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CANYON-JOHNSON LEVERAGES $1 BILLION TO PROVE DEVELOPERS ARE NOT AS ARROGANT AS THEY SEEM.
by Chris Wood
On April 16, the firm announced the closing of the $1 billion Canyon- Johnson Urban Fund III, an urban investment vehicle that eclipsed the combined $900 million the company raised in two predecessor funds, including the $300 million ultimately racked up during that first capital raise in 2000.
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The Federal Housing Administration (FHA) has updated some multifamily programs to make them work better with low-income housing tax credits (LIHTCs), correcting some longstanding flaws.
For months, land has been seen as the residential real estate industry’s four-letter word. But as a new army of bank regulators work to recognize current appraisals–those that reflect the aggressive price reductions that builders and landowners are making in a desperate attempt to lighten their balance sheet load–it’s becoming increasingly obvious that a more appropriate four-letter utterance might be debt.
The grinding halt in the capital markets that brought both the construction and trading of apartments to a slowdown hasn’t abated. Add that to a floundering economy and a heavy supply of housing in many markets, and it’s reasonable to conclude that multifamily starts may fall to their lowest levels since the early ’80s.
