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The US multifamily markets are largely seeing strong demand indicators, but disrupted commercial real estate capital markets are complicating the situation.
Leverage helped to fuel acquisitions, refinancings and returns over the past cycle. Now, lenders and borrowers are working to adapt to a new reality.
Risk mitigation remains top concern amid lower-leverage dealmaking environment.
The structural shifts in the market are changing the way capital is deployed into different property types and locations.
The New York-based manager has had a record year of originations, closing more than $1bn of new loans over the past 12 months.
Lack of money center banks is creating more space for private credit lenders with multifamily, industrial and construction lending.
The women-led firm focuses on ground-up, multifamily projects in the Sunbelt region.
The Dallas-based manager is still struggling with pricing on the properties which come across its desk.
KKR global real estate head Ralph Rosenberg expects capital constraints to also cause pain for owners outside of the office sector.
The alternative lender has hired John Omori from Bank of Hope to spearhead the initiative, which will focus on smaller, local builders in the multifamily sector.