Reuters
- The bank crisis is only part over, and part two will be fueled by real estate, Apollo's Marc Rowan said.
- Rowan said bank failures will further tighten credit conditions.
- Small- to mid-sized lenders finance most commercial real estate debt, spelling trouble for the sector.
The banking crisis is only partly over, and the next wave could soon come from the commercial real estate market, according to Apollo co-founder Marc Rowan.
In an interview with Bloomberg on Monday, the billionaire private equity executive noted to the failure and rescue of First Republic Bank, the latest lender to collapse after the fall of Silicon Valley Bank last month sparked a wave of chaos in the banking sector.