Last year,acquisitions dominated, then refis took over by year's end, says Walker & Dunlop (also a Bisnow sponsor) multifamily finance loan officer Alex Inman. He says we'll see more acquisitions because of the low interest rates and, statewide, more apartments are needed. Operators have atough decision between holding and refinancing at a much lower rate or selling and hoping to find another investment. Over the last 18 months, pricing has grown more competitive, he says.

One of Alex's recent deals: a $20.5M acquisition loan for the Class-A, 91%-occupied Bellagio at Beach Street in Fort Worth for an undisclosed buyer. (We're not surprised that someone with a moat would want to remain anonymous.) The loan was structured with a 10-year fixed-rate term, two years' IO, and a 30-year amortization under Fannie Mae's early rate lock program. Alex's next deal: He and his wife are expecting their second son in May, joining three-year-old Will.