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Beech Street's Multifamily Outlook


2014 promises greater liquidity for Philly's bullish multifamily scene, predicts Beech Street Capital's Brian Sykesà (snapped in his Bethesda, Md. office this morning). Officially a Capital One company as of last month, the arrangement gives Beech Street access to a premium balance sheet and a national presence to complement its history with agency and HUD transactions. Brian expects more diversification from Fannie and Freddie, though he thinks agencies will continue to play a "very serious role" in 2014. And with CMBS back in full force and regional banks originating more non-recourse loans, multifamily lending will remain aggressively competitive.

Brian recently hosted Beech Street's multifamily outlook at the Union League (that curtain makes us feel eternally underdressed), its first official CapOne event. CEO Grace Huebscher asked panelists from agency, investment, and development backgrounds about the market. Topics included agency reform in light of HUD's planned restructuring and more loans expected to originate from private banks. (The panel: The Galman Group's Sam Goldstein, Rittenhouse Realty Advisors' Ken Wellar, Fannie Mae's Phyllis Klein, Beech Street Capital's Tyler Griffin, Capital One's Rick Lyon, and Freddie Mac's John Cannon.)