April 24, 2023
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Bridge lending less flexible over the last 12 months
Borrowers will see available bridge capital, although many previously active players are now on the sidelines. The illiquidity in the market, particularly amongst the banks, will continue to apply pressure to bridge lending. Credit funds/debt funds that truly rely on their banks for financing to support that business, which has dried up significantly over the past 12 months, along with a significant widening in the cost of borrowing within a very short period of time, has pulled some lenders out of the market. More
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Multifamily Acquisition of the Week: Grand Lee Apartments in Bergen County, N.J.
Grand Lee Apartments is an 80-unit, garden-style property located in the borough of Leonia. Gebroe-Hammer Associates arranged the off-market $19.8M sale between Fairlawn CO, the long-time owner, and an unnamed private investor. Bergen County has a history of strong multifamily performance despite the limited availability of properties for sale. Property: Grand Lee Apartments in Bergen More
