The multifamily and industrial sectors have seen enormous growth in the last few years, and the sales in these asset classes are only set for additional expansion. Multifamily predictions: “There’s no hotter product than apartments with a triple net lease,” said Steve Ekovich, executive managing director & partner of Leisure Investment Properties Group. Investors are More
There’s no doubt 2021 was a record year for the real estate market. Despite the uncertainty caused by the pandemic, the market saw remarkable growth throughout the year, stable cap rates and plenty of capital to go around that set the stage for a strong 2022. Sun Belt states will remain hot Nearly everyone in More
Borrowers will see plenty of available bridge capital throughout the rest of the year; however, lenders will be more conservative with terms and cherry-pick the deals they will finance. The abrupt and across the board slowdown in lending has market participants concerned. Underwriting is changing and borrowers will see higher rates and lower leverage. Expect More
Greystone, a leading national commercial real estate finance company, has provided a total of $44,200,000 in Fannie Mae Delegated Underwriting and Servicing (DUS®) senior proceeds and mezzanine proceeds for the $49.5 million acquisition of a 344-unit multifamily property in Mount Prospect, Ill. The financing was originated by Dan Sacks and Eric Rosenstock, co-managing directors at More
With inflation accelerating, many will look toward commercial real estate properties as this sector is typically resistant during times of pricing volatility, according to Marcus & Millichap’s recent Research Brief. The firm notes that reflecting positive investor sentiment, sale prices across most property types grew during the last 18 months. Properties with short-term leases such More
(2022 projected origination volume and preferences) Madison Realty CapitalVolume:$1BOriginated $500M so far this year; $20M-$700M loans for all condos; up to 80% LTC, 70% LTV on condo inventory; rates starting at 5% for inventory loans, 7.5% for construction; 12- to 36-month terms; non-recourse; all major markets Parkview FinancialVolume:$550MOriginated $320M so far this year; $5M-$300M loans More
Magma Equities, in a joint venture with Prudent Growth Partners, recently purchased The Oaks Apartment Homes, a 111-unit garden-style multifamily community in the Charlotte, N.C. metro submarket of Lincolnton, in an off-market transaction, for $17.75 million. “We definitely see a changing dynamic in the multifamily market, which has resulted in a widening disconnect between sellers More
This loan will fund the construction takeout of Bear River Self Storage, a Class A 453-unit property built in 2018. The deal had some hurdles to overcome including rising interest rates, cashing the borrower out and providing additional construction money for a phase two development. Property Type: Self Storage in Salt Lake City Loan: $6.2 More
Count on a strong lender appetite for self-storage properties going forward. Self storage has moved to the top of many lenders’ lists, as this asset generally performs well during a recession or downturn. Lease-up in the sector has been stronger than predicted and tenants tend to be “sticky” and not to move much, which typically gives the property a consistent revenue stream. More
International Property Advisers, a division of Marcus & Millichap, has sold Hilands, a 826-unit multifamily asset in Tucson, Ariz. The $178 million sales price, which represents $215,496 per unit, is the highest single-asset multifamily transaction in Tucson history. “The largest multifamily asset in Pima County and only one of 11 garden-style multifamily assets larger than 100 units in More
Grosvenor, a privately owned international property group, recently broke ground on 1951 Shattuck, a new Class A apartment building in downtown Berkeley. Located a block away from the University of California-Berkeley campus, with proximity to downtown shopping, dining, leisure, and public transportation amenities, the 12-story, mixed-use rental building will add 163 new apartment residences to More
Lenders are becoming more comfortable with senior housing, although rising rates and labor issues could keep some capital on the sidelines. Overall, the industry is seeing improvements and fundamentals should continue to get stronger for the foreseeable future. “Demographics are certainly in our favor,” said Laura Smith, managing director at Berkadia. The agencies are More
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