A PLACE FOR CMBS IN NYC
Want to get a jump start on upcoming deals? Meet the major New York City players at one of our upcoming events!
|Woody Allen may have ditched NY for Europe, but CMBS still wants to be here. Prudential Mortgage Capital's Melissa Farrell, who's speaking at Bisnow's 2nd Annual Investment Summit on June 28, tells us lender competition is, well, competitive for gateway markets like NYC, but CMBS can fill lending holes.|
|It fits on deals that require higher leverage or for unanchored retail(as opposed to grocery-anchored centers being gobbled up by traditional lenders). Melissa, who heads Northeast and Midwest (Chicago) originations, says Prudential Mortgage aims to originate $11.6B this year (not just in CMBS but across lending platforms). That's a 20% bump over last year's $9.7B. The company hopes for $7B of that to come from its life company platform, and a busy second quarter has put Prudential Mortgage on pace to reach that. In NYC, requests for hotel financing are going gangbusters. At the moment, Melissa says her company is originating hotel and acquisition loans but devoting ground-up financing to multifamily. To hear more from Melissa, Canyon Capital Realty's Dave Ridini, Ackman-Ziff's Simon Ziff, AllianceBernstein's Brahm Cramer, Cantor Fitzgerald's Michael May, and seven more, sign up here!|