GSE Rates Rise Dramatically as the Benchmark Climbs
All-in rates on 10-year loans from the GSEs have risen 60 to 70 basis points in the past six weeks, which will likely have a big impact on cap rates, and the acquisition market in general, heading into 2011.
CMBS Market Gathers Momentum
Berkadia and Walker & Dunlop recently opened their CMBS platforms, KeyBank and Marcus & Millichap closed their first CMBS loans in ages, plus several encouraging signs are gathering for the sector.
Capital for Value-Add Deals Starts to Loosen Up
As fundamentals continue to improve in many markets, more lenders are slowly starting to grow comfortable with the idea of underwriting rent growth.
Private Sector Heats Up in Battle with GSEs
Banks and life insurance companies are increasingly muscling in on Fannie Mae and Freddie Mac as private sector lending activity accelerates.
WHY BUY THE PROJECT when you can get a deeper discount buying the paper?
Beyond the GSEs: Conduits, Life Companies, Banks Grow More Competitive
While Fannie Mae and Freddie Mac continue to win the lion's share of multifamily business, other capital sources are growing more competitive. Life insurance companies and banks are stepping up to the plate again for certain assets and executions, and even conduit lenders are pricing more...
A Long Time Coming
WHEN THE FEDERAL Housing Administration (FHA) changes its multifamily programs—some of which have remained untouched for 40 years—the agency doesn’t fool around.
Sizing Up the FHA's Recent and Proposed Changes
Some of the FHA's multifamily programs haven't seen changes in more than 40 years. So, in announcing new leverage and debt service levels, the FHA took the opportunity to enact a slew of other changes, and propose a few more.
New Requirements May Mean Longer Wait for FHA Loans
The FHA recently unveiled sweeping changes to its multifamily program, tweaking the underwriting standards on new construction and refinancing deals, while unveiling a slew of risk-management initiatives that may expand its already long transaction timeline.
Signs of Life
IF YOU LISTEN HARD, you can hear the pulse of the CMBS market beating again.