Jeff Feldman
@JeffFeldman_
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Multifamily and Commercial Real Estate Debt | #GirlDadx4 | Arranging debt for investment real estate
New Jersey, USA
Joined July 2012
While rates have risen last couple months - . Spreads have compressed nicely, helping offset some of the rate increases . - especially in world of CMBS.
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Texts from an LA group chat. It’s real. Cops won’t come because it’s not an emergency.
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@RepRashida @POTUS Have you flown to Yemen to negotiate with the Houthis? They’re nice people! Highly recommend.
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Apparently stuff like this “happens” in LA. I’m at a loss for words. What an utter failure of government.
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UPDATE: . He just got up and walked out. Totally normal. You can go on with your night now.
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My one piece of advice in life:. Do whatever you can to get yourself a wood-burning fire place.
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California’s drought gone in less than six months. Heard some complaining about rain and snow but this is miraculous.
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Costco making you scan your membership card to enter. A first for my local one at least. Beefing up theft protection?.
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My nightmare is this rent roll in PDF form.
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We were blessed today with a new little baby girl! . 7lbs 14oz. Fully embracing this girl dad life!!. Thank G-d mom and baby are doing well and healthy.
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New rules. Bank: Please send me 3 years tax returns, PFS, and schedule of real estate. Borrowers: Sure, please first send me your latest bond rating, outlook, and capital ratio. Thanks.
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Real wake up call tonight. These are very challenging times for people in our business. Developers, brokers, anyone impacted by these market conditions. People’s incomes have dried up. And it doesn’t look like it’s ending tomorrow. Dunno. Just gutted.
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CRE Investors, brokers, and lenders across the country right now:
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@CoriBush Dark Money? Sheesh. What next? "Dual loyalty?" . Why don't you play all the hits.
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The world can change in a heartbeat. Colleague just walked into my office and told me he's been called up to serve. Gave him hug and he's now off to Israel. Return safely my friend. 🇮🇱❤️💪🏼.
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Excited to share this one:. Starting a new position at CBRE as VP - Debt & Structured Finance!. Looking forward to joining Judah Hammer in the NYC office. Super pumped!.
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My connection to Israel and why I will keep on posting about this situation until it's resolved:. 1) I'm a Jew. Israel is our homeland. 2) Studied in Israel for almost 4 years after high school and it is a massive part of my existence and how I lead my life today in America. 3).
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10-Year Treasury down to 4.791%. My opinion is that it should go below 4.00%. Why?. Because it would help all my clients & ongoing deals. So I think that's the right number right now. When it breaches 4.00%, I then think the right number is 3.00%. My professional opinion.
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Interesting. Got a bank quote last week. Pulled this week. No more CRE lending. Without a doubt, we are not done with the banking issues. My feeling is regulators are coming down hard right now.
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@sparklingruby @BarbarianCap how does this work? anything you want to buy you have to call an associate?? . Do you just walk around with an employee the whole time?.
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They hate Israel, and they also hate the US. But yet they choose to live here?. Just leave.
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A lot of you weren’t around for the 1929 Great Depression. And it shows.
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We need to shut down LinkedIn DMs until we figure out what the hell is going on.
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Just arranged a $2,800,000 loan for the refinance of a 16-unit multifamily building in Brooklyn. - 6.48% Rate.- 2-Years Interest Only.- Non-recourse.- 5 + 5 (years).- Bank balance sheet.- Takeout of a bridge loan. Some notes on the deal:.
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Housing is crashing really hard.
Trying to find a house in 2023: A line out the door for an open house. I think I’m just going to take my wife & baby and move back in with my mom. Sadly I hear there’s already 5 similar offers.
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Just arranged a $14,950,000 cash-out refinance for a 51-unit new construction multifamily property in the Bronx. - 75% LTV.- 6.00% Rate.- 2 Years Interest Only.- Non-recourse.- 10 year term, rate reset after yr 5.- Bank execution. A few notes:.
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At the gym today, I did something different. I took a cold shower. Here’s what led me to finally try it:. The hot water wasn’t working. It was hell. Why would you do this to yourselves?.
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A lender lends you $6.5M on a $10M purchase. That's 65% LTV. You add a bunch of value, property is now worth $14M. While the lender's LTV went down, the economics in the deal have not changed for the lender. They're clipping the same coupon at 46% LTV and 65% LTV. No upside.
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Large deal died yesterday. Of no fault of my own. There are no announcements, no congrats when deals die. They're painful and they suck. And ultimately a massive waste of time and $$. Some are more painful than others. But at the end of the day we must understand:. We are.
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When you exit your excel model. save it in cell A1 on the first sheet. Few things worse than a opening a model to some random spot in the excel workbook.
