Pryor Cashman Partner Ronald Kremnitzer, co-chair of the firm's Real Estate Group, was quoted in the Real Estate Finance & Investment article, "Lenders Opting for Lower-Leverage Loans for Big Apple Buys."

The article discusses the increase in lenders offering lower-leverage acquisition loans of 60-75% on New York properties. "In the past, if a space was rented at $60 per square foot, banks might lend based on higher market rents, such as $70 per square foot, even if there was no available space in the building," said Kremnitzer. "Now not only are we seeing lower leverage, but banks are also making more realistic assumptions, doing lengthier due diligence, and lending at healthier percentages based on current rent roles."

To read the article in its entirety, please click here.