The result of all this is rates are not going to rise much, if at all this year and maybe not next year. Good news for US real estate. Foreign money is flowing in here and will continue to do so as the various world crises continue to drive capital to the one last safe haven. The combination of low rates for a long time and the flood inward of capital will keep the UE CRE market stable when it would otherwise have declined this year, and probably next year. The result of all this is rates are not going to rise much, if at all this year and maybe not next year. Good news for US real estate. Foreign money is flowing in here and will continue to do so as the various world crises continue to drive capital to the one last safe haven. The combination of low rates for a long time and the flood inward of capital will keep the UE CRE market stable when it would otherwise have declined this year, and probably next year.
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Joel Ross
Joel Ross began his career in Wall St as an investment banker in 1965, handling corporate advisory matters for a variety of clients. During the seventies he was CEO of North American operations for a UK based conglomerate, and sat on the parent company board. In 1981, he began his own firm handling leveraged buyouts, investment banking and real estate financing. In 1984 Ross began providing investment banking services and arranging financing for real estate transactions with his own firm, Ross Properties, Inc. In 1993 Ross and a partner, Lexington Mortgage, created the first Wall St hotel CMBS program in conjunction with Nomura. They went on to develop a similar CMBS program for another major Wall St investment bank and for five leading hotel companies. Lexington, in partnership with Mr. Ross established a hotel mortgage bank table funded by an investment bank, and making all CMBS hotel loans on their behalf. In 1999 he formed Citadel Realty Advisors as a successor to Ross Properties Corp., focusing on real estate investment banking in the US, UK and Paris. He has closed over $3.0 billion of financings for office, hotel, retail, land and multifamily projects. Ross is also a founder of Market Street Investors, a brownfield land development company, and has been involved in the acquisition of notes on defaulted loans and various REO assets in conjunction with several major investors. Ross was an adjunct professor in the graduate program at the NYU Hotel School. He is a member of Urban Land Institute and was a member of the leadership of his ULI council. In 1999, he conceived and co-authored with PricewaterhouseCoopers, the Hotel Mortgage Performance Report, a major study of hotel mortgage default rates.
