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**Northmarq’s Collin Lester: Trust and Liquidity Still Driving NYC Closings**
At the recent Connect New York Apartments Investment & Finance 2025 conference, Collin Lester, Vice President at Northmarq, moderated a panel discussion on commercial real estate finance and the strategies behind getting transactions closed in an evolving market. Following the event, Lester shared additional insights into the trends and activity shaping the industry today.
**Q: Thank you for moderating our panel on opportunistic capital and getting deals across the finish line. What do you think the main takeaway from the panel was?**
**A:** In talking with the other panelists, the recurring theme was cautious optimism. Investment sales activity is gaining traction, with third-quarter multifamily sales in New York City reaching nearly $4 billion—the highest quarterly figure since Q3 2022. Panelists also emphasized the availability of capital in the debt markets, and that aligns with what we’ve seen at Northmarq. In 2025 alone, we’ve received over 1,561 debt quotes from 362 different capital sources. That’s a strong sign of liquidity and variety in the market.
**Q: Speaking of multifamily sales volume, are you seeing more owners opting to sell given the unique challenges in NYC, or are they leaning more toward recapitalizations?**
**A:** There has definitely been an uptick in sales activity, but it’s still measured—the floodgates haven’t opened yet. At Northmarq, we focus heavily on recapitalizations and work closely with local family offices and middle-market owner/operators. While some institutional players are stepping back, these groups are committed to operating in New York. Our clients, and we as a firm, believe in the long-term resilience and value of the NYC market. We leverage agency lending programs, life company correspondent relationships, and our broader capital network to support these owners and help them stay active in the assets they love.
**Q: It’s great to hear you are focused on helping middle-market owners reduce their cost of capital. The panel was specifically about opportunistic capital and getting to closing. Do you have any examples of creative capital stacks you’ve been exploring?**
**A:** Creativity is absolutely essential in today’s environment. Northmarq has access to proprietary capital sources that help maximize value for our clients. For multifamily transactions, agency debt continues to offer the best mix of leverage and pricing. We have an in-house equity, preferred equity, and mezzanine finance platform that allows us to stretch the capital stack and achieve higher leverage at a lower cost than traditional executions. This flexibility is key for helping clients stay competitive and close deals.
**Q: So you’re seeing ample liquidity in the debt markets and have some creative solutions to push leverage beyond what is typical. What do you think is the most important factor in actually getting to closing?**
**A:** Trust is the cornerstone of execution. In a complex market like New York, we succeed by truly understanding our clients’ goals, digging deep into the nuances of each transaction, and being transparent about potential challenges. Our team has spent decades building a culture where relationships are prioritized over transactions and where we encourage capital partners to take informed risks. That legacy of integrity and insight positions us to deliver aggressive and dependable terms that get deals across the finish line.
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