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Inland Empire Q3 Report: Consistently Low Vacancy, Steady Demand Pushing Rents Higher

Report highlights:

  • Inland Empire market indicatorsThe Inland Empire multifamily market continued to post steady performance in the third quarter. The market is highlighted by low vacancy and rising rents. Looking ahead, apartment construction should accelerate, although employment growth should be sufficient to absorb much of the new inventory.
  • Apartment vacancy in the Inland Empire has been very steady year to date. The rate ended the third quarter at 3.2 percent, identical to the vacancy rate in both the first and second quarters of 2018. Vacancy is up 30 basis points year over year.
  • Local asking rents have posted consistent gains thus far in 2018. Asking rents ended the third quarter at $1,349 per month, 3.5 percent higher than one year ago.
  • After a slow first half of the year, sales of apartment buildings accelerated during the third quarter. Prices and cap rates thus far in 2018 have closely tracked levels from last year.

Download the full report here

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NorthMarq Capital adds multifamily investment sales practice in Southern California

MINNEAPOLIS (NOV. 8, 2018) — NorthMarq Capital, the largest privately held commercial real estate mortgage banking firm in the U.S., announces the addition of multifamily investment sales in its Los Angeles regional office. Shane Shafer has joined as managing director to continue the expansion of NorthMarq Multifamily’s investment sales business.

Shafer brings more than 20 years of experience in investment sales, most recently working in Berkadia’s Irvine, California office, where he was the office’s top broker. His expertise is in the sale of apartments in Southern California for clients that range from some of the largest institutions to private capital. Recent sales include Capes at Ventura for $100 million, and the 254-unit Broadstone Serrano in San Bernardio, along with a significant number of sales in Orange County. During his career, he has represented owners in selling more than $3 billion in sales of apartments in California.

“My clients will benefit from the collaboration of investment sales and financing services to provide them the best service and most seamless execution for their real estate solutions. I am excited to join such a fast-growing, exciting platform,” Shafer said.

Jeff Weidell, president-NorthMarq Capital, said, “Shane is a great fit for our expanding multifamily business. Given the size of the Southern California market, it is a strategic growth opportunity for us as we integrate the sales and finance business on the West Coast.”

Trevor Koskovich, president-NorthMarq Multifamily, is leading the platform’s growth, which now includes investments sales professionals in Arizona, Kansas, Missouri, New Mexico and Texas. He is focused on recruiting professionals who are interested in leveraging the company’s culture and debt/equity history.

The Los Angeles regional office is one of NorthMarq Capital’s top performing offices, led by Ory Schwartz and Mike Elmore. “We are excited about the synergy that Shane will bring as he grows the multifamily investment sales team here,” said Elmore, executive vice president/managing director.

Shafer joins the debt and equity team at NorthMarq Capital’s Los Angeles regional office, 500 Newport Center Drive, Suite 650, Newport Beach, California.

In business since 1960, NorthMarq Capital has grown to nearly 550 employees through more than 20 acquisitions, now servicing over $53 billion of loans on $13 billion of annual production.

About NorthMarq Multifamily
NorthMarq Multifamily has a market-leading position in multifamily property sales in markets across the U.S., offering commercial real estate investors a personalized approach to buying and selling multifamily and manufactured housing properties. These teams collaborate with NorthMarq Capital’s debt and equity experts nationwide to provide a full range of capital markets services, developing innovative solutions for real estate investments.

NorthMarq Capital, the largest privately held commercial real estate financial intermediary in the U.S., provides debt, equity and commercial loan servicing through over 300 mortgage banking professionals in regional offices coast-to-coast and services a loan portfolio of more than $53 billion. For more information, please visit www.northmarq.com.

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Wendy Albright celebrates 25 years with the company

Wendy Albright in our Los Angeles office celebrates 25 years with the company this month. Thanks for being part of the team, Wendy!

Wendy Albright in our Los Angeles office celebrates 25 years with the company this month.

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Brendan Golding joins NorthMarq Capital’s Los Angeles regional office as vice president

LOS ANGELES (October 4, 2018) – NorthMarq Capital, a leader in financing commercial real estate throughout the United States, announced today that Brendan Golding will be joining its Los Angeles-based production team in the role of vice president/producer.

At NorthMarq Capital, Golding will be responsible for originating, underwriting and closing real estate loans through NorthMarq’s preferred life insurance correspondents, Fannie Mae, Freddie Mac, FHA/HUD, conduit lenders, debt funds, banks, credits unions and other financial institutions.

