From the March issue: It isn’t a flood just yet. But observers say the flow of funds from the money spigot for New York real estate deals has intensified in recent months.
And this new stream of lending — which is enabling mostly refinancings, but some developments and acquisitions, too — is coming from many directions, according to bankers, brokers and developers.
Brand-name national banks like Wells Fargo and Bank of America are finally taking risks on a range of projects again. And overseas lenders are even more active than their domestic counterparts.
Money is also coming from government agencies, local banks and insurance companies. In addition, as The Real Deal has reported, commercial mortgage-backed securities, or CMBS, which were shunned by investors through 2009, also appear to be helping projects cross the finish line. [more]
