38 S C T / J u l y 2 0 1 4
apital sources targeting the retail real estate
sector are coming away empty-handed. Dollars for acquisitions or refi-
nancing are plentiful, but there are not enough deals for everyone to
fund. "We found there was a pretty good drop in available product in the
first quarter of 2014," said Zachary Bornstein, managing director of capi-
tal markets at new York city–based olshan properties. "in 2013 there
were a lot of assets trading hands at very low cap rates and high prices.
on the supply side, we found the start of this year to be a bit slower."
FEw cEntErs arE traDInG DEsPItE an aBunDancE OF caPItal
By Steve Bergsman
as Brandon harrington, a senior vice president at Walker & Dunlop, in phoe-
nix, observed: "there is more capital than collateral in the marketplace." this is
unfortunate, because lenders are poised to lend.
Beginning last year nearly every segment of the lending market ramped originations
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