Prior to arriving at NorthMarq Capital, Golding worked on a production team as part of Natixis’ Western Region, primarily focusing on the origination and underwriting of conduit and balance sheet loans. Previously, Golding held a position in the underwriting department of Freddie Mac’s Western Region Multifamily Group. During his tenure within the lending industry, Golding gained exposure to over $7 billion in capital lending. Golding has expertise in every stage of a transaction, from the initial quoting through successful execution and funding.

“Adding Brendan to our already top performing office will give us a strong young professional with tremendous growth potential. His experience working at both Freddie Mac and Natixis gives him an excellent and diverse real estate background in lending which will transition well to new loan originations,” said Michael Elmore, executive vice president/managing director of NorthMarq Capital’s Los Angeles office.

Golding possesses a Bachelor of Arts degree in History and French with a business minor from the University of Oregon. He is a licensed real estate salesperson in the state of California.

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Mike Elmore celebrates 25 years with the company

Mike Elmore in our Los Angeles office is celebrating 25 years with NorthMarq! He’s known for being a disciplined, organized coworker and a great role model. He enjoys surfing, fishing, snowboarding and travel. His outdoor skills were much appreciated during a snowstorm in the Tetons when the LA office took a small group of lenders on a memorable hike last month. Thanks for being part of the team, Mike!

Mike Elmore celebrates 25 years with the company

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Mike Elmore in GlobeSt.com: Investors are refinancing now before rates go up

Investors are refinancing apartment deals before rates head up. Advanced Real Estate Services has closed nearly $252 million in financing deals, with refinancing transactions representing a majority of the bunch. Of the eight deals, all of which were secured by NorthMarq Capital, six were refinanced early and the firm paid the prepayment penalty on two, one of which included a defeasance. The remaining two deals included an acquisition financing for Stadium House in Anaheim and the refinancing of an existing loan. Advanced pulled significant equity out of the properties as well, and plans to use the proceeds for other acquisitions.

“Advanced likes to do max leverage, 10-year, interest-only deals, and the time was right to do it,” Michael T. Elmore, EVP and managing director of NorthMarq Capital’s Los Angeles regional office told GlobeSt.com. “They generated a substantial amount of refinance proceeds, and non of it will go into the acquisition of Stadium House, but it will be sitting in operating accounts for Advanced to go out and buy more assets in the future. This was opportunistic on their part. They took advantage of the market while rates are still relatively low and pulled equity out of those assets. This is just good timing. They got a relatively low interest-rate, 10-years interest-only and they got maximum leverage with a ton of cash-out on the transaction.”

The seven refinanced properties include The Parsons, a 60-unit property Costa Mesa; Eastside, a 98-unit property in Costa Mesa; The Courtyards, a 153-unit property in Norwalk; Tierra Palms, a 144-unit property in Norwalk; Somerset, a 256-unit property in Montebello; Northwind, a 102-unit property in Bellflower; and Artists Village Apartments, a 197-unit property in Santa Ana. All of the deals had a 10-year term, interest-only with average interest rate of 4.229 percent. Artists Village and Tierra Palms deals required a pre-payment penalty and were funded through Fannie Mae. “Because Fannie and Freddie are running slightly behind their production in the previous year, they were both very aggressive in quoting this deal,” says Elmore. “We went with Fannie because they had a better deal, but Freddie was right there.”

Northwind, Courtyard, Eastside and Parsons did not require a pre-payment penalty, although Advantage chose to refinance these loans early. “Advanced was in the variable rate period, so there was no pre-pay, but they had higher coupons then the fixed-rate financings we put in place,” said Elmore. “So, there was no penalty, they got substantial cash-out and their 10-year interest-only was lower than their floating rate. So, they lowered the rate and took out money.”

Advanced is not alone. Elmore says that the bulk of his office’s transaction volume is refinancing deals. “Last year, nationally, investment sales were down 30 percent, so there is less purchase money transactions,” he explained. “We end up doing our share of them, but I think the bulk of the activity is refinancing. There isn’t a lot of new construction or purchase money transaction. The bulk of our work typically tends to be in refinancings, but I would say more so now than normal. Generally, people are pulling forward refinancing. Part of that is interest rates and the other part of that is recapturing equity.”

This year, Elmore expects the industry to be five percent to 10 percent down, but NorthMarq is exceeding their year-over-year volumes. In general, he is expecting a strong second half of the year. “We are ahead of where we were at this time last year,” he added. “I think the industry will be down five percent to 10 percent this year, so we are off the peak, but we are off a very high peak, so it is still good.”

