John Brickson

[John Brickson @john_brickson]

@resetbasis Agreed that 70s and 80s vintage may be the biggest opportunity right now. The’s a 200ish bps spread between 90s and newer and 80s and older in DFW. We are starting to see 21 and 22 loans trade at discounts and short sales, so at least some lenders taking Ls.

[John Brickson @john_brickson]

@LeylaKuni As someone in the DFW multifamily market, I would say that S2’s deals during the run up were very well executed. Yes there were a lot of tailwinds, but there were plenty of other groups that were in the market in 2012-2014 that could’ve gone on the same run and didn’t.

[John Brickson @john_brickson]

@investingcre Great post. I remember looking at the deck for this fund, fortunately i didn’t invest. I remember looking at their track record of deals, it was lights out. Interestingly, I remember The Graham was the only deal out of probably 40 that was less than a 10% IRR.

[John Brickson @john_brickson]

@MarkAllenMulti When the market says “rents will stay flat into perpetuity”, it’s probably time to buy (2026). When the market says “annual rent growth will be 10% into perpetuity” it’s probably time to sell (2022).

[John Brickson @john_brickson]

@kylematthewsceo @CBRE Interesting take. While institutional may be more prone to dis-intermediation, the re business always has been a relationship business and as long as humans are the ones deciding to buy, sell, lease or finance, I think it always will be. Even in the institutional space

[John Brickson @john_brickson]

@paulswaney3 Please send me a copy

[John Brickson @john_brickson]

@MarkAllenGREA Impressive, are they in the Dallas office?

[John Brickson @john_brickson]

@DallasAptGP Whatever looks good on the pastry counter, it’s always a hard choice!

[John Brickson @john_brickson]

@MarkAllenGREA Or lenders that stepped in and foreclosed quickly. The operational and capex problems on some of these “can kicked” properties are terrible and continue to snow ball.

[John Brickson @john_brickson]

@robbiehendricks @kylej2444 @MatthewTeifke I know the deal, and I actually think it’s a great buy. I wouldn’t invest with that kind of fee structure and lack of experience. Maybe I would reconsider if he can demonstrate that he’s rolling his ack fees in and investing at least half of his liquid nw.

[John Brickson @john_brickson]

@REDevManager @CleanTo2ndLien Cmbs quotes from money center banks at full leverage and close to cash neutral. The vast majority of the 21 and 22 deals are well short of cash neutral but “no bid” and “80s and older multifamily” being similar to office is a reach

[John Brickson @john_brickson]

@REDevManager @CleanTo2ndLien 70s/80s multifamily is tough but claiming it’s similar to office or that there’s “no bid” is a major reach. I’m out in the market with a refinance for 70s vintage multifamily in Dallas right now (that was acquired in 2021 and financed with bridge) and we have agency quotes and..

[John Brickson @john_brickson]

@robbiehendricks Sounds like one of the Chetrit deals. He bought a big portfolio of b and c multi across the Midwest and sunbelt. The Seller provided fake numbers and is now behind bars. JPMorgan are Wells Fargo are suing each other. Total mess

[John Brickson @john_brickson]

@AdamB1438 @zgoldenone @rev_cap @RealAssetsValue @EllliotttB Curious on the $/sf number as well and the estimated replacement cost to build in these markets

[John Brickson @john_brickson]

@hitsamty How is this not all over the headlines this morning? This is a BFD for multifamily in Texas, IMO

[John Brickson @john_brickson]

@askjussi I’m backing up the truck on $REXR. I don’t care about tariffs or California being a tough place to do business, SoCal will always be the best market in the world for industrial real estate

[John Brickson @john_brickson]

@robbiehendricks A 1.15 spread on 5/3 is a damn good spread, even with a buydown. What’s the spread on 5/4.5? Like 75-85 bps?

[John Brickson @john_brickson]

@resetbasis “…And we need positive leverage…and a 1 mile median household income of $80k…and 2000s and later vintage…and a sponsor with at least 10,000 units, vertically integrated with no losses from 21 and 22 deals…and we will only look at the deal if it’s off market”