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| Go West, NRP: One Of Country's Largest Multifamily Developers Opens 2 New Markets |
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| How Lenders are Dealing with Distressed Commercial Real Estate So Far |
“As the amount of troubled loans mounts, real estate lenders are revisiting strategies from the Great Recession to avoid taking back the keys on some assets.." ...read more here |
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| Real Estate Hiring in Southern California Shows Strength in May |
"The region’s real estate employment, ranging from agents to construction workers, grew by 6,200 jobs in May, which is 77 percent faster than the norm for the region, according to Jonathan Lasner, a veteran business columnist for the Orange County Register. His research found that an average of industry 3,500 jobs were added in May from 2015 to 2019." ....read more here |
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| AZ: New report touts effectiveness of state’s water management despite national media naysayers |
“What the model ultimately shows is that our water future is secure: the Assured Water Supply Program is working. Water supplies for homeowners and businesses are protected. Growth has been planned for and will continue. My message to Arizonans is this: we are not out of water, and we will not be running out of water.”
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/cloudfront-us-east-1.images.arcpublishing.com/gray/M67AK5BKGZH63KSRXM2OUZAM4I.jpg) | |
| Economic Watch: May Job Growth Far Exceeds Expectations |
The 339,000 jobs added in May far exceeded expectations. If this level of job growth continues, the Fed will have to continue raising interest rates.
However, May’s impressive job growth belies other indicators of an economic slowdown: slower wage growth, weaker manufacturing activity and moderating consumer spending. In addition, tighter credit conditions due to recent bank failures have yet to affect the economy.
We still expect that the Fed will pause its interest rate increases when it meets this month and hold them steady before cutting rates later this year.
Read CBRE Report Here
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| Northeast, Midwest Eclipse Sun Belt for Multifamily Rent Growth |
CBRE has identified four classifications of markets with similar multifamily rent growth patterns since the start of the pandemic: Sun Belt/Mountain, Urban Hubs, Midwest/Northeast and Florida. The Midwest/Northeast regional group is expected to see cumulative multifamily rent growth of 5.2% over the next two years, replacing Sun Belt/Mountain as the leader.
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Global Capital Markets Conditions June 2023 |
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- Uncertain macroeconomic conditions and rising interest rates sustained a slowdown in capital market activity in Q1 2023
- Global commercial estate investment volume fell 55% y-o-y to US $147 billion in Q1 2023
- Higher borrowing costs and weaker fundamentals have added upward pressure to cap rates across al regions and property types
- Tighter financial conditions and a deteriorating economic outlook in the U.S. will further reduce commercial real estate investment in 2023
Download Report |
FHA Increases Large Loan Amount |
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| Global Industrial Rents Continue to Grow on the Back of Low Vacancy |
| "The Federal Housing Administration (FHA) today published a Mortgagee Letter that increases the threshold for what it considers a large loan from $75 million to $120 million. FHA said the increase – the first since 2014 – is “designed to simplify underwriting for multifamily housing development without presenting undue risk to FHA, and to provide for regular adjustments to the threshold so it does not unduly lag market changes."
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| Economic Watch: Fed Pauses Rate Hikes but Remains Open to Further Tightening |
The Federal Reserve held the federal funds rate at a range of 5.00% to 5.25%, ending a cycle of 10 consecutive rate hikes totaling 5 percentage points since March 2022.
However, the Fed indicated that it may raise rates two more times this year if core inflation remains elevated.
Compared with its earlier outlook, the Fed now expects stronger GDP growth for 2023 (1.0% vs 0.4% previously) and lower unemployment (4.1% vs. 4.5%), lower headline inflation (PCE 3.2% vs. 3.3%) and higher core inflation (3.9% vs. 3.6%) at year end. |
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Interest Rate Averages by Lender Type & Asset Type
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Treasury Rates as of 6/29/2023 | |
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3.9799%
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7-Year Interpolated
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3.8393%
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10- Year Treasury
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Swap Rates as of 6/29/2023 | |
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Libor Rates as of 6/29/2023 | |
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SOFR as of 6/29/2023 | |
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Prime as of 6/29/2023 | |
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| Amber Coleman |
Q: Where did you grow up?
A: Scottsdale, AZ
Q: Where did you attend school?
A: Arizona State University (undergrad), University of Arizona (grad)
Q: What is your favorite thing about living in Arizona?
A: I appreciate the dry heat over humidity?
Q: What was your first job?
A: Working at a candy stand for a local youth basketball league
Q: What do you enjoy doing outside of work?
A: Trying new restaurants around the Valley
Q: What would your perfect weekend look like?
A: Travelling to a new city, exploring
Q: Describe an interest hobby or pastime that you use to have
A: I used to pole vault in high school and play basketball competitively
Q: What do you love most about your job?
A: Assisting my clients in achieving their CRE investment goals and constantly learning new things about the world of CRE
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Team Expands Footprint to New York
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What is RevPar?
Real Estate Terminology Explained
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Revenue per available room (RevPAR) is a metric used in the hospitality industry to measure hotel performance. The measurement is calculated by multiplying a hotel's average daily room rate (ADR) by its occupancy rate. RevPAR is also calculated by dividing a hotel's total room revenue by the total number of available rooms in the period being measured. | |
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| Pre-Suasion: A Revolutionary Way to Influence and Persuade |
Named a “Best Business Books of 2016”...draws on his extensive experience as the most cited social psychologist of our time and explains the techniques a person should implement to become a master persuader.
Find Here |
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| The Language of Real Estate |
The Language of Real Estate provides a comprehensive encyclopedia-like approach to literally thousands of real estate practices, concepts, and terms.
Find Here |
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| Real Estate Development - 5th Edition: Principles and Process |
This comprehensive book covers each stage of the real estate development process, explaining the basics of idea conception, feasibility, planning, financing, market analysis, contract negotiation, construction, marketing, and asset management.
Find Here |
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| Our group specializes in debt and structured finance of commercial assets, including multifamily, for private clients nationwide. Located in major West and Southwest markets, including Denver, Los Angeles, Phoenix, San Diego, and San Jose, our access to market data, investors, and lenders is vast. Each member adds a layer of depth to the overall skill, talent, and expertise of the team. The group’s synergetic endeavors provide a high-level commitment to each deal and the client experience. |
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