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Ory Schwartz featured in GlobeSt.com article regarding which financing incentives apartment buyers are accessing

The most common incentives being offered for multifamily financings are from the agencies and involve pricing discounts, such as affordable components and green rewards, Ory Schwartz, senior vice president/managing director in NorthMarq’s Los Angeles office, told GlobeSt.com. As recently reported by the publication, NorthMarq arranged refinancing of $40 million for two multifamily properties in California and Nevada and the buyer took advantage of green rewards and year-end promotional pricing to secure the deals.

GlobeSt.com spoke with Schwartz about the types of financing incentives multifamily buyers are using to close deals.

GlobeSt.com: What are the most common financing incentives buyers are using to close multifamily deals?

Schwartz: The most common incentives being offered for multifamily financings are from the agencies (Freddie Mac and Fannie Mae—deals that qualify as “uncapped” deals, which are either fewer than 50 units and/or have an affordable component, receive pricing discounts. Additionally, properties that can qualify for the green-rewards programs will also receive pricing discounts. It is important to note that a borrower cannot “double dip” and receive both pricing discounts on a given deal.

GlobeSt.com: Why are incentives like green rewards and end-of-year pricing promotions used, and how prevalent are they in closing deals?

Schwartz: By the fourth quarter of 2017, Fannie Mae had excess capacity in “capped” business (more than 50 units and market rate). As a result, Fannie Mae was offering pricing discounts on deals that would close by year end, and many borrowers were able to take advantage of this. Regarding the green rewards, this was very popular in 2017, as many properties qualified. Both Fannie Mae and Freddie Mac have each increased their threshold from 15% and 20%, respectively, to 25% for water or energy savings. We anticipate that there will be a material drop in properties that can qualify going forward.

GlobeSt.com: What other trends are you noticing in multifamily financing?

Schwartz: Multifamily financing remains very stable, and both Fannie and Freddie have lease-up and value-add programs in addition to their core products.

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Ory Schwartz featured in National Real Estate Investor article regarding higher than expected CMBS issuance in 2017

CMBS issuance was higher than expected in 2017. Can the trend continue?

Sourcing new loans could be a bigger challenge in the coming year as the wall of maturities continues to shrink.

The CMBS market is kicking off 2018 with a lot more confidence than was the case a year ago.

In 2016, everyone was living in fear of risk retention rules and what they were going to do to the CMBS market, notes Tom Fish, executive managing director and co-lead of the real estate investment banking practice at real estate services firm JLL. People were worried that the new rules that went into effect last January would slow issuance, significantly increase pricing and tilt the playing field in favor of bigger players.

Although some CMBS issuers have left the market, there continues to be about two dozen active firms, and fears about higher prices and lower issuance were never realized. “I’m very optimistic about what’s going to happen over the next year,” says Fish. “If rates don’t run away from us, I expect that we will have a good 2018.”

CMBS has regained some of the momentum it lost in 2016. In 2017, U.S. issuance reached $95.3 billion compared to $76 billion in 2016, according to Commercial

Mortgage Alert, an industry newsletter. “Most people are thrilled at the issuance level we have achieved,” says Manus Clancy, a senior managing director at data firm Trepp LLC. Going into 2017, there was a lot of uncertainty about how the new deals would be received by investors, what the pipeline would look like, or how much competition would come from insurance companies, he adds.

Issuers are now using three different structures to manage the risk retention rules, carving out a horizontal tranche, a vertical tranche or an “L” shaped that is a combination of the two. So far, there is no single structure that has emerging as the preferred choice. All are being used fairly equally on a case-by-case basis. “That is a good thing, because it gives the issuers and the B-piece buyers all some level of flexibility,” says Clancy.

One reason why higher costs didn’t materialize is because there is a perception that risk retention boosted loan quality and investors are paying higher prices for the non-retained bonds, notes Ory Schwartz, a managing director at capital services provider NorthMarq Capital in Newport Beach, Calif. Issuers are being disciplined in their underwriting. Some shops have also tightened spreads in order to attract the better loans.

Challenges linger in 2018

The CMBS market has adapted to risk retention rules, but it is not all smooth sailing. Sourcing new loans could be a bigger challenge in the coming year as the wall of maturities continues to shrink. Trepp is predicting that U.S. issuance will decline to about $80 billion in the coming year. “The rightsizing of this market seems to be in that $75 to $125 billion range,” says Clancy.

