Nav Deo

Now that the title drought is over what was your personal worst Arsenal memory of the last 22 years

That trash club will win the league solely because they have the refs and VAR on payroll

Blummenfelt is insane. A 2:30 marathon after 112 miles on a bike averaging 28.39 mph.

Few Sunday thoughts on what I'm seeing in the market 1. Values are lower across the board 5%-25%, least amount in industrial and the most on residential/land (I think I'm being conservative on this btw) 2. Values being low may indicated a buying opportunity but what most forget is that loans were put on at the peak values of 2020-2022. Ok so what you ask? Most of the groups that purchased in this time want to sell, but can't because most buyers (ourselves included) are looking for a basis that reflects rents that are stabilized and so the gap is too wide = less transaction volume 3. Lenders who have loans at these higher basis's likely can't cash out because their loan amounts are higher than what the market can take on today. We've seen dozens of deals where the lender is presenting them to us but they don't make sense since even the loan amount as a pp doesn't reflect a decent buying opportunity. A lot of the blame was put on buyers but you can easily point at the lenders who enabled this as well (think pre approvals for $1300/ft condos or bridge lenders providing financing for undeveloped land to inexperienced groups) 4. I think lenders are better off working with the groups in place now since there isn't a clear sightline to another group coming in to purchase. Also would save $ in legal costs but varies from lender to lender. On land, you're probably better off working with the group but something like industrial still has some momentum and you can exit. 5. Other option is for a group to come in, assume debt at a lower rate and buy down the principal. Something we have been doing and is the only way deals are getting done for smaller groups like ours.