Discover and read the best of Twitter Threads about #CRE

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If you own land and want to develop multifamily housing on it, you could get an 85%+ LTC construction loan that might even allow for cash out. How? Land equity and an often unknown HUD detail: BSPRA 馃У
What is BSPRA? BSPRA stands for Builders/Sponsors Profit Risk Allowance. It is an option under the Section 221(d)(4) program which requires:(1) an established identity of interest between
the borrower and general contractor and (2) the GC鈥檚 profit to be satisfied outside of loan.
In exchange for this structure, the recognized costs in a development (not including land) are artificially increased by 10%. The 85% loan to cost calculation is then made on
the higher cost figure, resulting in a higher insured loan amount (roughly 93% of recognized cost)
Read 7 tweets
Aqu铆 les estaremos haciendo un 馃У (minuto a minuto) de la reanudaci贸n de la reuni贸n de las comisiones Unidas de #PuntosConstitucionales y #Energ铆a, para la discusi贸n del dictamen de la #ReformaEl茅ctrica, misma que ya inici贸 y podr谩n ver por esta liga:
Presidente se帽ala q dictamen aborda: perfil org谩nico d la #CFE; alcances d la #Transici贸nEnerg茅tica y por qu茅 debe ser el Estado quien se ocupe de ello; resoluci贸n d la @SCJN respecto la cancelaci贸n d contratos y la posibilidad d otorgar nuevos bajo otras reglas.
@SCJN 鈿狅笍@jramirorobledo precisa que el dictamen APRUEBA EN SUS T脡RMINOS LA INICIATIVA de @lopezobrador_ de la #ReformaElectrica, solo se hacen modificaciones a los art铆culos Transitorios para "mayor entendimiento".
Read 24 tweets
HUD multifamily finance is the best kept secret in the industry. Many believe that only affordable/subsidized/rent restricted properties qualify, but this is not the case. 馃У
HUD MF financing is often the best option for medium to long term holders that are looking to build generational wealth. Not only do HUD鈥檚 programs offer the best terms in the business, they also offer the lowest rates as well.鈥
HUD鈥檚 221(d)(4) program for the construction or sub rehab of market rate multifamily housing includes terms such as: 85% LTC, non-recourse, 40 year term + construction period, fixed rate, fully amortizing
Read 6 tweets
lot of discussion about how to address the challenges facing urban centers and commercial real estate. #BOMA #Homelessness #Housing #CRE
I have also done a couple of interviews for news and podcasts back in Boise about my work for @sanctuaryBoise #BOMA #Homelessness
In the @BOMAIntl Legislative Sub-Committee we spent time discussing energy efficiency, carbon reduction, and energy efficiency. #BOMA #Homelessness
Read 35 tweets
@BOMAIntl Government Affairs committee is up next.
Federal Legislative Priorities have expanded to Environmental policy, workforce development and infrastructure beyond focus on tax policy. #BOMA #CRE
@BOMAIntl participating in Building Resilience Action Coalition focused on infrastructure support for commercial real estate #CRE #BOMA
Read 11 tweets
DC Fire Marshall Mitchell Kannary presents this morning to the @BOMAIntl Preparedness Committee #CRE #BOMA Image
Don鈥檛 make your building less safe and effective by interrupting your building鈥檚 fire safety systems.
Don鈥檛 prop doors open.
Keep doors closed.
Keep stairwells clear.
Poor maintenance of spinkler systems and fire panels regularly trigger false alarms that unnecessarily expend resources.
Read 4 tweets
Been in office space brokerage for 10+ years

I've seen many smart colleagues & competitors quit along the way and forfeit all they initially invested.

5 simple tips to last longer in sales. 1/x

#cre #nyc #sales #salestips #cref
1) Truly believe in the value you provide.
It makes selling easier and helps you focus on those who can benefit from what you have to offer
2) Develop a consistently consistent prospecting regiment.
For me, week doesn't end until I've hit 25 conversations. Not 'calls' or 'dials', conversations.
Read 6 tweets
Only a few days into @COP26, we鈥檙e already hearing global commitments and plans. This will all culminate in a day dedicated to the built environment next week. In the meantime, I鈥檒l share my #COP26 thoughts in this thread.
I encourage you all to explore this wonderful virtual exhibition of the world's greenest buildings at @COP26. These projects serve as examples to all of us in the real estate and building sectors. @wef鈥
As I鈥檝e said many times, @COP26 must be a turning point for the real estate industry. Buildings are responsible for 40% of carbon emissions worldwide. Action from this industry is crucial to meeting climate goals.鈥
Read 42 tweets
A tale of two headlines.

What鈥檚 mentioned in the second headline (people) doesn鈥檛 even come up in the first story.

So what鈥檚 driving the demand that is pushing up housing prices?

#ableg #yyc #yycre #yycbiz
Article sources:

The #yycre market remains hot!鈥

But probably not because people are moving here?鈥

So what is driving up the demand and prices?

