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: Stephen Obermayer, Chief Financial Officer/Principal, BBL
Stephen Obermayer joined BBL in 1993 and has over 40 years of experience in financial operations. He has developed the company’s current financial policies and procedures and played a strategic role in BBL’s evolution from a general contracting firm into a diversified leader in design-build, real estate development, property management, and hospitality.
Five Questions with Stephen Obermayer
1. How is your work connected to multifamily real estate?
Multifamily has been a consistent part of our portfolio for decades. Some relationships go back 30 years. We’ve partnered with experienced owners and developers on market-rate, student housing, senior living, affordable housing, and historic renovation projects. Together, we’ve completed over 20 million square feet of multifamily space. We partner with clients, complement their expertise, and create value together.
2. What trends are you currently seeing in the Capital Region?
If you go back a couple of decades, the typical project was a 200-unit suburban garden-style apartment complex. That’s evolved. There’s been a strong movement back to urban cores, with communities wanting mixed-use, walkability, and vibrant spaces that match today’s lifestyles.
People value convenience and community, and many now choose multifamily over homeownership. The challenge is keeping these projects financially feasible. Rising costs, higher interest rates, and lengthy approval processes all put pressure on projects. But the demand is there.
3. What’s one opportunity more people should be paying attention to?
Historic tax credits are a bright spot and a strong example of a public-private partnership that works. Without incentives, many of these older, often historic buildings, some with environmental issues, would just sit vacant. These efforts not only address supply shortages but also add character, and communities get vibrant, updated spaces where people want to live.
There’s potential here for policymakers to expand the scope and broaden eligibility beyond traditional historic properties to include areas where housing is urgently needed. Pairing this with streamlining the approval processes or pre-qualifying sites could accelerate housing delivery and support revitalization at the same time.
4. What are the biggest challenges in multifamily right now?
People need housing, and there’s simply not enough of it. High interest rates, strained supply chains, and labor shortages are making it harder to deliver projects that pencil out. This is especially tough on lower-income households and young adults trying to enter the housing market. Finding quality, affordable apartments is increasingly out of reach.
At BBL, we’re very comfortable managing construction and operational risks, but we can’t control market forces. That’s why collaboration with lenders, municipalities, and partners is more important than ever.
5. What is one piece of advice you would give to someone looking to succeed in this market today?
Build the right team. That’s the most important decision you’ll make. You need a design-build partner who understands costs and constructability, a strong lending partner, the right property management team, and experienced engineers and advisors.
This industry has many entry points, whether through working in the trades, finance, or operations, but no matter where you start, the key is adding value and staying committed to learning. With the right team and partnerships, you can create projects that make sense financially and deliver real value to the community.
Enjoyed this interview?
Read our 5 Questions interviews with the panelists for a preview of the insights they’ll share at the summit!
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
