News
A CAPITAL TIME IN LA
April 21, 2011
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| Yesterday at Bisnow’s Capital Markets summit in LA, we assembled a top-notch panel with moderator Greenberg Traurig’s Sandy Presant(far right), who chairs the firm’s real estate fund practice. Jeff Friedman says Mesa West Capital is making investment decisions based on how the borrower acted during the downturn—there are certain people it won’t lend to, others “that we love to back the truck up to.” American Realty Advisors’ Stanley Iezman notes the inherent problem of syndicated equity from a JV partner: “They have no skin in the game.” Wells Fargo’s Michael Nagin sees life companies aggressively supporting core asset acquisitions, but a thin radius of capital for value-add. Principal Real Estate Investors’ Mark Hanrahan sees cap rate compression cascading from east to west. For PCCP’s Greg Galusha, the benchmark continues to be how much a partner is investing relative to its balance sheet. “Are they going to lose sleep if I’m losing sleep?” |
