, project design/management, capital markets solutions, and technology/it solutions to companies across the globe.  In this episode, Chris and Cullen discuss the most recent trends in capital markets due to the COVID-19 pandemic, lender strategies, private fund structures vs. REIT structure, hotel & retail loans, and much more. Enjoy! Follow Chris on Twitter @FortWorthChris For more information on Chris Powers and Fort Capital, visit www.FortCapitalLP.com 01:03 — If you had to describe your job, what do you do? How did you get to where you are today? 02:17 — What asset classes do you work with? Are they nationwide? 03:28 — Did you know you would get into this line of work, or did you stumble upon it? 06:20 — Are there certain things that great real estate investors do that set them apart from the rest? 10:27 — What has the last month been like in capital markets as an owner? 13:58 — Did you have a signed deal before this situation started? Did it move forward or could the lender rescind? 16:44 — Is anyone acquiring debt right now? If lenders are moving forward, are they borrower-dependent or asset-dependent? 19:21 — How are lenders pricing right now? 24:43 — Is a private fund structure similar to the mortgage REIT structure? 25:42 — Hotels and retail have been hit hardest—will they be the last loans to come back? 29:39 — What things are people getting loans for that we wouldn't have seen before? 31:15 — Is there a pent up demand for refinancing as soon as things recover? 33:02 — What will happen to loans that were going to be refinanced or sold? 35:40 — Do you or JLL deal with distressed debt situations? What happens to distressed debt that comes to market? 37:05 — Do you remember the moment that the COVID-19 pandemic began to feel very real?