Reserve Your Spot at the Sunrise Multifamily Summit!
October 30 | 7:30–10 AM | Latham, NY | Tickets: $35 with $20 to The Regional Food Bank | Register at: SunriseMC.com/Summit
Meet the Panelist: Ed Jennings, SVP, Commercial Lending, Broadview Federal Credit Union
Ed Jennings will be among the panelists discussing the current state of the Capital Region’s multifamily real estate market. With over three decades of experience in banking, Ed serves as a trusted advisor to many of Upstate New York’s leading developers. In his role at Broadview Federal Credit Union, he focuses on expanding Broadview’s presence and mentoring the next generation of commercial bankers. Throughout his career, Ed has been involved in financing between $2 billion and $3 billion in real estate development projects, solidifying his status as a key voice in the region’s commercial real estate sector.
Five Questions with Ed Jennings
1. How is your work connected to multifamily real estate?In my role at Broadview, it’s all about giving our members the best financing alternatives for multifamily properties: construction, bridge, or permanent financing. We’re directly involved with every major multifamily developer across Upstate New York. Ideally, we’re brought into projects as early as possible, whether it’s raw land or a fully entitled site. We work as a team from day one.
2. What trends are you currently seeing in the Capital Region?
People are gravitating toward multifamily more than ever before. Younger people are getting married later and want their own space after leaving home. At the same time, people 60 and older want the convenience—no lawn care, no fixing sinks, no dealing with trash or the pool. And the product itself has changed: what used to be considered ‘luxury’ is now the standard. The bar has been raised, and residents expect more.
3. What’s one opportunity more people should be paying attention to?
At the end of the day, it’s all about return on investment. Costs are up—construction, interest rates, entitlements—but rents have gone up too. The question is: have they increased enough to maintain the same returns? A 15% ROI was the norm years ago, but perhaps 11% is now the norm. So, whether you’re building new or buying with upside potential, you’ve got to ask: how much capital are you willing to commit, and what return are you comfortable with?
4. What are the biggest challenges in multifamily right now?Rates have risen, but cap rates haven’t. That means a lot of properties have equity trapped within them—equity that owners can’t pull out because the cash flow won’t support the higher debt service. We’re seeing a lot of people sitting on the sidelines waiting for rates to drop so they can refinance and free up capital. That pent-up demand is real.
5. What is one piece of advice you would give to someone looking to succeed in this market today?
Always study the market, specifically absorption rates, asking versus actual rents, and year-over-year rent growth. So far, vacancy rates are still in the high 90s, and absorption is strong. But at some point, we’ll hit a saturation point. When that happens, will it affect Class A, B, or C properties, or all of them? You’ve got to keep a close eye on the metrics that matter. That’s how you stay ahead.
Get to Know the Panelists – Read our interviews for a preview of insights they’ll share at the summit!
- Jesse Holland, President, Sunrise Management & Consulting, AMO®
- Edward Jennings, SVP, Commercial Lending, Broadview Federal Credit Union
- Jessica Richer, Licensed Associate Real Estate Broker, The Richer Team at Hanna Commercial Real Estate
- Stephen Obermayer, Chief Financial Officer/Principal, BBL (Interview coming soon)
Hear directly from our panelists about multifamily housing and learn what they’re doing to navigate today’s challenges.
Questions? Contact Heather Schechter, Sunrise Management & Consulting
