commercial real estate
5 statements across 4 episodes · 1 bullish · 2 bearish · 4 people on the record · first statement Nov 24, 2021 by Brian Higgins · across every show →
Everything said about commercial real estate, oldest first
Nov 24, 2021 bearish
Feb 9, 2023 positive
Apr 3, 2023 bearish
Joy: Commercial real estate acts like equity and undercompensates for illiquidity
“I think commercial real estate is closer to equity than sometimes people really realize. So we sold out, when I first arrived, we used to have quite a big allocation to commercial real estate, and I thought, well, why have we got this? It's illiquid. I don't t…”
Nov 9, 2023 neutral
Martell: Maverick is reviewing record pipeline volume but closing few deals
“What we've been experiencing in the market for the past 12 months, and really even further than that, going back to the beginning of interest rate hikes, is a bid-ass gap in the market, and so we've never been busy or underwriting or looking at opportunities, …”
Nov 9, 2023
Martell: Friction costs make loan settlements superior to taking property ownership
“If we end up owning the properties, there's really significant friction cost on the transaction due to transfer taxes at broker fees and carrying costs. And so we've found historically that you're better off settling with the borrower before it comes to that.”