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|At Tuesday?s ULI multifamily summit, Federal Capital Partners' Lacy Rice said major banks are staying disciplined about multifamily lending. He says those deals generally require a 25% guarantee, 15% liquid net worth, and 75% loan-to-cost. That being said, Lacy worries unscrupulous lenders "from the depths of Manhattan" operating on a spread (instead of credit) model could make things complicated.|
|Bozzuto Development honcho Toby Bozzuto says his company is focused on buying land, not existing buildings. Multifamily cap rates in the Baltimore area average around 5.5%, Toby says, and overbuilding in "micro-submarkets" like DC's Ballpark area is possible.|