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TOP OCTOBER STORIES
• After Boehner: Government Shutdown Averted
• Carried Interest Fight Is Different This Time
• C&W Hit With Gender, Age Discrimination Suit
• Freddie Mac Single Out 4 Markets
• Traditional Retail Uses Have Become Obsolete
TOP OCTOBER DEALS
• Blackstone’s Latest RE Fund: ‘Capital in Scale’
• GE Capital Trades $2.3B in Mortgage Loans
• CalPERS Eyes $6.3B in RE Investments
• UDR Sells Mid-Atlantic Portfolio, Other Assets
• Starwood Waypoint, Colony American to Merge
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The recent influx of interest in Japan’s commercial real estate market has made an already
competitive environment that much
more so. Overseas real estate investors
have historically operated at a disadvantage in the Japanese market. Local
players have been able to move more
quickly because they have a better
understanding of market conditions there and are often able to
secure cheaper financing for deals. Newer entrants have typically found success by partnering with a local partner who
speaks the language, knows the ropes and has a sizable stake in
the market.—Hiroyasu Kaizuka, Goldman Sachs Asset Management
The most common hurdle that investors have trouble overcoming is a
credit issue that satisifies the bank’s
checklist or a request that is beyond
their capabilities. Past issues such as
bankruptcies, short sales, loan modification and subpar credit scores will all
be red flags and many times automatically disqualify an applicant. The economic downturn created a larger market for the niche lenders
and private investors that fund on the transactions with these
issues, and there is still a large need with banks remaining conservative.—Colin Dubel, Charter Capital Group
Whether one is investing, acquiring,
developing, renovating, or, most challenging of all, purchasing a property
for re-use such as transforming an
office building into an apartment or
condo building, the purchaser needs
to know every aspect of the property
as well as the market in which it is
located. This is where boots on the
ground—whether your own or a local broker or colleague—
become critical in making an accurate assessment.
As always, the devil is in the details and our methodology
requires us to dig deep into the structure’s physical condition as
well as the status of current ownership, operating expenses, occupancy rate and history, access to transportation, and competing
properties.—Alexander Philips, TwinRock Partners
Industry Experts Speak Out
