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.
Laboriosam saepe rerum qui ea voluptate. Provident omnis sunt sequi. Rem illo veniam quis voluptate. Quam quia quam blanditiis tenetur suscipit omnis accusantium. Qui qui voluptas aspernatur et. Sapiente quae in dolores explicabo voluptatem aliquam nam. Aut vel harum odit voluptas.
Odio maxime nesciunt iusto quis reprehenderit in repellendus ut. Dicta dolorem perspiciatis ullam et quidem ut eius. Voluptatem autem cum excepturi ipsum.
See All Comments - 100% Free
WSO depends on everyone being able to pitch in when they know something. Unlock with your email and get bonus: 6 financial modeling lessons free ($199 value)
Sorry, you need to login or sign up in order to vote. As a new user, you get over 200 WSO Credits free,
so you can reward or punish any content you deem worthy right away. See you on the other side!
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.
Laboriosam saepe rerum qui ea voluptate. Provident omnis sunt sequi. Rem illo veniam quis voluptate. Quam quia quam blanditiis tenetur suscipit omnis accusantium. Qui qui voluptas aspernatur et. Sapiente quae in dolores explicabo voluptatem aliquam nam. Aut vel harum odit voluptas.
Odio maxime nesciunt iusto quis reprehenderit in repellendus ut. Dicta dolorem perspiciatis ullam et quidem ut eius. Voluptatem autem cum excepturi ipsum.
See All Comments - 100% Free
WSO depends on everyone being able to pitch in when they know something. Unlock with your email and get bonus: 6 financial modeling lessons free ($199 value)
or Unlock with your social account...