WASHINGTON, DC-As CBRE marketed MetroPark, a 37-acre office park in Alexandria, VA., it foundplenty of interest among bank and life companies in the trophyclass portfolio, despite the ongoing headlines about the fiscalcliff and sequestration. To be sure, Washington's drama hasremained distinct and separate from lending activities, at least inthe commercial real estate realm—until recently that is. Lately,some brokers have starting picking up a sense of unease amonglenders.
The possibility that the country could go over the fiscal cliffhas not changed underwriting, CBRE's Joe Donato,who structured the $212 million package for Metro Park, tellsGlobeSt.com. But it is being considered as part of the mix. "It isanother factor or consideration for a credit committee that is morequalitative than quantitative."
Other brokers, however, do see greater signs of lender unease.Projections about lease up rates, for example, are beingscrutinized with a conservative eye, one broker tellsGlobeSt.com.
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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.
