377. Rates Steady, CRE in Motion: Multifamily Underwriting Pivot, Apartment Cash Flow Analysis, & Co‑Working Comeback

As much of the U.S. stays frozen, the Fed also kept rates on ice this week. In this week’s episode of The TreppWire Podcast, we break down the decision and what a shifting policy landscape could mean as Chair Powell’s term winds down. In multifamily, we share insights from the National Multifamily Housing Council conference, including a closer look at disciplined JV equity underwriting and the bridge-to-bridge lending trend fueling CRE CLO issuance. We also apply the Gordon Growth Model to San Francisco’s 3,165-unit Park Merced complex to unpack valuation dynamics and cash flow trends. Plus, we cover the co-working market’s resurgence, the halt of the $16 billion Hudson Tunnel project, Amazon’s closure of Fresh and Go stores, Fat Brands’ Chapter 11 filing, and recent multifamily transactions, including NBA star Giannis expanding his CRE portfolio with a Chicago apartment purchase. Tune in now.Episode notes: • Economic Update (1:40)• Fed Holds Rates Steady (4:11)• Multifamily Insights & Cap Rates (9:00)• Bridge to Bridge Lending & CRE CLO Issuance (19:34)• Park Merced Case Study: Gordon Growth Model Valuation Analysis (21:25)• $16 Billion Hudson Tunnel Project Halted (28:17)• Co-Working Market Roars Back to Life (31:17)• Retail Closures: Amazon Fresh/Go & Fat Brands Bankruptcy (36:03)• Multifamily Transactions: Giannis' Chicago Buy & Arizona Deal (39:55)• Programming Notes (44:10)• Shoutouts (47:12)Questions or comments? Contact us at [email protected]. Follow Trepp: X: www.x.com/TreppWire LinkedIn: www.linkedin.com/company/trepp