| There's been a slow and steady increase in the number of properties with special servicers in New York and New Jersey. This is both in the CMBS world and the portfolio lender arena, Marcus & Millichap Capital Corp associate director Joshua Lipsey tells us after comparing notes with the latest Trepp data. His take: Expect a continued climb in the number of loans in seller servicing for at least the next two years. |
| Based on his talks with portfolio lenders in the New York and New Jersey region, it seems lenders are clearing out problem properties and eager to lend on stabilized investment properties. Good news: Even though the number of properties managed by special servicers is going up, lenders have been achieving close to par (or par) on most of the transactions that have crossed his desk and are willing to wait for the right offer, he says. |
SPECIAL SERVICING ON PAR
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Joshua Lipsey, Millichap Capital Corp
