{"id":1004030535,"date":"2011-06-27T06:35:06","date_gmt":"2011-06-27T14:35:06","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004030535"},"modified":"2022-12-08T08:57:44","modified_gmt":"2022-12-08T16:57:44","slug":"uli-panelists-too-much-capital-too-few-assets","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/uli-panelists-too-much-capital-too-few-assets\/","title":{"rendered":"ULI Report: Too Much Capital, Too Few Assets"},"content":{"rendered":"<p>June 24, 2011<br \/>\nBy Paul Rosta, Senior Editor<\/p>\n<div id=\"attachment_1004030536\" style=\"width: 310px\" class=\"wp-caption alignright\"><a class=\"highslide\" href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2011\/06\/morrissey2.jpg\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1004030536\" data-attachment-id=\"1004030536\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/uli-panelists-too-much-capital-too-few-assets\/morrissey-36\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2011\/06\/morrissey2.jpg\" data-orig-size=\"500,375\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;}\" data-image-title=\"morrissey\" data-image-description=\"\" data-image-caption=\"&lt;p&gt;Courtesy Flickr Creative Commons user morrissey&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2011\/06\/morrissey2.jpg?w=500\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2011\/06\/morrissey2.jpg\" alt=\"\" title=\"morrissey\" width=\"300\" height=\"225\" class=\"size-medium wp-image-1004030536\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2011\/06\/morrissey2.jpg 500w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2011\/06\/morrissey2.jpg?resize=300,225 300w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a><p id=\"caption-attachment-1004030536\" class=\"wp-caption-text\">Courtesy Flickr Creative Commons user morrissey<\/p><\/div>\n<p>The shifting dynamics of real estate finance and investment drew a broad spectrum of views from several top executives at an Urban Land Institute conference in Manhattan.<\/p>\n<p>A lively exchange moderated by Robert Lieber, executive managing director of Island Capital Group, offered insights into topics ranging from distressed assets and equity investment strategies to development. Too much capital chasing too few assets is compelling some investors to overpay, contended Ethan Penner, president of CBRE Capital Partners. In particular, he termed the distressed assets market \u201ca less appealing sector, as an investor, than I thought it might be.\u201d<\/p>\n<p>But that may change. Despite the willingness of many lenders to modify terms up to this point, the largest volume of distressed properties that will come to market is still ahead. Penner summed up his current advice to clients as, \u201cLet the investors that have no patience fight over today\u2019s crumbs. \u201c Later in the session he predicted, \u201cThere\u2019s going to come a time when there are more opportunities than there is cash to cover those opportunities.\u201d <\/p>\n<p>The multi-family sector continues to be a standout among today\u2019s opportunities for Prudential Real Estate Investors, reported CEO J. Allen Smith.  Fifteen or so apartment development deals are in PREI\u2019s pipeline, he said, adding that the terms of those deals have shifted somewhat in favor of the company\u2019s joint-venture equity partners. <\/p>\n<p>Ron Sturzenegger, global head of real estate, gaming and lodging at Bank America Merrill Lynch, cited the market\u2019s robust appetite for initial public offerings, but also noted that investors are most interested in well-capitalized IPO candidates. \u201cIf you have a $2 billion enterprise today, that could go public easily,\u201d he explained. Investors, he noted, \u201cdon\u2019t want to buy micro-cap . . . and make other people a lot of money at a discount to themselves.\u201d <\/p>\n<p>At Dune Real Estate Partners, many of 2011\u2019s most notable opportunities represent a significant departure from last year, said Cia Buckley, senior partner. Rather than the debt-focused deals that tended to mark 2010, Dune is often involved in complex transactions that require working with special servicers and borrowers to solve knotty problems. <\/p>\n<p>Although the structures resemble debt deals in some respects, she explained, \u201cThey\u2019re really equity deals with restructuring.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Too much capital chasing too few assets is compelling some investors to overpay, Ethan Penner contended during the Urban Land Institute&#8217;s capital markets conference. But the time will come when there are more opportunities than there is cash to pursue them.<\/p>\n","protected":false},"author":936,"featured_media":1004030536,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21808,21825,21742],"tags":[],"class_list":["post-1004030535","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-featured","category-finance","category-latest"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.0) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>ULI Report: Too Much Capital, Too Few Assets - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/uli-panelists-too-much-capital-too-few-assets\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"ULI Report: Too Much Capital, Too Few Assets\" \/>\n<meta property=\"og:description\" content=\"Too much capital chasing too few assets is compelling some investors to overpay, Ethan Penner contended during the Urban Land Institute&#039;s capital markets conference. But the time will come when there are more opportunities than there is cash to pursue them.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/uli-panelists-too-much-capital-too-few-assets\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2011-06-27T14:35:06+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-08T16:57:44+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2011\/06\/morrissey2.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"500\" \/>\n\t<meta property=\"og:image:height\" content=\"375\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Allison Landa\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/uli-panelists-too-much-capital-too-few-assets\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/uli-panelists-too-much-capital-too-few-assets\\\/\"},\"author\":{\"name\":\"Allison Landa\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#\\\/schema\\\/person\\\/0eb45390ae3124c14a919b7ec7bd2249\"},\"headline\":\"ULI Report: Too Much Capital, Too Few Assets\",\"datePublished\":\"2011-06-27T14:35:06+00:00\",\"dateModified\":\"2022-12-08T16:57:44+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/uli-panelists-too-much-capital-too-few-assets\\\/\"},\"wordCount\":399,\"commentCount\":0,\"image\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/uli-panelists-too-much-capital-too-few-assets\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/wp-content\\\/uploads\\\/sites\\\/46\\\/2011\\\/06\\\/morrissey2.jpg\",\"articleSection\":[\"Featured\",\"Finance\",\"News\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/uli-panelists-too-much-capital-too-few-assets\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/uli-panelists-too-much-capital-too-few-assets\\\/\",\"url\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/uli-panelists-too-much-capital-too-few-assets\\\/\",\"name\":\"ULI Report: Too Much Capital, Too Few Assets - 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