Annual Review
& Forecast 66th
cerned about jumping into greater per-
ceived risk positions associated with assets
that have higher vacancies, need reposition-
ing and capital improvements or are located
in secondary/tertiary markets, and we need
active participation by investors across all
risk categories to see a well-functioning,
fully recovering market,” says Jay Koster,
president of JLL’s Capital Markets Group in
the Americas, in a release.
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Better Solutions
Better Relationships
In our business, who you know is as important as what you know.
With close relationships to Freddie Mac, Fannie Mae, more than 50
life insurance companies, hundreds of banks and dozens of equity
sources, NorthMarq has an unmatched network of lending partners
to help you capitalize on real estate opportunities—in any market for
any property type.
Choose a partner with the capital connections that
bring better results. Choose NorthMarq.
RECENT DEALS
$13,000,000
The Oaks at University
114,433 SF OFFICE | SAN ANTONIO, TX
LENDER: LIFE COMPANY
$156,000,000
Multifamily Portfolio
2,366 UNITS | NJ, NY, PA & CT
LENDER: FREDDIE MAC
Capital Markets
33 offices coast-to-coast
northmarq.com
58 REAL ESTATE FORUM FEBRUARY/MARCH 2012
have to go to the local banks or a CMBS
lender,” says Appel. “The insurance companies are active and they’ve been consistent,” and that consistency includes favoring higher quality assets. “You have a lot of
the smaller regional banks that are active
in local markets. But the national banks
are not the players they were in 2005 or
2006.” Early indications suggest that the
securitization shops are staffing up in
anticipation of greater volume. Moody’s
Investors Service currently projects 2012
CMBS volume of about $40 billion.
On the equity side, a January survey conducted by law firm Goodwin Procter ranks
pension plans as the largest source of capital
for the sector, whether directly or through
investment advisors. Pension plans are followed by US opportunity funds, publicly
traded sources and sovereign wealth funds,
in that order, according to the survey.
Amid a plethora of economic indicators
that are trending upward—including resi-
dential and non-residential construction
and the Institute for Supply Management’s
Manufacturing Index—there’s still plenty
of uncertainty, not least from Washington’s
regimen of new regulations. “It’s not just
Dodd-Frank,” Saft says. “We’re still living
with the problems that were created by
Sarbanes-Oxley.”
Ellis notes that global events, too, could
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