Where the Money Is Flowing in Philly
The availability of capital in Philly is at an all-time high. Community banks, life companies, CMBS lenders and agencies have all become extremely aggressive in pursuing transactions. This according to Berkadia SVP Bob Falese (here with Bobby, Breanne, Brigid and Jo-Anne), who says that it is a “great time to borrow money.” Bob adds that roughly 85% of his business is multifamily financing through the government-sponsored agencies, and clients are almost exclusively looking for low-cost capital that is easy to access. Over the last 60 days, with Fannie and Freddie managing a regulated cap, they have been finicky about the transactions they choose, but their recent reluctance is loosening up and the spigot seems to be flowing again, similar to the start of the year. Where the action is, according to Bob: east and west of Broad, between Fairmount and Washington avenues (tremendous population growth). For more information on our Bisnow partner, click here.
