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However, Ronald Dickerman, founder of Madison International Realty, thinks private real estate’s secular repricing is still several quarters away.
Building capital stacks will be very different for different sponsors in the coming year.
The loan servicer predicts finance will focus on bridging the debt funding gap and green upgrades, says Serenity Morley, managing director, loan servicing, at Mount Street.
The biggest question on everyone’s mind is when the market will transact again.
The drop in transaction volume is directly tied to higher mortgage rates.
There is a chance for well-capitalized companies which see opportunities to allocate to rescue capital for short-term investment opportunities.
GFP Real Estate, Metro Loft Management and Rockwood Capital are set to buy the 22-story, 1.1 million-square-foot office at 25 Water Street.
The firm is the first African American- and women-owned lender to obtain a DUS designation.
Corebridge Financial funded the loan, with The Baupost Group providing additional equity.
The reasons behind the drop are easy to understand: a combination of lower transaction volume, higher interest rates and the steepest inflation in 40 years.