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FEBRUARY 13, 2013

REINS EASING ON NEW YORK CONSTRUCTION LOANS

- The New York Times


Featuring Abraham Hidary

Construction in New York slowed to a trickle in the recession, but there are finally
signs that the construction loan market is coming back to life.

While lending for multifamily rental buildings, with its steady income flow, has been
popular for the last 12 to 18 months, a growing number of lenders are now looking
at condominium projects, hotel developments and certain office and retail buildings.

“There is plenty of debt capital available and as we bid on transactions there is a lot
more competition than there was 12 months ago, and certainly more than 24 months
ago,” said Bill Cotter, the northeast division manager at Wells Fargo Commercial
Real Estate.

 

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2013-February