Who are the biggest debt providers in the Build to Rent (BTR) space? Do lenders view this as traditional multifamily, which would mean the Wells Fargo, JLL, CBRE, Walker & Dunlop, etc?
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Why do you ask? Depending upon the project size, the lending would be pretty fragmented among local/regional/national banks. And, of course, only Wells above is a direct lender, so the question is a little confusing.
Underwriting is pretty similar to traditional MF, perhaps a little lower on leverage and perhaps a little higher on price, but still favorable. (Someone else can weigh in on whether or not there is agency interest here).
Our team (I’m in CM) just closed a $15mm BFR deal with Renovo. Had another quote from CoreVest but renovo blew them out of the water. Was like 60% ltv, mid 3s rate, 30yr amo with a few years IO.
Most lenders are still warming up to it but there’s definitely groups out there that will take a look
JLL team out of Houston was very helpful in sourcing debt for BTR development
Second this group
+1 JLL SFR team out of Houston has been very active in the space
There are a few debt brokerage teams across the US that specialize in BTR. The business is still super new to a lot of lenders so best to start with them. Most banks don’t know whether to put it in their CRE group or their home building group.
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