Developers, banks and real estate investors alike are hoping that the Treasury Department’s cash infusion to lenders will loosen up the frozen credit market before they run out of money, said several local real estate lawyers.
Clients are playing a waiting game, said lawyers representing retail, office and multi-family developers. While commercial real estate has not been hit as hard as the residential sector, all the players are acutely aware that the clock is ticking. No new deals are happening and developers with projects in the works are trying to hang on until the credit market revives, and they can either refinance or unload their properties.
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