Fadule highlighted their recent deal, a tax credit affordable housing project, representing less than 10% of their portfolio. Another recent deal, she said, wasn't the same as previous years. "Previously, we'd see oversubscription or full commitment at close, but this time was different," she noted. "Investors are still interested in multifamily but not as aggressively as before."

Greenberg agreed, adding that "Investors are cautious, waiting for the market to stabilize before making moves. There's a perception that bigger opportunities are on the horizon, but they're not materializing yet," she said. "Many are holding off on 1031 exchanges and exploring other asset classes."

She continued to note that investors (many of which include friends and family) are hesitant in the current market due to uncertainty and are considering alternative investments. "There are numerous competing options in the market right now."

Regarding construction projects initiated in 2021 with looming loan maturities, Sullivan noted limited options. Fadule suggested that depending on the project's initial costs, refinancing could be challenging but feasible, albeit costly.

Greenberg emphasized the importance of maintaining strong lender relationships: "While a CMBS loan may appear cheapest initially, for example, it might not be the wisest choice in the long run. Relationship quality matters."

Fadule pointed out that areas experiencing population and job growth have surpassed expectations, showing positive rent trends since late last year, which has reassured investors.

Greenberg concluded, "While interest in re-entering the market is evident, finding lucrative opportunities may prove more challenging. Even though velocity is down, we are readjusting to this new environment."

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