Spotlight On: Wesley Wilcox, Partner, G.S. Wilcox & Co.
Key points:
• Market volatility is bringing borrowers off the sidelines, even as uncertainty complicates deal execution.
• Multifamily and industrial assets continue to lead demand, while construction activity slows.
• G.S. Wilcox is prioritizing disciplined growth and client guidance amid shifting financing conditions.
January 2026 — In an interview with Invest:, Wesley Wilcox, partner at commercial real estate mortgage banking firm G.S. Wilcox & Co., highlighted how lenders and borrowers are adjusting to ongoing market changes and how this is impacting deal flow and financing decisions. “Our business has picked up, but it is challenging, especially as it relates to deals that are ongoing and set to close, given the potential impact of tariffs and the volatility surrounding Treasuries,” he said.
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What have been some recent milestones for G.S. Wilcox?
G.S. Wilcox & Co. was founded by my mother in 1994 and remains the only female-founded commercial mortgage banking firm in the country. We recently celebrated our 30th year in business, and it’s rewarding to be a part of the second generation of ownership with my sister. Additionally, our servicing portfolio has reached $1.7 billion, which is the highest it has ever been. We have a theme of continued growth year after year by way of new initiatives and the new personnel we bring on board.
How have economic trends impacted your operations?
The economic landscape is impacting deal flow, especially as it relates to the headlines surrounding tariffs. The resulting volatility has put downward pressure on Treasuries and caused more borrowers to come off the sidelines. Our business has picked up, but it is challenging, especially as it relates to deals that are ongoing and set to close, given the volatility. We saw 30-basis-point swings in the 10-year Treasury across a few days, which is motivating borrowers to act, but at the same time, it is causing lenders to increase their spreads or pause altogether until there is more certainty in the market.
Another aspect to consider is that there has already been a lot of money put out this year, and we are just starting the second quarter. This was not the case last year. It will be interesting to see what happens in the second half of 2025 as lenders continue to get their allocations out the door much faster.
What is the landscape for commercial real estate lending in New Jersey?
Many people are anticipating that rates will come down in the next couple of years. However, there is a general consensus that market conditions will not be as they were coming out of the COVID-19 pandemic, where rates were being financed in the 2% to 3% range. We are seeing many people come off the sidelines, but they are looking for shorter-term duration deals with the ability to get out early if rates come down. On the acquisition front, it remains challenging, given the cost of financing compared with sellers’ expectations. However, as Treasuries and the cost of financing come down, we will see more people willing to transact.
In regards to the construction front, the rising costs of materials and the uncertainty surrounding the tariffs have caused a lot of borrowers to pause. For us, we were extremely active on the construction financing front for the past two years, but this has slowed down given the current market conditions.
What property types are seeing the most demand?
The property types that attract the most demand continue to be multifamily and industrial assets. With the historic lack of new multi-family development in New Jersey, developers continue to take advantage of this fact and develop new apartment projects in transit-oriented locations. As it relates to the industrial sector, the proximity to the ports and the transit network that New Jersey offers continue to drive demand.
With that said, it is increasingly difficult for developers and investors to find larger deals, especially as it relates to development in our market. As a result, many developers and investors are focusing on alternative geographies and are looking to capitalize on smaller deals in order to hedge against lease-up and financing risk.
What challenges are you evaluating closely?
The biggest challenge we are navigating is the messaging that we send to our clients. In this time of uncertainty and with headlines changing on a daily basis, our message to our clients is not to have a knee-jerk reaction and to remain patient. Though we remain highly active, many of our clients have questions: What should they do? Should they finance or not? What will the impact be on interest rates given the new administration? What will be the long-term impact of tariffs? Our advice to our clients is that if the overall deal still makes sense to be financed at a slightly higher interest rate, then it’s something that should be executed on.
What are your top priorities for the next two to three years?
Our top priority for the next two to three years is to foster continued growth. We are always taking on new initiatives and presenting our clients with new opportunities related to financing. There are always new lending programs and new capital providers that are getting into the market, and it is our job to stay on top of that and educate our clients accordingly. Additionally, we have recently brought on several new correspondent lending accounts, and we are looking to continue to grow this network.
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