CMBS remains a competitive financing option, along with banks, life companies and private equity sources. “Based on what other capital sources are doing, there is always going to be a need for CMBS in the niche it plays, which is higher leverage and secondary and tertiary markets,” says Schwartz. For many borrowers who want fixed-rate, non-recourse loans, CMBS is still the best option, he adds.

Yet the industry is bracing for a thinning deal pipeline from loan maturities. Although there was a fair amount of five-year loans written in 2013 that will be coming due, there is going to be a sharp drop in 10-year maturities that will impact issuance volume this year, notes Schwartz. CMBS lending peaked in 2007 with issuance that topped nearly $230 billion before plummeting to $12 billion in 2008, according to Commercial Mortgage Alert.

And despite improving delinquency rates, retail properties continue to be a concern. The industry is keeping close tabs on its exposure to retail in terms of centers losing major anchors and potential loan defaults. Capital may be less available for new retail loans. Retail loans are generally going to class-A properties with a good tenant base and long-term leases. Older malls in secondary and tertiary markets that are anchored by Sears, Macy’s and J.C. Penney are going to be harder to finance across all lending sources, notes Clancy.

Another question for the CMBS market is whether the banks that are originating and retaining a piece of that issuance will reach capacity at some point, and if so, how might that impact the CMBS sector. “Will they find a way of selling off some of that and keeping that power dry, or will they have a problem? I think that’s unclear at this point,” says Fish.

 

Originally appeared on January 10, 2018 in NREI

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Joe Giordani featured in Western Real Estate Business’ Market Highlight: Los Angeles

Owners of office properties should match lenders with product type

A majority of the population will always need to work, and chances are many will need an office space in which to work. While this property type requires significant capital to retenant vacant spaces, as long as the cash flow and re-tenanting costs are underwritten correctly, all major lender segments have an appetite to lend on office properties. Office properties are also less susceptible to the internet eating into its tenant demand, unlike the retail property segment. In fact, many technology/internet companies like Google, Microsoft, Apple, Salesforce and LinkedIn have absorbed the most office space over the past five to 10 years due to their rapid growth. Read Joe’s perspective in Western Real Estate Business‘ Market Highlight: Los Angeles.

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Local Office Overview

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Download this two-page flyer to learn more about the Los Angeles office.

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Michael Elmore selected as one of Real Estate Forum’s Rainmakers

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Michael Elmore was recently selected as one of Real Estate Forum’s Rainmakers. The Rainmakers compilation was the publication’s second-ever ranking of the nation’s top debt and equity originators. To be selected, nominees received a score for two fields—the total number of transactions and the total volume of all transactions. Check out Michael’s recognition here…

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NorthMarq Capital Appoints Joe Giordani Vice President of Los Angeles Office

LOS ANGELES (June 16, 2014) – The Los Angeles office of NorthMarq Capital announced that Joe Giordani has joined its production group as a vice president. Giordani most recently served as director and manager of Barry Slatt Mortgage Company’s Orange County office in Newport Beach, California. As a producer at Slatt, he was responsible for the entire transaction process, including sourcing clients and originating and closing loans.

Before joining Slatt, Joe was an office leasing broker for nearly 10 years, beginning his career with Cushman & Wakefield in New York City and later transitioning to CBRE in San Francisco.

Giordani will fulfill clients’ commercial and multi-family property needs by offering financing through NorthMarq’s preferred life insurance correspondents, Wall Street conduits, Fannie Mae, Freddie Mac, HUD and other exclusive lenders.

Giordani holds a Bachelor of Arts degree from the University of Colorado with a major in economics and a minor in business.

“We are very excited that Joe has decided to join us. He will be a dynamic long term NorthMarq employee with tremendous growth potential,” said Michael Elmore, executive vice president of NorthMarq Capital’s Los Angeles office. “Joe fits our local and company culture and will greatly benefit from a substantially expanded group of capital providers and personal mentoring from our group.”

About NorthMarq Capital
NorthMarq Capital, the largest privately held commercial real estate financial intermediary in the U.S., provides mortgage banking and commercial loan servicing in 34 offices coast to coast. With more than $10 billion in annual production volume and servicing a loan portfolio of more than $42 billion, the company offers expertise to borrowers of all size. The company has a long track record of multi-family financing as a Freddie Mac Program Plus™ Seller-Servicer, and through its affiliation with Fannie Mae DUS lender AmeriSphere Multifamily Finance. In addition, NorthMarq has long loan production and loan servicing relationships with more than 50 life companies, many CMBS platforms and hundreds of local, regional and national banks. For more information, please visit northmarqcap.wpengine.com.

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