Herrick hosted a Mortgage Bankers Association of New York seminar on Residential Construction: Issues of Interest for Lenders and Developers.
Who's putting shovels into the ground and what major projects are coming down the pike over the next two years? Where is the demand now - rentals or condos, and where is the market heading? What lenders are actively making construction loans, and to whom, and what kind of terms are being negotiated? A panel of lenders and developers discussed these questions and analyzed the terms of a few mock construction loan scenarios.
Herrick Real Estate Department co-chair Dennis Russo moderated a discussion featuring Manhattan Borough President Scott Stringer, Joe McMillan from DDG Partners, Alan Silver from Toll Brothers, Jonah Sonnenborn from Dune Real Estate Partners; Greg Reimers from JPMorgan Chase and Jeff Dybas from Bank of America.