The multifamily market may feel the pressure of lenders "going defensive" in the near term, according to leaders speaking on the institutional investing panel at this year's GlobeSt Multifamily conference in Los Angeles.
"If there was ever a time we needed to hear real time insight from our industry leaders, that time is now," said moderator Marc Renard, executive vice chairman of the capital markets group at Cushman & Wakefield. "Last year, we were high fiving each other at this conference….we were awash in money and it was a party. But unfortunately, the bigger the party the bigger the hangover, and right now this market is a little hungover."
According to Douglas Schwartz, managing director at JP Morgan Asset Management, lenders are bracing themselves "to handle the disruptions they know are coming," and that's being reflected in less debt capital being available.
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