Negative Leverage
For those of you at larger ($1bn+) shops, how are you finding value in today's markets with negative leverage from day 1 on ALMOST every deal and what kind of deals/markets are you pursuing?
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rental growth
From what I see - it’s a bunch of morons who u/w 10-15% YoY rental growth, cap rate compression or barely any expansion, and an eventual fed pivot
You UW through it. Our fund needs to put out dollars so we’re funding more equity upfront and accepting lower loan proceeds in exchange for a lower spread or favorable extensions. Maybe we can refi in a couple of years if rates normalize but tough to assume that right now.
We’re looking at capitalizing ground up multi right now because of the dislocation in the construction financing markets. Industrial is still active as well. Don’t know how anyone can make non-core office work right now (at least in our markets)
Same. You can’t expect neutral or positive leverage in year 1 anymore. You just have to believe in getting there by year 2-3 with your UW assumptions.
We have a bunch of opportunistic multi in the pipeline DM me if you guys are LPs.
Existing or development?
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