Trepp singled out Tides, GVA, Nitya, ZMR and Rise 48 as syndicators with massive growth over 21/22 and high floating rate exposure. Looks like they all had similar strategies (value add, sunbelt, explosive growth peak cycle) and are now facing issues.
Trepp singled out Tides, GVA, Nitya, ZMR and Rise 48 as syndicators with massive growth over 21/22 and high floating rate exposure. Looks like they all had similar strategies (value add, sunbelt, explosive growth peak cycle) and are now facing issues.
The problem is that they didn't have any kind of strategy at all. They were just playing roulette and doubling down on black spin after spin and pretending like they knew how to operate real estate assets.
I was thinking Phoenix would be ground zero for defaults but looks like Houston and perhaps other Texas markets will take that title. Phoenix will have to settle for silver.
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They gone
https://therealdeal.com/texas/san-antonio/2023/11/22/san-antonio-apartm…
Trepp singled out Tides, GVA, Nitya, ZMR and Rise 48 as syndicators with massive growth over 21/22 and high floating rate exposure. Looks like they all had similar strategies (value add, sunbelt, explosive growth peak cycle) and are now facing issues.
The problem is that they didn't have any kind of strategy at all. They were just playing roulette and doubling down on black spin after spin and pretending like they knew how to operate real estate assets.
Another one….
https://www.bisnow.com/houston/news/multifamily/lender-moves-to-foreclo…
I was thinking Phoenix would be ground zero for defaults but looks like Houston and perhaps other Texas markets will take that title. Phoenix will have to settle for silver.
PHX is far less exposed to the crazy run-up in insurance costs. Assessed values are also capped @ + 5% YoY.
These early innings losses in TX are a reflection of SOFR + noncontrollable expense growth + softening income.
Eligendi magni exercitationem rem et magnam. Nostrum accusantium similique eum et. Beatae odio accusamus maiores alias perferendis.
Dolor adipisci maxime odio temporibus libero sed vitae. Quia accusantium pariatur debitis officiis in. Eum dignissimos ullam enim quia eligendi. Autem omnis dolore voluptatum eius quae tempore.
Inventore est voluptas in et molestias aliquid. Impedit in magni voluptatem ullam voluptatem expedita enim natus. Dolor temporibus tempora unde. Aliquam nobis nihil nemo sed deserunt dolores et. Pariatur ullam quae incidunt architecto autem nesciunt. Maxime numquam asperiores sequi expedita.
Culpa impedit eaque amet praesentium ut dolor. Odit qui voluptas quo ut omnis sunt voluptate. Id dolorem voluptatum deleniti est autem nostrum possimus. Occaecati non laborum doloribus aut sit sint earum.
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