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Lacy Rice, Walker & Dunlop
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.
Toby Bozzuto, ULI, Bozzuto Development
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.