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It is well known that California’s attractive environment supports a high standard of living and ample demand for housing. What should be more well-known, however, is how California’s environmental legislation, while well intentioned, can prevent that demand from being satisfied. It has been Jennifer Hernandez’s and her colleagues at Holland & Knight’s goal to prove

In Part 1: National Housing Trends, our recap of the past decade indicated that the United States continues to experience a large housing shortage since household construction fails to keep up with household formation. To supplement this, much of our follow-up research showed which metros get hit the hardest and uncovered important implications for our

Headwinds for Apartment Development Fident has been fortunate to work with many capable multifamily developers throughout the western United States. As we enter 2018, nine years into the current up-cycle, changes in the capital markets’ landscape makes financing apartment construction more challenging. Those challenges most prevalent the current financing landscape include: Lender caution equates to

At a macro level, the U.S economy is on a hot streak. Now into month 100 of the current economic expansion (the 3rd largest in recorded U.S. History), the unemployment rate is flirting with 4.10% as of November 2017, in sync with extremely low jobless claims not seen since the 1970’s, and consumer confidence is

Commercial property investors, and their unique cousin, the developer, often get to (or start at) a point where real estate investment halts without the infusion of additional risk capital. It’s that dynamic, at least partially, which creates the market that we serve. Typically, we do so by engaging on single projects with qualified operators to

I’ve come to understand that a principled commitment to some vital business concepts provides substantial leverage and a competitive edge. Optionality, and its special relative free optionality, is one such concept. Here, I endeavor to define the terms, bring them into relief with real world examples, and illustrate some applications of free optionality within real