Life companies will be some of the most active players for the next few months, as many banks continue to stay on the sidelines and the CMBS market remains tough because of high pricing. Watch for life companies to be pickier on what deals they will choose going forward based on their perceived risk. More
29th Street Capital (29SC) acquired Dwell Apartment Homes, a 193-unit property located in Scottsdale. The property is the firm’s 20th multifamily acquisition in the greater Phoenix metropolitan area. Haven Residential, 29SC’s property management company, will oversee management and leasing. More
(2023 projected origination volume and preferences) Greystone Volume: $3.5B-$4B ~$766M closed and signed up so far this year; Healthcare bridge: $10M-$250M+ loans; up to 80% LTV; SOFR+ low 400 to high 500 basis point rates; 24- to 36-month terms; negotiable recourse; nationwide; Multifamily bridge: $10M-$100M loans; 65%-75% LTV; SOFR+ 300-400 basis point rates; non-recourse; two- More
The senior housing segment is gearing up to face a tough second half of 2023, with the lending environment serving as one of the roughest pain points for the asset class and new development all but non-existent. Dekel Capital expects the general fundamentals of the market to improve, as the segment’s labor market begins to More
Watch for life companies to be some of the most active players for the next few months. Turmoil in the banking market has led to a pickup of life company lending. Even with this increase in activity, most life company lenders themselves expect overall volumes to be down. More
Borrowers will continue to see strong lender demand for industrial. However, the industrial market might start to soften as some spec supply will be coming online this year. Despite any hurdles, industrial will still be a favored property type and lenders will stretch underwriting in order to win the deal. Class A strong credit tenant deals will see aggressive rates, while riskier deals will much be harder to price than six months ago. More
See Online Directory for complete contact information. CRE Bridge Capital 549 Randolph St., Second Floor Chicago, IL 60661 Daniel Sobelman, Managing Partner First Citizens Bank 4300 Six Forks Road Raleigh, NC 27609 Lee Hayes, SVP, Commercial Banker First Citizens Bank 2600-162nd St. S.W. Lynnwood, WA 98087 Jason Shirley, SVP, Commercial Banker First Horizon 333 Fayetteville More
Construction lending slowed during the first half of the year, especially after the recent bank failures put a strain on the banking market. There are also concerns about take-out financing and how to underwrite property values in today’s environment. However, borrowers will start to see more available construction capital in the coming months. Lenders will More
The single-family rental (SFR) and build-for-rent (BFR) space continues to be very liquid as lenders seek alternative lending channels to deploy capital into a relatively safe space. Lenders are well-capitalized but are being extremely cautious and scrutinizing deals more heavily than in the past. More
JLL Capital Markets facilitated the $106M acquisition of Abberly Riverwalk (formerly known as Alta Riverwalk), a 304-unit, three-story, apartment community in Nashville. JLL represented the buyer, HHHunt, and secured the $62M floating-rate bridge loan on behalf of the new owner. More
(2023 projected origination volume and preferences) New York Life Volume: $6B+ Funded ~$1B so far this year; $30M-$250M loans for apartments, industrial, retail (except malls), self-storage, select office and hotels; 50%-65% LTV for conventional loans, 65%-80% LTV for bridge loans; five- to 30-year terms; 30-year amortization with initial interest-only period; three- to five-year bridge terms; More
Multifamily may see a few short-term softening effects due to the recent significant influx of new product coming online, but that shouldn’t last long and will likely vary by market. When the National Multifamily Housing Council (NMHC) and National Apartment Association issued their joint report stating that the U.S. multifamily market was down more than four million rental units and needed to build half a million immediately and another 266,000 more a year to keep up with demand, many wondered how that would ultimately play out. More
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