When it comes to financing new condominium projects in New York, banks are spooked and hamstrung by new regulations that make capital much tighter. So what’s a developer trying to realize their dream of building more luxury housing to do?
Adi Chugh is the founder and CEO of Maverick Commercial Properties, one of the most active independent debt brokers in the city with clients such as the Naftali Group, DHA Capital and the Chetrit Group. Chugh sat down with The Real Deal to discuss the shifts in the city’s condo financing landscape. He discussed trends such as developers moving into mezzanine lending and how builders need to get creative when thinking about the capital stack.
A former debating champion, Chugh peppers his rhetoric with aphorisms and metaphors. When explaining the boom in the city’s luxury condo inventory, for example, he said: “It’s like if you starved someone for breakfast, lunch and dinner the day before, and then you suddenly open them to a buffet.”
To see the interview with TRD’s Hiten Samtani, watch the video above.
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