“Neither a borrower nor a lender be” warned Shakespeare. But a new breed of investor has cast aside the Bard’s instructions in the wake of tighter bank lending conditions, higher interest rates and increased distress among multifamily property owners.

A plethora of debt funds, family offices, and real estate owner/operators continue to invade the domain previously dominated by banks prior to changes in market conditions, reported Thomas Shanabruch, vice president of investments and capital markets for CRG. Along with life companies, REITs and CMBS, these alternative sources are delivering critical liquidity to owners confronting loan maturities and buyers leveraging currently high cap rates.

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