Bankers have raised a lot of warnings this year about unusually fierce competition to finance commercial real estate, accusing outsiders of doing risky deals.
Some of those competitors take exception.
Tony Premer, who manages real estate investments for Pacific Life Insurance Co., points to the years after the financial crisis, when banks burned by bad loans and facing new regulations curtailed financing for construction projects. Builders were desperate, and life insurers such as PacLife helped fill the void.
“All of a sudden we saw a bunch of new opportunities from guys we never even talked to thrust onto our front ...
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