Marcus & Millichap has recently sold Onyx at 600 and Ascot Place Apartments, two multifamily properties located in Birmingham, Ala., for a combined $46.4 million or $89,000 per unit. Both properties, built between 1972 and 1985, have 520 units between them, and are located near numerous amenities, including shopping, services, employers and the Birmingham central 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. Lenders are becoming more selective since they have already funded a significant amount of their annual allocations, given that rates were low and the market saw More
(2022 projected origination volume and preferences) ORIXVolume: $500MOriginated ~$200M so far this year; $15M-$50M loans primarily for multifamily and self-storage; up to 75% LTC; three-year terms plus two one-year ex-tensions; non-recourse except for completion guarantee and carve-outs; primary and secondary markets Procida FundingVolume: $400MOriginated $225M so far this year; $10M-$200M loans for any property within More
CBRE5100 Town Center Circle, Suite 600Boca Raton, FL 33433Eric Fixler, EVP, Debt & Structured Finance(561) 393-1661eric.fixler@cbre.com CBRE arranged an $83M equity recap for a three-property, 688-unit multifamily portfolio in Tampa, Fla. Fixler also arranged the financing and equity for 240 units in downtown Tampa and secured $32.58M in equity provided by an international private equity More
Bank lenders will be active throughout the rest of the year, although they will heavily scrutinize the borrower, market and property type. “While deal volume may somewhat slow, we will still have plenty of loan options as lenders still have plenty of capital,” said Paul Ahmed, senior vice president at CBRE. Ellen Comeaux, senior vice More
You can find expanded details about these companies and others by subscribing to the Multifamily Report and to the Crittenden Multifamily Online Directory. The Multifamily Report extensively covers all aspects of the multifamily industry. You’ll get coverage and updates on the busiest developers, buyers, management firms, equity partners and more. Imprint Property GroupAs a family More
Bank lending will be more important than ever given the volatility in the market. The lack of activity in the CMBS, life company and debt fund space is pushing a lot of requests toward the banks. Watch for banks to struggle with higher-than-typical volumes of financing requests due to market dislocation and volatility in the More
Investors will continue to target core multifamily assets in major markets, especially those with strong economic fundamentals and rent growth. There will be limited interest in older multifamily assets that are considered obsolete in design, have already undergone renovations and have maximized rent in the submarket. Well-located multifamily ground-up projects with strong job drivers and More
The real estate industry is a hard nut to crack; it’s even more so in a sector like multifamily, where assets tend to get gobbled up by larger corporations looking to expand their reach across the country. How does the “little guy” compete with that? One answer: Find off-market deals. That’s much easier said than More
(2022 projected origination volume and preferences) Associated BankVolume: ~$4BOriginated ~$2.2B so far this year; $10M+ loans for multifamily, office, industrial, cautious with retail and hotels; less than five-year terms; 75% leverage Pacific Western BankVolume: $3BOriginated ~$1.8B so far this year; $40M-$200M loans with a focus on multifamily, student housing and industrial, as well as life More
Institutional Property Advisors (IPA), a division of Marcus & Millichap, has recently announced several multi-million-dollar transactions in markets in Arizona, California and Washington state. The properties varied in size and asset class, ranging in closing prices from $24 million to more than $190 million. California Eleanor, a newly constructed 333-unit Class A multifamily asset which included More
The Harbor Park office building — built in 1986 — sits on approximately 5.94 acres and offers 61,418 square feet of rental space. Property Type: Office Space in Palm Harbor, Fla. Loan: $4.2 million refinance Lender: Securian Asset Management Leverage: 55% LTV Rate: 4.07% fixed The borrower was looking to refinance with the existing lender More
Miami, Florida
November 7-8, 2023
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