Why Private Lenders Are Preferred
Madison Realty Capital co-founder and managing principal Josh Zegen says that a huge opportunity is being created for private lenders as banks continue to be scrutinized (and limited) by the FDIC and other regulators. The company, which focuses on both debt and equity for the middle market ($10M to $150M) is there for those in the know: regulators have pushed banks not to pursue construction loans and similar requests. This year, Josh says the company will probably do a billion and a half dollars in transactions: $1B on the debt side and $500M in equity. He’s especially bullish on Brooklyn: in the next five years, he predicts 15,000 residential units or more around the Barclays Center. Josh also likes Sunset Park because of its $25 to $30/SF rent market, a welcome rent relief for refugees from the Garment District, downtown Manhattan and DUMBO. For more information on our Bisnow partner, click here.