Financing MF Development at this point in the cycle
We've been seeing LPs become more and more cautious about MF and where we are in the cycle. This is across multiple markets, deal sizes, etc, LP money just isn't comfortable deploying capital right now unless the YTC is >7% which is rare to find right now. We've looked at a Pref Equity option up to 85% of the stack but the trouble is finding a Co-Gp that is comfortable being behind that much leverage.
Are other MF developers seeing this? If so how are you guys financing deals right now?
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