NEW YORK—PMZ Realty Capital LLC has arranged $110 million in financing for its clients this year.
“Increased supply has started to limit the upside in many markets, and the ‘easy money’ seen during the cycle has begun to dry up,” said Michael Sonnabend, managing member of PMZ Realty Capital. “Borrowers need to focus on the basics when looking at financing new deals or refinancing existing ones. The number of lenders interested in competitive financing most deals has declined, and the demand for funds is beginning to start to exceed supply which has caused terms to be stricter, manifesting in tighter constraints on proceeds and more thorough underwriting.”