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."
C
sloW turnoVer
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
38-40_SCT_JUL14_Lenders.indd 38 6/12/14 5:57 PM