Judah Hammer, Meridian Capital Group

December 22, 2020 - Spotlights

Name: Judah Hammer

Title: Managing Director

Company Name: Meridian Capital Group

What was the most challenging part of working during the pandemic?
The biggest challenge for me was staying on top of the constantly shifting market conditions, bank underwriting, appraisal assumptions and knowing at any given moment which lenders were active and which were on pause, as our clients rely heavily on us for clear direction and advice. Things were changing so rapidly that we tried to touch base with lenders on an hourly basis to provide the most accurate information to our clients while assuring them we would help them navigate the current environment. Our group had an extremely robust pipeline of over 35 loans heading into the pandemic, and we had to do a lot of juggling once COVID hit to get them all into the end zone.

What aspects of working from home did you enjoy most?
Being around family and spending more time with my five daughters (my wife jokes that I finally got to meet my three-year-old, who is very cute). I also particularly enjoyed working in shorts and a t-shirt every day.

While I enjoyed these aspects of working from home, I strongly believe that in our sales and service business, the energy, competitiveness, and comradery of being in an office with colleagues is irreplaceable.

What was your greatest professional accomplishment in 2020?
When the pandemic first hit, I told my team that the deals would eventually flow back in, but that this was an opportunity to be there for our clients and to help them navigate likely the most challenging period of their careers. It’s in these situations where you establish relationships with clients for life, not when you’re able to beat out a competitor with a .25% tighter interest rate. After 15 years in the business, this experience also validated how important it is to have a knowledgeable mortgage advisor as part of your team. I saw firsthand how both lenders and borrowers heavily relied on Meridian’s senior management for real time information: senior banks and agency lenders were calling for updates about what our clients were telling us, and borrowers were calling hourly for advice on forbearance requests and with underwriting questions.

What was your most notable project, deal, or transaction in 2020?
Prior to COVID, one of our most loyal clients tapped us to exclusively place debt on a large portfolio containing over 2,500 units in addition to a medical office building and shopping center in New Jersey, Pennsylvania, and Delaware. The loan appraisals wrapped up during the eye of the COVID storm. We experienced several hurdles with underwriting and rates, and in the end, we closed a $330+ million package in August with extremely favorable and flexible terms.

What are your predictions for commercial real estate in 2021?
If 2020 has taught me anything, it’s not to waste time trying to predict the future. Based on where we are now, we can hope and pray that the virus dissipates over the next few months. There will certainly be long-standing collateral damage, but vacancies will fill up quickly because New York will always be New York. There’s nowhere else in the world that has more to offer. Rates will certainly remain low for the short-term. Forbearances will expire and force certain owners to sell at prices that we haven’t seen in the boroughs for 10+ years. That will present purchasing opportunities for deep pocketed investors, but will also create value challenges on refinances, as those new sales will be recorded at higher cap rates and lower prices per unit than we have seen for quite some time. Time will tell, but we will be there to guide our clients every step of the way.

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