Without knowing exactly who is buying homes, we can鈥檛 be certain鈥
鈥淎 pair of [2020] reports say Canada is undergoing a "K-shaped recovery," with working-class Canadians going deeper into debt while those at the top prosper.鈥

Read 8 tweets
#CRE #CommercialRealEstate
#business #investing

How I lost $3.5 MM in CASH - and $95 MM in equity

In 2006 I had been building mid to high end homes, about 100 per year. At 29 years old I was flying high, had just missed being on The Apprentice with Donald Trump
Lots of people could feel housing getting pretty frothy. Somehow getting your 29 year old buddies approved for a $600K construction loan on stated income felt "off", but when in Rome, right?

I didn't like it - but there were more and more people getting in, so we kept going
I needed a pivot, and had met a guy a few years older than me doing commercial real estate. He was polished to my rough around the edges. He was connected and patient. I'm scrappy and forceful. We became fast friends.

I'd brag about houses selling for $100k profit.
Read 36 tweets
$EQR results as expected. 2021 NOI guide -12-15% so peak (2019) to trough (2021) decline in NOI expected to be -17-20%. I'd been thinking -20% after 3Q#s. Like at $AVB, $ESS, $UDR rents stabilizing/occupancy increasing. #reits $VNQ #dividend #cre #investing $TLT
No longer crazy cheap but reasonably attractive vs. private market/alternatives $SPY $IWM $MDY $TLT $GLD $BTC. I assume NOI recovers to 2019 levels by ~2024 and stock has fair value of $80-85 at that time. Coupled w/ divvies received this produces a 4 year IRR of ~8-9%.
Read 3 tweets
$MAA (2/4) call highlights: 1)demand is strong -now getting 鈥榥ormal鈥 5-6% renewal rates (2)see supply moderating in 2H (I always take this with a grain of salt in the sunbelt!) #reits $CPT $VNQ $NXRT #multihousing #apartmentinvesting #dividends #cre (3)Valuations are high/cap....
3)Cap rates at all time lows in key markets (mid 3s/low 4s). This makes it impossible for MAA to acquire assets accretively. Instead they will do some opportunistic divestitures and (4)develop new apartment buildings (2,600 underway)- development yields are expected to be around
6% and in-process projects include Austin and Phoenix. While dev yields are appetizing, recall that it takes ~3+ yrs to stabilize/develop AND 2,600 units is ~2.5% or so of MAA's total # of apartments so this doesn't move the needle a ton. That said, I still like it here and...
Read 5 tweets
#China stocks roar on, with #CSI300 up ~20% in little more than a week as (official) #margin debt climbs Y150bln to touch Y1.3 trillion - levels only seen in the peak months of 2015's madness.
Worth noting a rejection here could mean the Jan'19 formation is complete.
As the money floods into #China #equities, #bonds bear the brunt. Wealth Managers are the MOMO traders de jour "Our company's mixed products can have 60% allocations to #stock, but now we're at 70-80%. This is a normal phenomenon [sic]," said one.

This latest burst has also spared #CNY the ignominy of setting a new 12-year high above 7.18, instead pushing it briefly back through the talismanic 7.00 parity. Ergo, either locals are repatriating to get in on the action or Johnny Foreigner is being sucked into the move.
Read 14 tweets
Somewhat muted 90th birthday celebrations at the 'Tower of Basel' comes along with their 'Annual Economic Report' plenty of insights & illustrations of the economic & financial fallout from the #Covid19 crisis:鈥 Some takeaways (1/4)
2/4 BIS perspectives on the unfolding of the #Covid19 crisis.. ImageImageImageImage
3/4 #Covid19 crisis unfoldes... #Oil prices drag down econ activity in key econs...Ratings agencies, awake for this one, downgrades corporates, investors pull back...Banks come under pressure...Investors position as if they anticipate large losses in global #CRE/#RE...#Macro ImageImageImageImage
Read 4 tweets
UK Real Estate Update: For most tenants, rent was due on 25 March. But it has taken the last two weeks to get a clear picture of how much rent tenants paid. 1/..
Many UK REITs issued COVID-19-related press releases to confirm their rent collection rates. For some, rates were as low as 30-40% after one or two working days after quarter-end. 2/..
Retail was the most affected sector. However, most REITs reported that their collection rates were 60-70% after seven working days. REITs with more prime offices and logistics in their portfolios had higher rates. 3/..
Read 7 tweets
Insightful read from @trevornoren on how "the #Covid19usa is set to expose America's greatest economic vulnerability: #Inequality."鈥 #GlobalTrends #Macro #US #Risks #gigeconomy #RE #Consumers Some takeaways...(1/5) Image
2/5 "...roughly 40 mln ppl in the #US - 1/3rd of the private labor workforce - work in industries directly affected by #COVID2019" #GlobalTrends #US #Macro #Risks Image
3/5 The #gigeconomy - "85% of ride sharing drivers would struggle to cover basic costs if they were unable to drive due to illness, 70% would run our of money within a month..." #GlobalTrends #US #Macro #Risks Image
Read 5 tweets
Early signs of multi-family credit stress may be a thing. Anyone else seeing this?
Multi-family credit has been as good as it gets for the last few years. We may be starting to see a reversion to the mean
h/t @rcwhelan鈥
Moar multi-family credit termites
Read 8 tweets

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