Commercial real estate developers go into detail on the impact of the financial crisis on their ability to make projects happen.
"The banking crisis 'pretty much stopped the majority of commercial development dead in their tracks, except non-leveraged projects, smaller investments and owner-occupied deals, and institutional projects that were already in progress,' [Developer Rick] DeKam said. 'I think you will see institutional, medical and even multifamily development as the steady-performing real estate over the next few years.'
Michael Cagen, associate broker specializing in multifamily investment at Marcus & Millichap's Grand Rapids office, has seen the same financing challenges of late as other real estate categories.
'Only several months ago, we were able to find financing, but at higher interest rates and at lower loan to values,' Cagen said. 'Today, lenders tell you they need to have the complete banking relationship with you, that the buyer needs to be local and that it needs to be newer property. In essence, this means the number of lenders who are available to finance a given deal has continued to shrink.'"
FULL STORY: Commercial real estate financing goes from bad to worse
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Chicago to Turn High-Rise Offices into Housing
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U.S. Supreme Court: California's Impact Fees May Violate Takings Clause
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The State of E-Scooters in the US
Eight years after shared e-scooters were first introduced in US cities, the industry still teeters on the edge of success, hindered in part by limited infrastructure.
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Barrett Planning Group LLC
HUD's Office of Policy Development and Research
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HUD's Office of Policy Development and Research
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ULI Northwest Arkansas
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Urban Design for Planners 1: Software Tools
This six-course series explores essential urban design concepts using open source software and equips planners with the tools they need to participate fully in the urban design process.
Planning for Universal Design
Learn the tools for implementing Universal Design in planning regulations.
