GS Wilcox has locked in rates on $128 million in permanent loans for multifamily properties throughout New Jersey.
According to Gretchen Wilcox, president and CEO of G.S. Wilcox & Co, the lock-in comes a insurance companies increasingly compete for business in the booming luxury apartment market in the Graden State.
“This is an extremely exciting and interesting time for our business,” said Wilcox. “In order to win new client relationships and foster existing ones, our life insurance companies are offering earlier rate locks at the lowest spreads in the market place.”
New luxury apartments continue to rise throughout the state and robust demand has had a significant effect on the capital markets. ‟For life insurance companies, New Jersey in particular is s popular state because of its highly educated population and connectivity,” said Wilcox in prepared comments.
“As such, life insurance companies have grown more aggressive offering increasingly earlier rate locks before projects break even with pre-leasing. Spreads that they offer continue to come down as the competition to win deals increases.”
