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In Los Angeles as of late, it seems the cash spigots have been turned on for several large-scale developments. Huge construction loans have flowed in recent months to high-profile apartment, hotel and retail deals — some planned for years — from North Hollywood to downtown to Marina del Rey.
The Real Deal’s ranking of the top construction loans found that it’s just a handful of lenders that account for most of the activity.
Private real estate debt funds, for example, raised $20 billion globally in 2016, and their combined dry powder (or unspent capital commitments) reached a record level of $46 billion in the third quarter of 2017, per the alternative asset data provider Preqin.
“You have people trying to kill each other for business,” said Dustin Stolly, co-head of Newmark Knight Frank’s debt group. He noted that the lending environment last year “was as aggressive as I’ve seen in my career, with the exception of the run-up to the credit crisis.”
Visit Therealdeal.com for details on specific developers and projects.
Chicago’s Downtown office towers dominate the skyline and they also accounted for most of the top 10 commercial mortgages that lenders provided over the past year, according to a new analysis by The Real Deal.
After a dismal 2016, the region’s top developers shifted their attention from condos to multifamily and commercial development. That means the recent projects have changed from the glamour of massive towers with luxury amenities and eye-popping price tags, to a steady stream of projects more attuned to the current market.
Visit The Real Deal for details on specific developers and projects.