Caldera in the News
The Current Market
Debt Outstanding
Delinquency &


Shovels Ready
Real Estate Forum
Published: May, 2011
With fundamentals and demand on the upswing, apartment developers are once again starting to put construction crews to work.

Short supply, rising demand, improving fundamental-including some anticipated job growth-and a big jump in the number of Echo Boomers entering the rental housing market are all adding up to one thing: Apartment developers are itching to get back into the game. .

Apartment Investors in U.S. Not Scared by Vinyl Siding in Search for Yield
Published: March 4, 2011
Orchard Pointe, a 17-year-old, vinyl-sided apartment complex in Vancouver, Washington, wouldn’t have drawn a second look from Invesco Real Estate in early 2010, when most multifamily-property investors wanted newer, trophy buildings in coastal markets such as New York and San Francisco.

“We wouldn’t have even considered it,” Greg Kraus, head of acquisitions at the Dallas-based real estate arm of asset manager Invesco Ltd. (IVZ), said in an interview.

MFE Pop Quiz: Caldera's Mike Kelly Says Delinquencies Still an Issue
Published: February 10, 2011
While it seems that most people in the multifamily market have been giddy with excitement, Mike Kelly sees another side. The president and co-founder of Denver-based Caldera Asset Management says his phone has been ringing with calls from underwater owners looking to refinance. “With the 10-year [Treasury] jumping, our phones are starting to ring a lot because people are starting to realize that they can’t refinance their existing deals,” he says.

Kelly took some time to talk with Multifamily Executive senior editor Les Shaver about what he’s seeing.........

Caldera Asset Management Serves as Equity and Debt Advisor in the Recapitalization of Seven Springs Village Apartments
Published: January 31, 2010
Caldera Asset Management, a firm specializing in consulting and advisory services for the multifamily housing industry, today announced that it acted as the equity and debt advisor for ROSS Development & Investment (RDI), an affiliate of the Ross Companies, in the successful recapitalization of Seven Springs Village Apartments located in College Park, Maryland.

One of the largest full-cycle recapitalization deals completed in 2010
Published: January 31, 2010
Caldera Asset Management, a firm specializing in consulting and advisory services for the multifamily housing industry, today announced that it acted as the equity and debt advisor for ROSS Development & Investment (RDI), an affiliate of the Ross Companies, in the successful recapitalization of Seven Springs Village Apartments located in College Park, Maryland.

2011, Is It Getting Better?
UNITS  (National Apartment Association)
Published: December, 2010

After facing a maelstrom of tight credit, job loss and weak housing demand in 2009, many in the apartment industry are nderstandably tentative as they enter 2011. Improved demographic demand coupled with virtually no new supply would seem to point to a profitable year to come for many apartment providers. But not every owner has such a rosy outlook. ..

Navigating the Challenges Of Loan-to-Own
UNITS  (National Apartment Association)
Published: April, 2010

Buying the debt of an apartment community is becoming an increasingly popular way to invest in multifamily real estate, but investors must fully understand he business and legal implications..

Stop the Bleeding
FDIC, IRS rules help industry ride out the storm. .....

To the Rescue
Property managers are gearing up to save distressed assets from overleveraged owners who can no longer hang on. Here’s how to enact a successful rescue. .....

All Eyes Ahead
Will 2010 be the year that distressed assets get sprung from limbo, or will lenders still be kicking the can down the road? .....

Outlook for Distress
Published: January 13, 2009
There was blood in the streets last year. More than 130 banks failed in 2009. Fundamentals, from effective rents to occupancy levels, declined to record lows. There were fewer sources of debt all around. A number of large multifamily owners—including Fairfield Residential, Babcock and Brown, and Bethany Holding Group—went under. And a wave of loan defaults had vulture funds salivating as they hunted for easy prey at wholesale discounts. ...

The Debt That Ate Manhattan
Published: December 30, 2009

At the time, The New York Times reported that “for all of the deal’s accolades, it also illuminated the financial leaps of faith that real estate buyers are increasingly taking.” In the intervening years the deal has become a grim lesson in how not to leverage high-valued property at the zenith of a real-estate bell curve. By September 2009, the estimated value of the 80 acre community in New York City had declined to $1.9 billion, and rental income had dropped by 25 percent

Recovery Rates on Distressed Assets Vary
Published: December 2, 2009
Throughout 2009, a new large opportunity fund seemed to close on a weekly basis, with investors salivating at the prospects of wholesale discounts. But the tsunami everyone anticipated has been more of a drizzle, mainly due to the willingness of lenders to modify loans. ...

Fannie, Freddie Woes Hurt Apartments
Published: November 18, 2009
The deteriorating commercial real-estate market is hitting Fannie Mae and Freddie Mac, the housing-finance giants that were taken over by the U.S. last year after billions of dollars in losses on residential real estate.

Experts see steep rise in deadbeat renters
The Real Deal Online 
Published: December 3, 2009
The percent of residential apartment dwellers in the city who are not paying their rent has as much as quadrupled since the market weakened last year, industry leaders on a panel discussing multi-family properties said today.


