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
The student housing market is red-hot and those in the know say the sizzle is not done yet. According to Yardi Matrix, student housing had its best year on record in 2022, with some 48% of beds in 200 schools tracked by Yardi already leased for fall 2023. Even though climbing interest rates have cooled More
(2023 projected origination volume and preferences) Associated Bank Volume: ~$2B Funded $500M so far this year; $10M+ loans for multifamily, office, industrial, cautious with retail and hotels; less than five-year terms; 75% leverage TIAA Bank Volume: $2B Funded ~$400M so far this year; $2M-$50M+ loans for multifamily, student housing, industrial, self-storage, retail, flex/industrial, medical office, More
The last several weeks have been anything but boring in the lending world. The failures of SVB Bank and Signature Bank left many real estate borrowers wondering what exactly the future holds. UBS also took over rival bank Credit Suisse after it imploded during the recent banking crisis last month. Many feared a nationwide bank More
The recent bank failures put the market into a tailspin and left many borrowers wondering if bank lending would come to a complete halt. Despite the news, the smaller, mid-sized and regional banks have plenty of liquidity and are eager to lend. This will buoy the market as the major money-center banks sit on the sidelines. More
See the Crittenden Online Directory for complete contact information. Community Bank System 5790 Widewaters Parkway Dewitt, NY 13214 Joseph Sutaris, EVP/CFO Mark Tryniski, President/CEO CoreVest Finance 1920 Main St., Suite 850 Irvine, CA 92614 John Prins, Managing Director CrossHarbor Capital Partners 1 Boston Place, Suite 2310 Boston, MA 02108 Jay Hart, Managing Partner Dekel Capital More
Capital for hotels will be available; however, lenders will be more conservative with terms. Look for lower leverage and higher debt yields. Lenders will be underwriting lower RevPAR growth, along with higher expense growth and higher cap rates. Hotels that have been performing well, located in areas with travel demand, will see the most available More
(2023 projected investment volume and preferences) 3650 REIT Volume: $500M+ $20M-$250M+ JV and pref equity pieces for all asset classes; rescue, value-add, ground-up, opportunistic deals; mid-teens returns; growth Sunbelt markets CenterSquare Investment Management Volume: ~$400M $7.5M-$100M JV and pref equity pieces for rental housing, industrial, retail, niche/alternatives such as cold storage, life sciences, medical office, More
The multifamily market continues to hold its own, and even thrive in the current volatile economy, and one increasingly important factor in that success seems to be community amenities. With single-family home prices and interest rates still at historic highs, it’s not surprising that more than 44 million American households are rental households, according to More
Despite market volatility, including rising rates, the threat of a recession and the recent bank failures, affordable housing is one sector that should still be sought after by capital sources. The agencies are expected to lead the charge and look for a push toward affordable properties with deeper rent and income discounting, which should make More
Affordable housing lending for construction and rehabilitation deals using low-income housing tax credits will be one area that remains less impacted by the volatility in the overall capital markets. The recent bank failures demonstrate the importance of the agency lending programs, therefore, watch for developers and borrowers to look more favorably at agency debt as More
Berkadia 300 S. Orange Ave., Suite 1500 Orlando, FL 32801 Michael Weinberg, Managing Director (321) 319-1419 michael.weinberg@berkadia.com Berkadia arranged the sale and financing of a 213-key boutique hotel in Orlando, Fla. Weinberg secured acquisition financing on behalf of the buyer, Banyan Investment Group, a hotel investment company based in Atlanta. MetLife originated the three-year loan More
Miami, Florida
November 7-8, 2023
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