Bridge Lending in a Changing Market: Sponsor Selection and Credit Discipline with Aaron Kurlansky

Aaron Kurlansky is a co-founder and Principal of Sheridan Capital, where he oversees portfolio decision-making, asset acquisition and management, and the firm’s commercial loan origination business. He currently manages more than $750 million in assets and has originated more than $10 billion in commercial loans over the course of his career. Aaron began his real estate career in property management at Crescent Heights of America in 2000 before moving into mortgage lending with First Meridian Mortgage, where he later became Senior Vice President. After the financial crisis, he and his partners spent nearly a decade acquiring distressed debt across commercial real estate before shifting their focus to senior bridge lending in 2019. Insights from Aaron Kurlansky on Bridge Lending and Sponsor Selection When rates move and a loan no longer pencils the way it did a few days earlier, Aaron Kurlansky pays close attention to what happens next. Sheridan Capital may have to resize the loan or change the structure, and the sponsor’s response tells Aaron something he cannot get from a model. Some understand that the market changed and start working through the problem. Others push back as if nothing has moved. That distinction matters because Sheridan is not originating loans and handing them off. The firm holds and services what it lends, which means Aaron and his team have to think beyond getting a deal to the closing table. Their background in distressed debt also means they have seen what happens when business plans break down, sponsors stop executing, or a loan becomes a workout. That experience still shapes how they look at credit today. In this episode of The Dealmakers’ Edge, Aaron Strauss and Aaron Kurlansky discuss how Sheridan evaluates sponsors, how the firm responds as lending conditions change, and where AI can improve analysis without replacing the judgment that comes from having worked through deals when things go wrong. 0:50 - Aaron’s path from property management to distressed debt and bridge lending 3:43 - Focusing on middle-market bridge loans from $10 million to 30–40 million 4:54 - Lending across South Florida, New York, the Midwest, Sunbelt, and West Coast expansion 6:16 - Growing Sheridan’s team and using AI in analysis and asset management 8:45 - Where AI helps and where sponsor judgment still matters 12:04 - Backing experienced sponsors and the difference between syndicators and family capital 13:52 - Adjusting credit decisions as rates and market conditions change 16:38 - Avoiding the race to the bottom and expanding beyond multifamily 18:43 - Why today’s basis is starting to make sense again for equity investors 21:16 - Managing chaos, lender expectations, and complex bridge transactions 26:02 - What real estate professionals need to know about AI, modeling, and markets Mentioned In Bridge Lending in a Changing Market: Sponsor Selection and Credit Discipline with Aaron Kurlansky Sheridan Capital Partners (https://sheridancp.com/) | LinkedIn (  / sheridan-capital-partners  ) Aaron Kurlansky on LinkedIn (  / aaron-kurlansky-81801940  ) Enjoy the show? Have a guest in mind?  Email us at podcast@aystrauss.com to let us know your feedback and who you want to hear on the next episode.  Connect with Aaron and the A.Y. Strauss team: • Our website (www.AYStrauss.com (https://www.aystrauss.com/) )   • Aaron's website bio page  (Aaron's bio page (https://www.aystrauss.com/professiona...) )  • Aaron's LinkedIn account (LinkedIn (  / aaronstrauss%20  ) )  • Our Twitter account (@AYStrauss (  / aystrauss  ) )