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Navigating Challenges and Embracing Opportunity at Connect Midwest Multifamily Event in Chicago
At the recent Connect Midwest Multifamily event in Chicago, industry experts gathered to discuss the current market challenges and identify areas of opportunity. The panelists shared their insights on topics such as borrowing costs, cap rates, student housing fundamentals, multifamily investing trends, and tenant preferences for amenities and design.
Chris Coleman from Wingspan Development Group noted that lenders have pulled back on advance rates while Julie Sommese from PACE Equity mentioned a gap in the cap stack. Brian Brodeur of Article Student Living highlighted student housing as a bright spot for rate growth.
Moderator Reid Bennett pointed out that there is $525 billion worth of multifamily loans set to mature by 2029 with approximately $62 billion maturing this year alone. Jerry Brown from Siegel & Callahan discussed how affordable incentive programs are impacting deals in Cook County.
The panel also touched on investment trends with Stratos Athanassiades noting an increase in individual investors looking to add value through property improvements. Matthew McCormack emphasized transaction volume being up due to opportunities presented by nontraditional lenders like PACE Loan Group.
In terms of tenant preferences for amenities and design, Aaron Galvin spoke about changing renter expectations while Ashley Lott compared student housing developments to resorts. Overall, it was clear that despite challenges facing the market currently there are still plenty of opportunities available for savvy investors.
