Equity remains cautious and selective, but the debt markets have become increasingly competitive — especially for well-structured multifamily construction deals with experienced sponsorship. Regional and community banks are back in the market aggressively pursuing quality multifamily construction opportunities. We are seeing bank pricing in the low-200s over SOFR, with some select executions reportedly below 200 bps over. Debt funds remain active ...

In place of our usual capital markets update, here's a strategy that's gaining serious momentum:HUD 221(d)(4) and 223(f) financing is quietly becoming one of the strongest bridge + construction solutions in the market — especially for developers squeezed by rate volatility, limited equity, and cautious lenders.Why HUD Is SurgingWith equity tighter, construction costs higher, and lenders imposing stricter metrics, many sponsors are turning to HUD ...

The benchmark 10-year U.S. Treasury yield recently dipped below 4%, trading in the low-4% range (around ~4.0% as of late October).This decline provides a more receptive backdrop for multifamily financing, as it lowers the risk-free rate component lenders use in underwriting.In this environment, agency financing spreads have offered notable opportunities—some deals have achieved permanent debt pricing as low as ~4.70%, a strong entry point for CRE ...

Administration pressure on the Fed rattles markets — and commercial-borrowing costs🌋Political pressure on the Federal Reserve has injected fresh volatility into the Treasury market, a development commercial real estate lenders and borrowers should not ignore. 🗣️Repeated public criticism of Fed leadership—and talk of reshaping its ranks—has shaken investor confidence and helped steepen the U.S. yield curve, pushing longer-term benchmark rates high ...

Administration pressure on the Fed rattles markets — and commercial-borrowing costs🌋Political pressure on the Federal Reserve has injected fresh volatility into the Treasury market, a development commercial real estate lenders and borrowers should not ignore. 🗣️Repeated public criticism of Fed leadership—and talk of reshaping its ranks—has shaken investor confidence and helped steepen the U.S. yield curve, pushing longer-term benchmark rates high ...

☹️Small Multifamily Properties Lead in Mortgage Delinquencies↘️Two- to four-unit multifamily properties continue to show the highest rate of mortgage delinquencies among U.S. residential asset types, according to the Federal Reserve Bank of St. Louis. In Q1 2025, 2.02% of these loans were 60+ days past due—well above single-family homes (1.55%), condos/co-ops (0.73%), and townhouses (0.56%).⚠️The "Missing Middle" at Risk↘️Small and mid-sized mult ...