[IMGCAP(1)]NEW YORK CITY-Following on the heals of Archstone-SmithTrust's recent closing on the acquisition by a partnershipby Tishman Speyer Real Estate Venture VII L.P. and Lehman BrothersHoldings Inc., multifamily insiders and REIT analysts say therecould be more deals this size to come. Insiders note that althoughit seems potential multifamily borrowers are sitting on thesidelines for now, some say the market is so unpredictable, nothingshould be ruled out.
[IMGCAP(2)]While such deals are still a good bet, not for thenear-term, and Richard Anderson, a REIT analyst at BMO CapitalMarkets, tells GlobeSt.com not to expect to see a hand-shake ofthis size for a while. “There is too much uncertainty in the marketright now for this type of large scale activity,” he says. “Whenthings settle down, potential multifamily borrowers will startthinking about making deals this size, but I project they will bein pause mode well into 2008.”
The $22 billion transaction he is referring to was “all abouttiming,” he noted. It is the largest public-to-private M&Atransaction in the multifamily REIT sector as of yet and “buyershad to really go to the earth to get it done.”
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Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com and GlobeSt. Real Estate Forum, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
