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CMBS is quieting down, sensitive to gyrations in the capital markets, but balance sheet lenders are picking up the slack; they're conservative but happy to put money into the right properties, says Katten Muchin Rosenman partner Andrew Jagoda, who'll be moderating Bisnow's third annual New York Real Estate Summit this Thursday at Eleven Times Square.
Katten Muchin Rosenman partner Andrew Jagoda
NY continues to be very desirable to domestic and foreign investors and funds. Other cap market trends: as mezz lending slows,preferred equity is popping up to fill the gap between sponsored equity and mortgage lender debt. Banks are again holding tight to distressed debt by extending or working out; discounts are getting smaller, leaving less profit for funds and others buying distressed debt. Want to hear more? Join Andrew, AIG Asset Management-Mortgage Capital's Michael Medvin, George Comfort & Sons' Peter Duncan, SL Green's Isaac Zion, Harbor Group International's Jordan Slone, Iron Hound Management's Robert Verrone, CBRE's Howard Fiddle, and Royal Abstract's Martin Kravet. Great schmoozing, too! Sign up here.