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Fortunate to have landed in the Holy Land. Was time to show face. 🇮🇱❤️
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This is going to be fascinating to watch play out. Rent growth on its way?
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Just got a call from a regional bank. Official update from management:. Doors are back open. Looking to deploy some $$. Haven't heard the words "turning on the spigot" in some months. Good news.
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Lender asks for document A. Ok, so you innocently send a folder with document A + B. But now the lender has questions about document B! . This process can potentially repeat itself endlessly. Moral of this short story is - if the lender asks for doc A . Only send doc A!.
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@JohnPompliano Per @trdny However, the loss was not as large as it initially seemed because the seller, Swiss bank UBS, recovered much of the $332 million it spent to buy the property in 2006 by selling the land under the building for $285 million to Safehold in 2019.
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Just arranged a $15,600,000 cash-out refi for a 227,000-sf office(!) building in Upstate NY. Rate: 6% Fixed.Term: 7-years.75% LTV.30-yr am.Regional Bank. A few notes on the deal:.
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Holy cow. Rashida Tlaib is a raging anti-semite. Promoting blatant lies, freely. All we need is one person to believe her words and be inspired to cause harm to a Jew. Shameful to the highest degree.
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Dinner with a lender (bank) tonight. Only two assets with no deferred payments during Covid:. - Self-storage.- Mobile Home Parks. Recession proof!.
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5-year Treasury @ 4.919%. Typical debt terms at 200 bps over the 5-year is close to 7.00%. There is no way around the fact that - . This is an absolute disaster for any CRE asset class.
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Just arranged a $2,000,000 loan for the acquisition of a 60-unit apartment building in Moline, IL. - 80% LTV.- 5.42% Rate.- 10-Year Term.- Non-recourse.- Fannie. Some notes on the deal:.
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And there she is.
Let's hit a 3.99% 10-Year Treasury by December 31st. Would be a nice way to go into 2024.
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Email from a bank:. 1) This is a secure, encrypted message. 2) Click this link. 3) Login and Password. 4) Click here to confirm you're not a robot. The actual email:. "Thank you".
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Relationship banking is in big trouble. Diversifying your banking relationships is very important these days. Had a conversation with a banker telling me that even 30 years of relationships don't matter at his bank anymore. The requirements are the requirements and everyone.
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Let me be clear: Resign.
Statement from President Gay: There are some who have confused a right to free expression with the idea that Harvard will condone calls for violence against Jewish students. Let me be clear: Calls for violence or genocide against the Jewish community, or any religious or ethnic.
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10-Year Treasury is now down to 4.45%. Today…is a good day.
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"Hey, I have 102 fever in bed today, will review this asap". Client: "Feel better. Did you look at the deal? Time is of the essence". Heart warming.
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Just arranged a $25,000,000 cash-out refinance for a 16-acre industrial outdoor storage site in Northern NJ. - Rate: 6.70%.- Bank execution.- No deposit requirements.- 25-Year amortization. Some thoughts on the deal:.
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On a flight w a crying baby. Six years ago - I’d be bugging out. Four baby girls later and it goes in one ear out the other. Maybe even soothing? (Joke). But does not bother me.
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A common response these days. This from a Credit Union. Settle in. Don't think this is changing for some time.
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Not seeing this by me at all. Are you?.
UNITED STATES: Bloomberg reports that 'buyers just are not showing up' in the US housing market and that sellers are 'cutting asking prices' at the highest rate since November, 2022.
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Just arranged a $6,830,000 construction loan in NJ for a 33,000-sf spec-industrial building. - 69% LTC.- Prime + 150 bps.- Bank Balance Sheet.- No lease in-place.- 24 months then converts to perm. A few notes on the deal:.
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Last day at my current firm. More to come in a few weeks - But excited about the change. Suburban office life is taking a break for a little. Back to the city for me.
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Desantis is going to have to have an answer for the insurance issue pretty soon. This isn’t just a CRE problem.
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My message to all companies lending against investment real estate who have recently raised spreads and pricing. This is a time of war and peril. Lower your interest rates NOW!.
My message to the companies running gas stations and setting prices at the pump is simple: this is a time of war and global peril. Bring down the price you are charging at the pump to reflect the cost you’re paying for the product. And do it now.
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10-Year Treasury @ 4.21%. Put in a call to your loved ones.
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Just arranged a $6,562,500 acquisition loan for a 200,000 sf industrial building in Kansas. - 75% LTV.- 6.25% Fixed.- Regional Bank.- Single tenant.- Shorter term lease. A few things to note about this one:.
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Bank called me saying they are actively looking to put out $$ in NJ/NY/CT. - $2M-$10M.- 75% LTV.- 1.20 DSCR.- 5Yr + 200 bps.- Non-recourse. I think they're good terms. But more than that:. Banks looking to get more aggressive and put out money is a great sign.
