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Melting Constraints

New York

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Melting Constraints
Meridian Capital Group's Jonathan Stern, Dani Sabesan, Max Herzog, and Michael Diaz
As a result of continually improving capital markets, Meridian Capital Group witnessed several large NYC properties get refinanced in the second half of ’10, when the same properties were unable to refi in the first half due to leverage constraints. That's according to the firm’s Max Herzog (second from right), whom we snapped with colleagues Jonathan Stern, Dani Sabesan, and Michael Diaz atBisnow’s Multifamily Summit on Friday. And with interest ratesremaining relatively low, values stabilizing, and lots of money chasing high-quality CRE, the sales and financing volume that picked up last year should continue throughout ‘11. With CMBS lenders, life insurance companies, and regional banks coming aggressively backinto the multifamily lending market, there are now a number of different inexpensive lending sources.