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Cap Market Experts: Summer Slowdown Expected

CHICAGO-Many at RealShare Chicago expect the slowdown to continue, with a somewhat return to normal in a year.

By Gina Kenny | Updated on June 11, 2008

CHICAGO-While all was not doom and gloom at the sixth annual RealShare Chicago, many say they are expecting the summer to stagnate, with a return to some level of normality expected in 12 months. Richard Blum, EVP and CFO of Chicago-based developer Fifield Cos., and David Friedman, managing director of fund management for Chicago-based Wrightwood Capital, spoke to attendees on the current capital markets and liquidity crunch. “The next six months, I think that people ought to put their phones away and take the summer off,” Blum says. “I think this summer will be incredibly slow.” The Tuesday event also included a discussion between developer Michael Reschke and Michael Desiato, VP of Real Estate Media, which was the sponsor of the event.

Friedman was slightly less ominous, but agreed that the summer is expected to be sluggish. There is still capital out there, Friedman says. “Chicago remains fairly well banked,” he says. “The caveat is the deal size and equity.” Larger loans and projects require more capital, Friedman says.

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