The Best Ever CRE Show JF 4103: Affordable Housing Incentives, Multifamily Cycles and Smarter Underwriting ft. Robert Beardsley
Nov 28, 2025
In this engaging discussion, Robert Beardsley, a partner at Lone Star Capital, shares his insights as a multifamily investor in Texas. He elaborates on the transition from a rising price market to a balanced one, highlighting the benefits of focusing on Class B suburban assets. Robert explains his strategy in avoiding risky bridge debt by prioritizing affordable housing and tax-exemption partnerships. The conversation also touches on the implications of Texas legislation and the potential risks surrounding improperly structured tax exemption deals, emphasizing the importance of tenant affordability.
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Multifamily Prices Won't Crash Back
- Texas multifamily remains competitive so deep cap-rate compression like 2015 is unlikely.
- Strong demand and capital on sidelines prevent a return to 7–8% open-market cap rates.
Minimize Bridge Debt Exposure
- Avoid heavy bridge debt exposure during volatile cycles and prefer stable, fixed financing.
- Negotiate extensions or paydowns if a bridge loan stresses cash flow to buy time and avoid permanent loss.
Lower Treasuries Reopened Deals
- Treasury yields moving lower reopened transaction activity by making 5-year debt costs viable.
- Falling treasuries shifted deals from stalemate to executable as financing became affordable enough.
