While the market has started to slow slightly, multifamily fundamentals remain strong. According to Freddie Mac’s Mid-Year Multi Family Report, the Florida market and Southwest U.S. markets were expected to outperform the rest of the country in 2022. And despite tightening money regulations driven by persistent inflation and higher interest rates, at least two multimillion-dollar loans More
Aries Capital80 S.W. Eighth St., Suite 2000Miami, FL 33131(954) 806-9378Brandon Perdeck, Director, Capital Marketsbperdeck@ariescapital.com Aries Capital closed a $19.5M construction loan for Allure on Enterprise, a 130-unit ground-up multifamily development in Orange City, Fla. The bank loan is interest only for 18 months during construction and contains an option to be converted into a mini More
Rent control, long regarded by many in the homebuilding and multifamily industry as misguided government interference, is edging back into official conversations as interest rates – and rents – continue to rise. The nation is already facing a shortage of rental housing. Some 4.3 million new units are needed by 2035 to accommodate the nation’s More
Industrial assets remain some of the most sought after by lenders, but recent market changes have affected terms, underwriting and even lender demand. “Lower leverage has become the new normal for 2022,” said Shawn Givens, vice chairman, debt & structured finance at Colliers. “Deals that used to get 70% LTV are now averaging 50% to More
Marcus & Millichap recently brokered the sale of Tanara Villa, a 130-unit multifamily asset in Tacoma, Wash. The property sold for $24.15 million, which equates to $185,769 per unit. “On the market for the first time in 42 years, Tanara Villa is a significant value-add asset,” said Kellan Moll, first vice president investments in Marcus & Millichap’s Seattle office. “While prior More
Industrial will continue to be one of the most sought-after property types going into 2023. Record tenant demand will drive the sector, however rising costs of capital will continue to apply pressure to historically low yields in the space. Industrial will not be immune to the overall trends in the capital markets of higher pricing More
See The Crittenden Online Directory for complete contact information. Key International848 Brickell Ave., Suite 1100Miami, FL 33131Diego Ardid, Co-PresidentInigo Ardid, Co-PresidentCharlotte Sevilla, CFOMichael Vassilaros, Chief Investment Officer The Peebles Corporation745 Fifth Ave.New York, NY 10151Christopher Leng Smith, Managing Director Development Shaner Hotel Group1965 Waddle RoadState College, PA 16803Patrick Landy, SVP/CFOLance Shaner, Chairman/CEO Sherman Residential400 Skokie Blvd., Suite More
Expect construction lenders to be more selective throughout the rest of the year, whether regarding their lending capabilities in various markets or towards less experienced borrowers and general contractors. Multifamily, SFRs and industrial projects are still the most sought after, but other core commercial properties will also see some construction dollars going forward. In most More
Duffey 2.0 is an adaptive reuse project consisting of three historic manufacturing buildings in the Warehouse District of Minneapolis. The project includes 358 multifamily units, 41,000 square feet of retail space, including a Puttshack, and 326 parking stalls. Pearlmark provided the mezzanine piece, while ULLICO originated the senior loan. Property Type: Adaptive reuse in MinneapolisLoan: More
As we approach the end of the year, most life company lenders are making their quotas for 2022 and are now in prep mode for 2023. Many LCs were ahead of schedule during the first two quarters and will be highly selective with their capital moving forward. Although, some LCs still have some money to More
When does a trend become a phenomenon? This is the question real estate observers are asking about the build-for-rent movement. What started as a modest trend about six years ago is quickly approaching hyperspeed. The pandemic accelerated not only the work-from-home trend but also deurbanization and de-densification, leading families to seek the privacy and space More
Marcus & Millichap recently brokered the sale of Austin Estates and Park Estates, a two-property multifamily portfolio in Decatur, Ga., for $32.25 million, or $126,969 per unit. Located within four miles of each other, the properties’ amenities include full kitchens, in-suite washer and dryer connections, a swimming pool and onsite parking. Austin Estates is a More
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