More Multifamily Development Would be Nice
The multifamily sector is still hot, and it doesn’t seem like that’s going to change any time soon. That’s the take of Jim McDevitt, president of Berkeley Point, a multifamily capital solutions provider. He recently spoke with GlobeSt.com about different lending trends in the multifamily sector, how the GSEs are doing, the impact of increasing home ownership and other topics. He also stresses that there is a strong demand for new product on the market.
GlobeSt.com: Are there any different types of lending trends in the multifamily sector that you see happening over the course of this year?
Jim McDevitt: The life companies will be a lot more active than they were in previous years, and CMBS players are beginning to be active again and will be able to compete in the multifamily sector, especially with special property types like student housing and military housing. The conduits are able to play in that arena. There are different things that they can do to be able to compete. They aren’t an imminent or huge threat to a significant portion of the multifamily space, but they are clearly on the horizon and a year ago we wouldn’t have even talked about them.
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