Acquisition Opportunities in the Big Apple and Beyond: The Owners Opine
13 April 2018
“The final panel at Commercial Observer’s spring Financing Commercial Real Estate Forum gave attendees a look into the opportunities that property owners are finding in today’s competitive market, both inside and outside of New York City.
Moderator Anthony Orso, the president of capital markets strategies at Newmark Knight Frank, encouraged attendees not to be shy in coming forward to the front of the packed room so that they could better hear what the “three most important people in the place,” had to say. Those VIPs were Toby Moskovits, CEO of Heritage Equity Partners; Mike Maturo, the president of RXR Realty; and Francis Greenburger, the chairman and CEO of Time Equities.
Time Equities has owned New York assets for over 50 years but been a cautious buyer over the last few years due to cap rate compression.
“We are always looking for what everyone else isn’t looking for,” said Greenburger – whose portfolio includes properties in the U.S., Canada, Germany and Holland – said.
Time Equities is currently in the process of building 1000M – 74-story condominium building in Chicago, which is a “challenge to finance,” even though it’s the fastest selling project in Chicago, Greenburger said. It’s a challenge that can be surmounted, however, by presenting “a fantastic location, an iconic building and strong presales,” to capital sources, he said.
But, the lender that finances the luxury Chi-town tower likely won’t be a debt fund. Greenburger has a $5 billion portfolio but hasn’t dealt with a private lender yet, he told the crowd, only banks and CMBS lenders.”
Read the full article on Commercial Observer.