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Originally Posted by chimpskibot
I would think they would be more bullish as buyers are pushed out of the housing market due to the higher rates. I could be wrong, but I imagine the multi-family market will be very strong until the next rate-cut cycle.
Edit: I forgot this is a post brothers development. They seem to risk averse to proceed with a third tower . Still waiting for jewelers row
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You're mixing up Toll Brothers and Post Brothers. Post Brothers are doing this development, the one at Broad and Washington, The Poplar, and a few others. Toll Brothers is based in the suburbs and is primarily a single-family developer that also does some highrise rentals and condos. They are doing Jeweler's Row and Broad & Noble.
But maybe you're right. I was just thinking that their debt load must be pretty large right now with this project and Broad and Washington under development, both financed at far lower rates than they could get right now if they got a loan for a new large development. Might make sense to lease-up these projects and de-leverage somewhat while rates remain high. But they do benefit from economies of scale by keeping work going, and if rents keep rising than maybe it works, IDK. I just know capital is expensive right now.