Deco 969 is a 27-story high-rise located at 969 Commerce Street. While the project was greeted with fanfare, securing debt for Deco 969 proved difficult in mid-2020.
Prior to his work at JLL, Coy worked with The Goldman Sachs Group Inc. in the firm’s mortgage department, where his work included bridge lending and CMBS. The switch over to JLL came, in part, to be more active in Fort Worth and today, a lot of Coy’s focus is on construction financing. He’s a generalist, covering all types of projects.
If you start to see a fall off in those rates, or at least a leveling off, a lot of people will fully jump back into the market, whereas right now maybe they’re either dipping a toe in the market or sitting on the sidelines. But there are still transactions getting done. The North Texas economy is still great – it’s just the math has gotten a little bit harder. The simple calculation of debt service had a new, now higher interest rate and you have a minimum DSCR.
Everyone’s looking at industrial and multifamily first, then some of those other product types. Single-family-for-rent still has a lot of interest out there too. I worked on a retail deal down in Waxahachie last year and had some good responses from banks and life insurance companies on that. People look at retail coming out of the pandemic and it’s done well. You look at shopping centers and they’re still full.