OC Apartment Lenders Grabbing Every Deal They Can
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Multifamily units are getting smaller as the amenities get flashier, including yoga studios, rooms for Pilates and game rooms, all geared toward younger tenants. And multifamily lenders are getting more aggressive, with LTV’s up to 80% and more aggressive underwriting—in short, they're taking everything they can get. Those were some of the conclusions at last week's CREW OC panel discussion, "Orange County Real Estate: Past, Present and Future" at the Pacific Club in Newport Beach. Snapped: panelists Craig Realty Group VP Lori Smith; Rancho Mission Viejo CFO Elise Millington; Colliers International SVP retail investments Michelle Schierberl; and CBRE Capital Markets EVP, capital markets Sharon Kline.
In the retail space, the speakers explained, online competition is poised to grow—as much as 18% of sales will be via the Internet by the end of this decade, up from 9% now. But brick-and-mortar isn't being replaced; certain items are coming off the shelf and people are buying them online. Retailers just have to adapt by offering new experiences. Hoag Hospital's Karen Torres, Sperry Commercial's Joan Goldbrunner and Tangelique Wilcox, and Capital Asset Management's Jennifer Goralski.