[IMGCAP(1)]NEWARK-Although the debt and credit markets pose many challenges now, panelists at a day-long event titled the Credit Crisis: Money for Real Estate said the markets are closer to normal levels than they have been for years. Some real estate sectors in New Jersey are struggling, but the more optimistic lenders and borrowers see great possibilities in cities that are undergoing revitalization, such as Newark.

According to panelist Jeffrey Dunne, a vice-chairman with CB Richard Ellis, there is money for deals in the market. Unlike the crisis in the ’90s, when equity was lacking, there is plenty of equity in the market today. Most of the investment funds, however, are being cautious and are only taking on smaller deals or deals where there’s existing debt in place.

[IMGCAP(2)]Arthur Stern, a founding partner and CEO of Cogswell Realty pointed out that the lack of clarity in the current market is making many companies reluctant to commit. “We’ve all been through tough cycles,” he said. “What’s missing from this cycle is clarity. Nobody knows where the market’s going to go.” He explained that the uncertainty was making sellers reluctant to sell property for the lower-than-last-year prices dictated by market conditions, tenants unwilling to sign new leases and lenders reluctant to hand out as much money as they would have a year or 18 months ago.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.