This year, he tells GlobeSt.com, will be the office's ramp-up period. In 2010 and beyond, he says, the DC office expects to be handling financing and refinancing volumes in excess of $250 million.
The DC office will primarily handle sales and recapitalizations, Howard says. "We primarily deal with equity--we are not in the debt placement business." Thus its target client base will be companies that either need an infusion of capital to keep control of an asset or need to refinance.
Another constituency, Howard said, are those banks that wind up with assets on their hands after a foreclosure. "These will be banks that made construction loans on properties and find that the borrowers, upon completion of the project, will not be able to sustain a new mortgage." Fannie Mae and Freddie Mac are also looking for similar assistance in cleaning off their balance sheets to make new loans, Howard says. Howard was a principal of Keystone Realty Capital, which he formed with several principals from Eastdil Secured in 2004.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