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“My DSCR is looking great if you take away the debt service payments”
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The strongest thing you can say to a lender:. - I own the property down the block.- I am getting rents at X dollars.- I spent Y to get those rents. - I’m executing the same business plan on this subject property. You’ll have access to the best terms out there.
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Conversation with a bank: . Bank: We are pretty much turning down all construction deals at this point (full). Me: What about office?. Bank: You have a better chance of getting construction done than office at this point. 🤔.
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Just arranged financing for a 12-unit new construction multifamily building in the Bronx. - $4,300,000.- Full cash-out of cost basis.- 75% LTV.- 5.07% Rate.- 24 months interest only.- 10-year term, rate reset after 5. - Non-recourse.- 421a still in-process.- Bank. A few notes:.
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A terror attack on the level people have never seen before was committed against Israel on October 7th. The reaction since?. Hundreds of thousands marching against Israel. Antisemitic attacks worldwide. A sad, sobering two weeks for Jews. Our response? . Prayer, charity, and.
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This past Friday was 24 yrs since my Dad passed away. This void will never leave. But when did my life actually change for the better?. When I realized that I was fortunate to have any time w/ him. 11 years. That short period has given me strength to this day. 1/2:
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Israel literally built a miracle defense system instead of eliminating the source of the threats for almost 20 years. The concept of the iron dome will always boggle my mind. Israel accepted the menace of its neighbor. The rockets. All in order to avoid what it has to do today.
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Our quiet sanctuary, the synagogue, disrupted by chants of Free Palestine tonight. People have the right to their opinions. But crossing boundaries like this should not be accepted ie protesting in front of our synagogues. During afternoon services today I had to listen to
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The biggest lesson I could teach my kids in life is:. Do not be Jets fan like me. Live a happy fulfilled life. There are 31 other teams. It’s too late for me, but you have your life ahead of you, kids.
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Just arranged an $8,500,000 loan to finance the acquisition of a ~123,000-sf mixed-use building in Skokie, IL. - 73% LTV.- 5-Year Fixed.- Interest-Only.- Large gym tenant.- Non-recourse.- LifeCo. Some notes on the deal:.
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Costs to demolish JP Morgan’s building at 270 Park:. $160M. And bc of that cost, City is discussing incentive program to demolish obsolete office towers. Bc obviously most pockets aren’t as deep a JPM and some of these buildings need to go. (Per Crain’s).
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Lost another good Twitter account to the slow real estate market. Hopefully deals start to make sense one day soon for everyone’s sake. Boredom + engagement addiction is one hell of a drug.
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My jaw dropped when I heard this:. "We aren't too worried about interest rates rising because typically that means rents are rising too". From someone who is raising millions on Instagram. Few hundred thousand followers. Bad.
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"Who's viewed your profile" on LinkedIn is such an odd and awkward feature. What's the purpose?. Overall, I can't imagine it adds any value to anyone and if anything holds people back from engaging with others.
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We are living in a DSCR world right now. Loan proceeds are heavily dictated by this metric. LTV will matter again soon.
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Locking-in your rate two weeks ago before Treasuries skyrocketed
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The bottom line is:. CRE is currently in the midst of a bloodbath. There is no way to sugar coat it. Yea, you’ll have a few come out and say they love it. This is the time to buy. But truth is that deals are all very difficult right now. If you’re lucky to work on a deal, it.
Lots more negativity here lately. Can feel the tension. I know times are tough for many folks relying on transactions in order to feed their families. There’s pain. I get it. It’s temporary, and taking anger out on here isn’t the way.
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LTV means very little nowadays. It's the debt service coverage that makes all the difference. How much debt can your property service?. The "PV" function in excel answers this in one shot. What does it do?.
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The entire real estate industry rests upon one trait:. The sense of urgency by *someone* involved in each transaction.
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Opening my phone after 48 hours to find the 10-year T @ 4.41%
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Praying for our brothers and sisters. No words. Animals. HYD. 🇮🇱💔.
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I'd love to ignore Kanye. But it gets hard when only a few days after his comments I get yelled at walking home from synagogue:. "Ohhh the Jeews are here!!" . Words matter.
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From a durability standpoint, . Apple AirPods (pro) may be the worst product of all time.
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I simply can’t imagine building a team remotely. How does a junior grow?. The learning that happens through osmosis. Office all day.
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Just closed on the acquisition financing for 174 Units in Lexington, KY. - $16,550,000 Bridge loan.- 80% of PP.- 100% of CapEx.- L + 365.- Non-recourse. A pleasure working with both a great lender and sponsor. Some notes from the deal:.
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