LOS ANGELES-The market is currently flooded with capital from agencies, life cos. and conduits that are getting aggressive, according to experts on RealShare Apartments' agency lending panel. Moderated by Brian Eisendrath, vice chair at CBRE, the five-person included Tom Booher, EVP at PNC Real Estate; Jeff Burns, SVP Walker & Dunlop; Laurie Morfin, director, Prudential Mortgage Capital Co.; Greg Reed, EVP, Originations, Beech Street Capital; and Jeff Weidell, president at NorthMarq.

Life cos. have increased their market presence this year, and in general are more particular. They have been focusing on class-A and B product in core, A and B markets.

On the other hand, agencies and conduits seemed to be at odds, both looking for deals in secondary and tertiary markets where B Product is particularly attractive. “[Conduits] are right on top of Freddie and Fannie because pricing has come in enough,” said Morfin. Floating rates are attractive to these markets, and agencies can do 7-10 year terms with the availability to fix, which is good for value add.