COMMERCIAL OBSERVER: Multifamily Meltdown
Building has gotten tougher, and now Albany is toying with scrapping 421a. Will multifamily development survive? “If you take away 421a, Manhattan’s definitely gone, right?” said Steve Cox, a managing director at lender Hunt Mortgage, adding that parts of Brooklyn, even Queens, would also become prohibitively expensive for those looking to build multifamily rental projects. Developers, he added, would look beyond the city, to secondary markets as far afield as the Midwest or keep their powder dry until a more favorable financing climate comes to pass in the five boroughs.
Hunt Mortgage Group
Hunt Mortgage Group, a wholly owned subsidiary of Hunt Companies, Inc., is a leader in financing commercial real estate throughout the United States. The Company finances all types of commercial real estate: multifamily properties (including small balance), affordable housing, office, retail, manufactured housing, healthcare/senior living, industrial, and self-storage facilities. It offers Fannie Mae, Freddie Mac, HUD/FHA in addition to its own Proprietary loan products. Since inception, the Company has structured more than $21 billion of loans and today maintains a servicing portfolio of more than $12.5 billion. Headquartered in New York City, Hunt Mortgage Group has 191 professionals in 23 locations throughout the United States.