|Commercial Manager, NAI/Latter&Blum Realtors|
Hometown: Washington, La.
What has been the impact of the C-III deal on the local operations of NAI Latter & Blum?
We have seen six special service property projects to date.
In terms of commercial sales, are potential buyers primarily looking for bargains, such as distressed sales? If so, are they finding them?
They are looking for long-term stable deals with good internal rates of return. There are a few distressed buyers with not too many deals out there.
How would you assess the current state of financing for commercial real estate? Have we reached the “new normal?” If so, how does it compare to the old normal?
Loan underwriting has returned to guidelines with different loan-to-value ratios. You have to have skin in the game. We are seeing some loosening in the commercial mortgage-backed securities market, but with stricter underwriting. Loans (through Fannie Mae or Freddie Mac) are available for large multifamily deals.
A couple years ago, some experts were predicting a wave of commercial real estate foreclosures, because they feared that even owners of performing properties would not be able to refinance when the time came. To what extent, if at all, have those fears come true? Might some of those fears still become a reality?
In larger markets with oversupply this has occurred, but not in our marketplace. We have some projects that needed some creative financing, but not to a very large extent.
Have you seen any signs that some of the big money that continues to sit on the sidelines might get back in the game?
There is plenty of cash on the sidelines that will get in the game as long as the deal performs. Buyers are better educated, and deals are being analyzed to the max.
Why do you do what you do?
I enjoy working with brokers analyzing projects and applying the use of technology in the commercial real estate field.
Being elected the 2014 CCIM Institute National President
What was your first job?
Working in a general merchandise store.
What is the best advice you've ever received?
Your hand always fit a broom.
If you could have any job other than your own, what would it be?
What is the greatest personal or professional obstacle you've overcome?
If you started over, what would you do differently?
Pursue commercial real estate sooner and work for a national company in another state, then move back to Baton Rouge.
What is your prescription for life?
Have your priorities in order: God, family, work.
What book are you currently reading?
Brokers Who Dominate by Rod Santomassimo
If you could have dinner with any three living people, who would they be?
Peter Linneman, Andrew Farkas and Archie Manning.
Who would play you in a movie?
What do you do to unwind?
Cook and fish.
What is the most expensive purchase you've made for yourself?
What is your favorite weekend activity?
Entertaining my grandkids.
What's your favorite spot in Baton Rouge?
How do you take your coffee/tea?
Cream and Splenda.
What is your favorite movie?
The Tip Tops
What is your favorite gadget?
What is something that you can't live without?
Coffee in the morning.
If you could change one thing about Baton Rouge, what would it be?
What is your greatest hope for Baton Rouge?
Improvement to our public education system.
What is your greatest fear for Baton Rouge?
We don't learn from our past and move forward with change.
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