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Trends—Structured Debt vs. JV Equity

LOS ANGELES-One of the largest takeaways for developers, post downturn, is the value of passive income, say George Smith Partners executives in this EXCLUSIVE commentary.

By Gary M. Tenzer, principal and managing director, and Bryce Overend, assistant VP of George Smith Partners Inc. | Updated on September 26, 2013

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LOS ANGELES-It’s no secret that real estate developers had the most to lose when the Great Recession hit in late 2007 and the commercial real estate market was hammered. From 2007 to 2010, a tightening of the credit markets resulted in stalled, half-completed or unleased developments, pushing properties into default, workouts and foreclosures. Developers took heavy hits as carried interest on land and half developed projects rapidly depleted liquidity. So what was the takeaway? How has the mindset of a developer changed and how has capital adjusted to meet the demands of the post-recession marketplace? 

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