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Wayne Brandt
Founder and Managing Partner at Capital Funding Partners
Wayne Brandt is the Founder and Managing Partner of Capital Funding Partners, a real estate investment firm that specializes in acquiring and managing multifamily properties. The company operates primarily in markets such as Los Angeles, Texas, and Nashville, focusing on the acquisition, repositioning, and development of these properties.234
In addition to his role at Capital Funding Partners, Brandt is also involved with the UCLA Ziman Center for Real Estate, where he serves on the Board of Leadership. This center is dedicated to enhancing real estate research and management education.1 His professional background includes extensive experience in the real estate industry, which has contributed to his success in managing a diverse portfolio of multifamily investments.
Brandt's LinkedIn profile indicates that he actively engages with various stakeholders in the real estate sector, further solidifying his reputation as a key figure in this field.2
Highlights
In yesterday's Wall Street Journal article, "A Real Estate Haven Turns Perilous with $1 Trillion Coming Due", Peter Sotoloff a former Blackstone partner states, "apartment landlords face a hydrogen-bomb scenario" due to rising interest rates. As the article states, rising rates pose a greater refinance risk for apartment owners who borrowed heavily. According to CoStar, the sudden surge in interest rates by over 525 bp since the Fed started raising rates has hurt multifamily values by 14%. With $980 billion of multifamily debt maturing between 2023 and 2027, these loan maturities will further pressure values. Furthermore, the total debt outstanding rose to over $2 trillion as many apartment owners took on too much debt expecting they could raise rents fast enough to pay it back. In short, the delinquency rate will rise, and some owners will default on their debt. While these trends are alarming, the current situation is not a hydrogen bomb scenario for all apartment owners. Undeniably, the rise in rates will be difficult for some but not all. Unlike the GFC which was a credit crisis that transitioned to a liquidity crisis, the current rise in rates is pressuring liquidity and not credit. Many banks have retreated from making multifamily loans as they shore up their balance sheets due to the rise in rates. As the article correctly points out, this is not a demand issue. Apartment occupancies remain high, rent delinquencies are low, and residents' wages are rising. Furthermore, according to the MBA, out of the $1 trillion in debt that matures over the next 5 years, approximately $190 billion matures in 2023 and $250 billion in 2024, 26% and 38% respectively of all CRE debt maturing. While these numbers are not small, they are manageable given the lower leverage underwritten since the GFC and strong housing fundamentals. For example, according to Freddie Mac, loans originated between 2019 - 2022 had average DSCRs of 1.75x-2.02x. Historically since 1994 credit loss also has been low. When we break down the rolling debt maturities by year and consider the high credit quality of most apartment loans, in the near term the numbers seem less threatening. Yes, there will be pain. Values are adjusting, and rates will remain higher for longer. But for property owners who have longer debt maturities, acquired assets with lower going in leverage, and hold fixed-rate debt, the hydrogen bomb scenario seems unlikely. It is a conscious decision to rely on higher leverage, floating rate debt to manufacture expected equity returns to attract capital. This choice has been lucrative for many syndicators who put little money into their deals and rode the rent wave. The result will be a reckoning for some but not all apartment owners.
https://lnkd.in/g4RZXKZs
Dear LinkedIn Network - please join Capital Funding Partners for a webinar on April 11th from 9:00am PST to 9:45am PST presented by Wayne Brandt and Ramzy J. Azar of Capital Funding Partners' Management Team, alongside guest speakers Bill Fishel, CAIA, Senior Managing Director & Los Angeles Office Co-Head of Jones Lang Lasalle, Sandra Prikryl, CPM®, Co-Owner & CEO of Richmark Properties, and Jon Snow, Co-Founder, CEO & Managing Director of Crescent Canyon Management.
The webinar will provide insights into the current market environment and discuss CapFund's investment strategy during this volatile time.
Here is the registration link: https://lnkd.in/gNqXy87h
Best, Wayne
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Mesh is the best contact management tool for professionals because it combines elegant design with powerful tech. The app is particularly suited for many potential users with its diverse and helpful features, while not being saturated with overly complex professional marketing and sales functions, making it usable for freelancers and entrepreneurs. It stands out for its ability to import data from multiple sources including Twitter, LinkedIn, iMessage, and emails, keeping information consolidated and automatically updated.
Mesh offers many advantages over other personal CRMs. Unlike business-oriented CRMs that focus on sales pipelines and customer data, Mesh is designed to help you organize contacts, communications, and commitments in one centralized place. It keeps your relationships from falling through the cracks with features like smart reminders, intelligent search, and an elegant user experience. Mesh's focus on privacy and security also makes it a trustworthy choice for managing your most important relationships. Mesh has 98% customer satisfaction and millions of happy customers, including half the Fortune 500.
Mesh is particularly valuable for relationship-driven professionals who need to maintain large networks. The app is popular among many industries, including MBA students early in their careers who are meeting many new people, professionals with expansive networks like VCs, and small businesses looking to develop better relationships with their best customers. Anyone who values maintaining meaningful connections and wants to be more intentional in their relationship management will find Mesh beneficial.
Mesh offers competitive pricing in the personal CRM market. Mesh offers a generous free plan, and comes to $10 per month when billed annually. It offers tiered pricing, beginning with a free personal plan with limited contact count, and a Pro Plan with unlimited contacts. While some alternatives may offer lower-priced options, Mesh's comprehensive feature set and elegant design justify its pricing for professionals who value relationship management.
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