Multi family Interest rates
With interest rates rising so quick where is everybody seeing interest rates at in multi family industry?
With interest rates rising so quick where is everybody seeing interest rates at in multi family industry?
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Depends on if it's a bank or Agency Deal, as well as affordability. S/ARMS, 7/6 and other variable products are becoming popular as well in Agency land. What area you looking for
Looking at bank. Fixed rate. Not affordable housing.
We're doing exclusively fixed rate deals with regional banks at the moment. Generally in the $15mm to $75mm GAV range and looking at ~4.2%-4.4% right now depending on term, i/o, etc.
What region? East? West? Minding mentioning a bank or two?
SOFR +225 for construction loans
What region is that? I’m in NYC and we’re winning deals with S+320 and sometimes higher
Sofr + 145 for floating rate bank term loan, 5 yr
On stabilized assets ?
Yeah stabilized multifamily, secondary market. Institutional borrower. They're going to renovate the units but nothing major that will cause a big occupancy drop, so we sized the loan based on in-place cash flow (7.2% DY going-in, 62.5% LTV). Did a similar 5Y deal in March at S + 135; so we've raised spreads. Obviously add 10-20 bps for longer term. I'm at a large bank
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