Default risk in the multifamily sector is growing, catching out some managers and their investors – while creating opportunities for others.
CBRE Investment Management and Hillwood Partners plan to redevelop a land parcel adjacent to the Auto Club Speedway in California’s Inland Empire into an industrial mega-development.
Slate Property Group in March originated a roughly $60m loan to reignite a stalled multifamily development in the Astoria neighborhood of Queens, New York.
Berkadia arranged two of the financings, which will increase the Arkansas-based lender’s presence across South Florida.
The London-based manager appoints another industry veteran for its US operations.
Co-CIO Rich Kleinman says more niche categories are entering the mainstream with prior portfolio staples such as office investments in value limbo.
The multifamily sector continues to be a favored place for lenders and investors, buoyed by the supply-demand fundamentals.
The firm originated the loan on behalf of The Dinerstein Companies, a relationship borrower.
A divide exists between senior managers and more junior staffers, according to a survey completed in June 2023 by Real Estate Capital USA and the CRE Finance Council.
Borrowers and lenders continue to be held back by higher interest rates and a lack of clarity on valuations, notes an advisory executive.