What Capital We Are Seeing

 

Senior Debt – we continue to see strong demand for first mortgage debt from balance sheet and CMBS lenders. While LTV levels have come in slightly, alternative non-bank lenders have entered the market and are willing to provide higher senior leverage at attractive all-in rates.

 

Junior Debt – mezzanine and B Note lenders continue to be very active considering the continued prevailing low interest rates across the world. Sophisitcated high net worth and institutional investors who need to meet above market minimum rates of return for their personal, client and liability portfolios, are active in providing higher yielding junior debt in locations and on property types they understand well.

 

Equity – Asian, South American and Middle Eastern investors continue to see the U.S. and Manhattan as having attractive relative value when compared to Hong Kong, London and other top tier cities. Moreover, in addition to attractive valuations, the U.S. offers a lower political risk proposition than does developing and emerging economies that are slowing, in transition or suffering from low commodity prices through exports.

 

Please do not hesitate to contact us regarding the above and we look forward to doing business with you at some point in the near future.

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