Recap with Brandon Roth

Bo Diamond is the co-founder of Caisson Capital Partners, a multifamily investment firm in Arkansas, with a rich background in investment banking. He shares his inspiring transition from banking to launching a real estate company during the pandemic. Topics include the importance of local partnerships for success in multifamily investments, strategies for deal sourcing, and the intricacies of capital raising. Bo also discusses asset management priorities post-acquisition and offers insights on maximizing ROI through effective renovation strategies in the evolving multifamily landscape.

In this captivating discussion, Paul Lewis, National Director of Agency Financing for IPA Capital Markets, shares his extensive experience from over 23 years at Fannie Mae. He sheds light on how Fannie Mae and Freddie Mac bolster the multifamily lending market, especially during economic crises. Paul explains the intricacies of the securitization process, agency underwriting nuances, and the vital factors influencing pricing. Listeners will feel enlightened as he navigates the complexities of guarantor requirements and emerging trends in agency lending.

In this intriguing conversation, Alex Tartaglia, a key player in IPA's multifamily investment sales team, discusses the current state of the Bay Area's multifamily market. He sheds light on shifting cap rates and the surprising surge in buyer interest despite market volatility. Alex dives into the motivations behind distressed sales and the impact of affordability restrictions. He also shares insights into buyer aggressiveness and predictions on when transaction volumes may return to pre-pandemic levels, making it a must-listen for real estate enthusiasts!

Max Nipon is a principal with Montgomery Street Partners, as well as the president of their ground lease vehicle called Ground Lease REIT.  Our conversation covers the following topics:- Overview of Montgomery Street Partners and Ground Lease REIT- How ground leases are used as a financing tool- How their ground leases are sized, priced, and structured- Common scenarios where sponsors are using ground leases today- Scenarios that do not work well for their program- Which senior lenders are comfortable with ground leases- How the ground lease industry will evolve going forwardMax can be reached at nipon@mspcm.com.

A conversation with Chris Robbins from GreenRock delves into the world of PACE financing, discussing benefits, use cases, eligible measures, pricing, senior lenders, and the evolution of the PACE market. Insights on underwriting process, lender consent, innovative financing solutions, and the growth of the PACE market are also explored.

Erik Hanson is an investment sales broker for JLL that has been selling office buildings in San Francisco for the past 15 years.  His team has been especially busy over the past 12 months selling most of the deals you see in the news like 60 Spear, 115 Sansome, etc.Our conversation covered many topics, including:- Summary recap of the office market from 2009 to today- Recent transactions- How buyers are valuing vacant vs leased buildings- Tenant demand / current market rent- Market vacancy in Class A vs B/C buildings- Changing work-from-home trends- Acquisition financing

Jeremy Driscoll is a managing director for Principal Asset Management. He has been with the firm for 21 years and has closed over $10 billion in total loan volume.  The conversation covers many topics including:- Various loan programs available- Loan sizing and pricing- Pref equity sizing and pricing- Underwriting standards- How life company pricing works (e.g. CM rating and its impact on spread)- Loan modifications- Recent case study- 2024 outlook- 9-month internship program

Shawn Cully is a managing director in the San Francisco office for Prime Finance. He has been with the firm for 14 years and has closed over 200 bridge loans surpassing $5 billion in total loan volume.  The conversation covers many topics including:- Background on how Prime Finance was started- The reasons why Prime has consistently been one of the top debt funds in the country.- What is a debt fund and how do they generate higher returns?- What are the benefits and risks of using different types of back leverage?- Prime's focus in the current market- Requirements for financing office buildings today- Loan modifications- Outlook for 2024