TRANSACTIONS QUIET THROUGH FIRST HALF OF ‘09
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|It’s no secret that times are challenging in the lending market right now. But deals are getting done, especially smaller ones, noted Cushman & Wakefield Sonnenblick Goldman president Steve Kohn, whom we visited in his Fifth Avenue office. Overall, lenders are reluctant to hold more than $30M-$50M on their books, he tells us.Retail, office and hotel loans are closing at very conservative levels, while the multifamily debt market is most liquid with Fannie, Freddie and HUD backing. He expects the first half of ’09 to be quiet, but thinks transactions should pick up by mid-year.|
|One that closed: a $28M acquisition financing deal in late October for the Christiana Building at 100 & 120 White Plains Road in Tarrytown, which Steve worked on with senior director Alexander Hernandez. The CWSG team is also working actively on loan sale assignments as lenders look to shed these assets. Coincidentally, this is not the only bear market Steve has witnessed this year—he saw plenty of the furry creatures during a trip to Yellowstone with his son, nephews and brother's family over the summer. (Fun fact: Steve is also Kohn Pederson Fox chair Gene’s son).|