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Continental Realty CEO JM Schapiro's told us yesterday that he's raising a $100M fund for value-add multifamily and retail opportunities. Guesss he'll have something to talk about this Friday, when he sits on an all-star panel at our first-ever Bisnow Baltimore State of the Market at the Harborplace Renaissance Hotel.
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Continental Realty, J.M. Schapiro, CEO, multifamily, retail, Baltimore, MD, Bisnow, State of the Market
JM (whom we snapped in his office) tells us cap rates for stable grocery-anchored retail projects and quality multifamily have rebounded to '07 levels. Life companies and CMBS are lending again and looking for the right deals. In addition, while CMBS 2.0 gives a borrower access to capital, the fine print can be onerous. Those lenders can halt cash flow if a project's lead tenant goes dark and they are still more selective than in the past (which isn't such a bad thing). JM tells us different CMBS shops' spreads are about the same, which is advantageous to borrowers. His company's very focused only inking long-term fixed-rate deals with a 10- to 20-year term (he tells us his biggest banking partners are M&T Bank, PNC Bank, and Susquehanna Bank). JM says banks are raising capital more easily than last year because their balance sheets are improving.

Continental Realty, J.M. Schapiro, CEO, multifamily, retail, Baltimore, MD, Bisnow, State of the Market, Gene Parker
We also snapped him with Continental Realty prez Gene Parker. JM tells us that while his firm is focused on buying retail and multifamily in the Mid Atlantic and Southeast, it's heavily reinvesting in its existing properties. In fact, over the last five years, Continental completed around $10M in renovations per year, and it's almost finished the third phase of the 300-unit Kenilworth at Charles in Towson's makeover. Hear directly from JM, plus Turner Development president Patrick Turner, COPT president Roger Waesche, Jr., and many more. This Friday. Come hang out with old colleagues, network with new ones, and spy on your real estate celebrity crushes. Sign up today!