As some commercial real estate buyers revisit deals signed earlier this year, Kaufman & Company says sellers, builders and communities need partners whose underwriting does not hinge on the next rate move.
LOS ANGELES (October 2026) – Daniel Kaufman, founder and CEO of Kaufman & Company, the family office and permanent capital holding company, said the recent increase in commercial real estate retrading activity is highlighting the difference between capital that can close and capital that cannot, and that family offices investing their own money may be positioned to participate when transactions are reconsidered.
The Fed raised its benchmark rate by a quarter percentage point on Sept. 16, and minutes released Oct. 7 showed most officials believe another increase would likely be appropriate by year end. Since then, media and trade outlets have reported buyers pressing to renegotiate some deals signed earlier in 2026, with some buyers considering whether to walk away. Trepp data cited in that coverage show 11.42% of CMBS loans were with special servicers in August, the highest share since February 2013.
“A retrade is a buyer telling a seller the deal was really a bet on the rate,” Kaufman said. “When the rate moves, the price moves, and everyone downstream waits. The sellers, contractors and towns counting on those projects carry that uncertainty. We invest our own capital, so our underwriting has to work without assuming the next Fed decision goes our way.”
Kaufman said the current environment may favor long-term owners over buyers whose plans depend on a narrow financing window, particularly in housing, where a delayed closing can affect construction timelines.
“This is when family office capital should earn its keep,” Kaufman said. “We are not looking to win by grinding down a seller who negotiated in good faith. We want to be the partner people can count on at the closing table, because on a housing deal a delay is not a line item, it is fewer homes for the people who need them.”
Kaufman & Company says it invests its own capital and does not raise outside funds. Its operating companies span housing development, design and construction, real estate consulting and venture investment, and the company has announced BUILD 2030, an initiative focused on its housing, real estate and AI infrastructure work.
About Kaufman & Company
Kaufman & Company (thekaufmanco.com) is a permanent capital holding company founded by Daniel Kaufman and the trade name of Kaufman Family Office LLC and Kaufman Real Estate & Consulting LLC.
Its 10 operating companies are Convivium Living, DanReDev, DEK Builds, Design Build Affordable, DK Homes, Forge Development Partners, Kaufman Development, Kaufman Real Estate & Consulting, LoneStar Kaufman and Kaufman Ventures, whose portfolio includes BridgeStar, Meridian, LandBriefing, SpreadSight, FoundCheck, ServerDomes and Mr Good Container Homes.
Oldivai is an aligned, independently led workforce housing partner. The platform describes more than $2 billion in project value and more than 10,000 housing units across more than 25 years of building, lending and investing.
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KeyCrew Media
Email: janine@keycrew.co
