CMF Newslinks Archive

“The multifamily space is the land of opportunity right now, and we don’t see that waning any time soon. While we may not have seen as many big blockbuster deals during the first half of the year as in years past, production remains steady on both the investment sales and lending sides of the coin and industry-wide, we expect that activity to remain strong.”–Berkadia Executive Vice President and Head of Production Ernie Katai.

“There’s nothing wrong with the debt markets and there’s nothing wrong with the state of the capital markets. However, at today’s valuations with continued low cap rates and interest rates, we’re getting lulled.”–Shekar Narasimhan, CMB, in an MBANow CREF Corner Office video conversation.

“The last months of 2017 exceeded expectations for the multifamily market, and that trend continued into the first half of 2018. There will be certain submarkets that will see moderation, but overall the multifamily market continues to benefit from a solid macroeconomy and continued strong demand. Simply put, we do not see any looming threats to the multifamily market in the near future.”–Freddie Mac Multifamily Research and Modeling Vice President Steve Guggenmos.

“The commercial mortgage lending market should remain favorable to borrowers for the balance of the year. Loan credit spreads remain tight and underwriting standards are stable. While there is some risk to an escalation of trade disputes, this has not yet influenced credit availability or pricing.”–CBRE Global President of Debt & Structured Finance and Mortgage Bankers Association Vice-Chairman Brian Stoffers, CMB.

“Loan prices in the commercial mortgage-backed securities universe remained flat in June as U.S. Treasuries remained relatively unchanged.” –DebtX Managing Director Will Mercer.

“A new, emerging trend is that the much cleaner loans of CMBS 2.0 are beginning to show cracks as a small chunk of newer production hits inevitable difficulties,” he said. “Maintaining less than one-third of one percentage point in delinquent loans is unnatural through the credit cycle.”–Brian Olasov, Executive Director of Financial Services Consulting with Carlton Fields, New York

“The net result for the major property sectors may be no change, but some property types have done quite well over the past year and a half. Values for industrial, manufactured home parks and student housing are all up by double-digit amounts over that period. Retail has seen prices decline about 10 percent. Price changes in other sectors have been relatively small.”–Green Street Advisors Senior Analyst Peter Rothemund.

“Commuters give the city its tidal restlessness, natives give it solidity and continuity, but the settlers give it passion.”–E.B. White

“Our members experience the unwarranted regulatory burdens and privacy issues from the unnecessary application of HMDA reporting requirements to business-purpose loans secured by multifamily properties. We believe that HMDA reporting on business-to-business loans secured by multifamily properties is not necessary to fulfill the statutory purposes of HMDA and that the burden of collecting and reporting that information therefore far outweighs the benefits of doing so.”–From an MBA letter to the Consumer Financial Protection Bureau, asking that its commercial/multifamily members be granted an exception to reporting requirements under the Home Mortgage Disclosure Act.

“During the first three months of 2018, commercial and multifamily mortgage debt outstanding increased more than during any other Q1 since before the Great Recession.”–MBA Vice President of Commercial Real Estate Research Jamie Woodwell.