History repeating itself: "Many of the buildings that had traded hands in recent years were in jeopardy as owners struggled to meet oversize debt payments with diminishing revenues. The underwriting for many of those loans was based on income projections rather than actual income."
Another quote from Charles Bagli's 2013 book 'Other People's Money' about the Tishman Speyer failed investment in Stuyvesant Town-Peter Cooper Village in NYC of 2006.
This is EXACTLY why so many #multifamily deals will be failing in the coming months (90%+ according to James Eng in my conversation with him last week, here: https://lnkd.in/dQAy2znB).
What's cool about recognizing that history repeats itself is that the upturn is also predictable and that's when it'll be time to start buying.
Happy to share the amazing work your team does!