Capital Wants to be in Seattle
Be it old-fashioned bank loans or new-fangled crowdfunding, Seattle’s squarely in lenders’ sites. In fact, we could be the city for crowdfunding. That's why we're excited to host Bisnow's Seattle Capital Landscape tomorrow at 8am. First, meet some of our speakers.
Peng & Weber co-founder Cletus Weber tells us interest in the EB-5 program is growing at a record pace, especially among Chinese investors. The recent hit movie Beijing Meets Seattle has put Seattle solidly on the map in Chinese social media.
It's a good time, Cletus adds, to learn how EB-5 works and what kinds of projects are a good fit. It's fairly complicated in the details, but at its heart, it’s a way for foreign investors to obtain permanent resident visas in the United States in return for an investment that creates local jobs.
Security Properties managing director Ed McGovern, snapped with president Tim Overland, tells us he doesn’t see lenders pulling back from Seattle (barring any external shocks or changes in financial regulations): “The banks are under pressure to place capital, and they compete with private equity firms, credit funds, mezzanine lenders, and others to find homes for their cash--plus a lot of lenders are having debt repaid and will be looking for other lending opportunities,” he says. Europe's lack of growth and a turbulent Chinese economy means converting dollars into dollar-denominated hard assets looks like a reasonable place to be.
Daniels Real Estate president Kevin Daniels expects the lending volume for acquisitions in Seattle to increase next year. Lending for development is another matter. “There will be pullback for development projects out of concern for overbuilding in certain areas of the city,” he predicts.
Seattle can be the city to take crowdfunding to the next level, Fundrise VP Katlin Jackson tells us. “We’re a city known for new technology and innovation, a thriving urban landscape and our fair share of savvy investors,” she says. Mix that together with the top-quality real estate developers in the region and there’s sure to be a timely and eloquent disruption of the traditional real estate investment markets in the Northwest.
CrowdStreet VP of investments Ian Formigle—far left, snapped with his partner Darren Powderly (far right) and two of their clients, Tom McCahill and Joe Chickey of EverWest—tells us that Seattle's robust population growth, job growth and high level of real estate activity make it a strong target market for CrowdStreet in 2015. “When we look to Seattle, we like its ever-growing tech sector and strong in-migration from Millennials, many of whom arrive with modern skill sets,” he says, adding that CrowdStreet is actively seeking investment opportunities in Seattle. Don't miss our event: sign up here.
