| Friday's Bisnow Multifamily Summit was so jam-packed with good info that we had to spill over into a second day. Prudential Mortgage Capital Co. managing director Paul Geyer says there was a lot of repositioning of products in 2007 with investments and properties flipping, but after the shocking Lehman bankruptcy in 2008, lenders took no risks. With interest rates around 4% now and a recovery looming, a lot of people want back in the market but there's is a lack of supply. With no job growth and no new supply, DFW rents were firmly up in Q1 and Q2 by a couple of cents per foot. Everyone is flocking to the same deals with, easily, 10 lenders chasing the same deal. |
| Paul, The Apartment Group prez Jeff Price, KeyBank Real Estate Capital Central US multifamily production manager David Schmidt, and HFF senior managing director John Brownlee look on as moderator, Thompson & Knight partner Ted Benn, asks about recent activity. John says things picked up dramatically in the last six to nine months with interest rates at all-time lows. He tells us much of the distressed product has gone away because of low interest rates and the fact that many assets have gotten refinancing or were sold. He's advising multifamily clients to take advantage of the low interest and cap rates because of the excess of capital available. |
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