San Francisco topped the map with $63 billion, and every dollar came from a single loan. Miami, North Texas and Western Sydney tell you more about where active commercial lenders actually want to be.
The headline city and the real one
San Francisco: $63.0B, 1 deal, Growth Capital. The whole number is the Anthropic SPV, booked to the borrower’s home city. Pull that loan out and San Francisco has nothing left this week. One whale, not a trend.
Miami: $1.14B, 3 deals, led by CRE. This was the real market for active commercial lenders. TYKO, one of the private credit lenders reshaping South Florida, wrote the $817M Faena Residences loan, the biggest construction loan in Florida history, topping the prior $772M record, per the release. Add Centennial Bank’s $145M Riverside Wharf hotel loan and Bizcap’s $175M credit facility, and Miami went three for three.
Strip Faena out and Miami still did $320M. Add Madison Realty‘s $463M loan in Sunny Isles Beach, right up the coast, and the South Florida strip hits $1.6B.
The press release coverage noted that commercial real estate lenders keep writing big South Florida condo construction loans despite rate hikes, usually after strong presales. Faena has sold more than $500M of units, including a $30M penthouse. That presale number is the co-signer here: buyers have already put money down before the lender funds the build.
The weather says this shouldn’t be easy. The CRE macro report puts its base case at a 65% chance the Fed hikes 25 bps in December, with Brent crude near $116 on the Iran war. Miami lenders read the same report and wrote the loans anyway, because the risk sits on buyers who already paid deposits.
| Rank | City | $ Volume | Deals | Lead Vertical | ▲▼ |
|---|---|---|---|---|---|
| 1 | San Francisco | $63.0B | 1 | GC | NEW |
| 2 | Hawthorne, CA | $40.0B | 1 | GC | NEW |
| 3 | Sydney | $3.03B | 1 | CRE | NEW |
| 4 | Paris (assets in Australia) | $1.28B | 1 | CRE | NEW |
| 5 | Miami | $1.14B | 3 | CRE | ▼1 |
| 6 | Geneva | $975M | 1 | GC | NEW |
| 7 | Little Rock | $600M | 1 | GC | NEW |
| 8 | Sunny Isles Beach | $463M | 1 | CRE | NEW |
| 9 | Austin | $424M | 1 | GC | NEW |
| 10 | New York City | $418M | 2 | ABL | ▼9 |
New York barely made the board
New York City: $418M, 2 deals, led by ABL. Last week New York was the Top City with $5.85B across 11 deals. This week it squeaked in at #10. Austin’s single deal outranked it: a $424M bridge financing from Goldman Sachs and Barclays so Atlas Energy can buy power equipment for data centers, the kind of deal growth capital lenders are chasing right now.
The big one was the $363M equipment financing for IREN’s GPU servers, booked to New York and led by asset-based lenders. The other was Maxim’s $55M recap of a Midtown office tower after a discounted payoff. So New York’s actual lending this week was one bet on AI hardware and one cleanup job on office, which is a pretty good summary of the whole market right now.
Momentum: North Texas is all talk so far, and that’s the signal
This is a signal call, with almost no deals behind it yet. Bisnow reported that Sherman is the leading candidate for a TSMC fab worth up to $120B. Bloomberg reported TSMC is considering the Dallas–Fort Worth area for as many as six fabs at $20B each. Prologis and Hunt Realty also formed a build-to-suit venture at an industrial park in Terrell, per REJournals.
On the tape, DFW shows up exactly once, as one slice of Adler Real Estate’s $212.8M five-state industrial refi with New York Life. The talk is miles ahead of the money.
The CRE macro report gives this a second leg. It argues that friction on data centers, like Charlotte’s newly extended 11-month moratorium, will push development toward more permissive places, naming certain Texas markets and Phoenix. Add the TSMC supplier pre-leasing at Halo Vista in Phoenix, and the Sun Belt’s chip corridor is where I’d expect the next wave of construction and equipment lending. I don’t know yet if this becomes deal flow in a quarter or in two years. I’ll be watching the tape for the first loans from active commercial lenders.
International: Western Sydney is where a US lender should look
Sydney: $3.03B, 1 deal, CRE. AirTrunk’s SYD3 hyperscale data center campus in Western Sydney landed a green construction loan from 32 local and international lenders, none of them named. AirTrunk is backed by Blackstone and CDPQ, and its total committed debt is about A$38.4B, per the deal sheet.
Add Neoen’s $1.28B renewables financing, booked to its Paris parent but secured by Australian wind, solar and battery assets, and about $4.3B went into Australian assets this week. BofA is in the Neoen deal, alongside HSBC, ING, Mizuho, SocGen and Westpac.
Why should active commercial lenders in the US care? First, the data center demand is following the money offshore. The CRE macro report calls AI infrastructure the one CRE sector where capital is accelerating into headwinds, and this week the biggest CRE data center loan was in Australia. Second, the rate risk is real. The AFR says markets are pricing more Reserve Bank of Australia hikes after a hot inflation print. If you join one of these syndicates, you’re funding into a rising-rate market.
The one I’m watching but not counting: Dhahran. Aramco’s $10B revolver at SOFR + 60 would top the international board. Per the sheet, it’s still “to be signed in the coming weeks.” The stated reason is the Middle East conflict threatening crude exports. The world’s biggest oil company is lining up a backup line because getting its oil out is the problem, even with oil prices this high. The ABL macro report has EMEA on red for exactly that reason.
So what for you
If you’re borrowing in a hot market, the most active lenders of October 2026 want to see a proven buyer before they fund: presales in Miami, a hyperscale tenant in Sydney, contracted cash flows anywhere. If you’re a lender looking at North Texas, the time to build relationships is now, before the TSMC headlines become term sheets everybody’s competing for. Bridge lenders and construction desks will move first, and The Lender Draft will tell you which active commercial lenders got there.
Counts reflect closed financings announced October 20 to 26, 2026 and tracked by The Lender Draft. Amounts are as announced; multi-lender shares are equal-split estimates where the lender breakdown wasn’t disclosed.
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