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New York
There's a wave of bridge financing in the market, allowing trades to commence again, says Ackman-Ziff principal Patrick Hanlon, who'll be speaking at Bisnow's first-ever Multifamily Summit on April 22. It's a major change for the market, but many didn't know about it—until now.
Ackman-Ziff principal Patrick Hanlon
It's like finding millions of pennies in your couch. This financing wasn't available as little as three months ago, and now you can find 65-75% debt for assets with construction loans coming due, that are partially leased up, or condo conversions gone rental again. For a $50M deal, this means $35M in debt with no recourse—but where it's easy to see the building will lease up within 18-24 months and where the takeout financing will allow the bridge financer to get repaid. The lenders include local, national, and foreign banks, as well as high-yield and private lenders. They're most aggressive in NY and DC, but he's also seeing movement in Boston, Philly, Chicago, and South Florida. Hear Patrick discuss these trends and more as he joins national and regional multifamily experts like AREA Property Partners' Richard Mack and Stellar Management's Robert Rosania. Great networking too! Register here!