Bigger Assets, Bigger Buyers Enter the Distress Fray
A large majority of the distressed acquisitions closed in 2009 were smaller deals of less than $15 million. In the fourth quarter, however, brokers and industry players were seeing larger deals .....

FDIC Moves to Stave Off Distress
Two recent moves by the federal government will further help lenders and owners ride through the storm by providing cover to keep amending and extending loans. But the impact .....

Will New FDIC Bank Rules Help or Harm Commercial Real Estate?
NREI Online 
Published: November 5, 2009
The federal government’s newly issued banking guidelines will have a major impact on the commercial real estate industry and the nation’s financial system by forestalling another banking crisis and preventing the write-off of billions of dollars worth of loans, says the senior managing director of New York-based global real estate firm FirstService Williams.

Developers and Lenders at a Standoff as Payments Drag
National Association of Credit Management
Published: November 5, 2009
The real estate sector was a boon for lenders in the tender years of the new millennium. Banks and investors were dumping billions of dollars into large scale projects and enjoying significant returns. Then the real estate market collapsed. The devastation caused a worldwide economic downturn and plunged the United States and Europe into the throes of recession

Falling Apartment Values Add to Construction Losses
Published: November 5, 2009
Apartment construction lenders will face nearly $22 billion in losses--17 percent of total loan balances--after a nearly 25 percent year-over-year decline in property values, said Caldera Asset Management, Greenwood Village, Colo.

REITs Hold Competitive Advantage Over Private Market
UNITS  (National Apartment Association)
Published: October, 2009

Much recent commentary has focused on REITs and how they are the anticipated winners as the transaction market unwinds. Conventional wisdom suggests that REITs will be able to buy everything cheaply because they have access to capital that private buyers do not.

The Health of Commercial Real Estate
Published: September 4, 2009

Reflecting on the commercial real estate market in the past year, with Mike Kelly, Caldera Asset Management and Harvey Green, Marcus & Millichap Real Estate Investment Services....

Capital Markets: Weathering the Next 18 Months
UNITS  (National Apartment Association)
Published: September, 2009

The days of 300 properties trading hands per month at increasing values are gone. Multifamily housing debt now exceeds $895 billion, according to a recent FDIC report ...

Apartment occupancy down, renters have upper hand
The Atlanta Journal-Constitution
Published: August 17, 2009

..... a number of apartment complexes and buildings are in danger of foreclosure or have already been taken back by banks, said Mike Kelly, ...

Kelly Sees More Losses on Multi-Family Home Investments: Video
Bloomberg TV News
Published: June 26, 2009

June 26 (Bloomberg) -- Mike Kelly, president and co-founder of Caldera Asset Management, talks with Bloomberg's Matt Miller about the outlook for the multi-family residential market ...

Crime Control: A step-by-step guide on how to purge your property of crime
Published: September 10, 2009
When Blythe Montanaro inherited Mira Vista Apartments in 2004, she was afraid to walk the property alone—even in broad daylight. After years of poor management and neglect, the 64-unit complex in Atascadero, California ...

Worst of Multifamily Distress Hasn't Even Begun
Published: July 15, 2009
The distressed apartment deals that the market is seeing now are just the beginning, essentially "C" and "D" deals, said Mike Kelly, president and co-founder of Caldera Asset Management. The next round will be the "A" properties that were put together between 2005 and 2007 with 5-year to 7-year financing. ...

Diamond District:
More Real Estate Woes
Published: June 12, 2009

Mike Kelly, president and co-founder of Caldera Asset Management, argues it's about much more than 'just' residential real estate problems...

Commercial Property Could Become Operating Albatross
American Banker
Published: July 1, 2009
Such a flip-flop can "taint the asset" by signaling that market interest in the property is weak, he said. Bill Leseman, the chairman of Caldera Asset ...

Distressed Situations Could be Widespread in Multifamily
Multi-Housing News
Published: June 19, 2009
Distressed properties will become more widespread in the next three to five years, says the founder of a consulting firm that was recently launched to specialize in resolving such assets ...

US multifamily Rents could ‘explode’ in Three Years
Private Equity Real Estate
Published: June 22, 2009
The US rental apartment sector is expected to ‘bounce’ along the bottom for another 18 months before rents start to grow and in some cases grow substantially. However some multifamily owners should consider selling now if their assets are not in prime shape and in great locations, Caldera Asset Management tells PERE....

Apartments lead the U.S. property default parade
Published: June 17, 2009
The multifamily sector is leading all other types of U.S. commercial real estate in having the highest loan default rate but the others are likely to follow, experts say. ...

MF Pros Team Up to Consult on Distress
Published: June 16, 2009
It’s a near certainty that occupancy and rental rates, along with values, for most multifamily properties across the country will continue to dip as the economic ...

Multifamily Misery
Published: June 15, 2009
Indeed, multifamily properties have begun to feel the stress of the credit crisis, with apartment defaults spiking to 3% in recent months, versus ...

New Firm Aims to Help M-F Industry Weather Storm
CPN Commercial Property
Published: June 15, 2009

Indeed, multifamily properties have begun to feel the stress of the credit crisis, with apartment defaults spiking to 3% in recent months, versus ...

Foong on Finance with Keat Foong: Worse Is Yet to Come
MultiHousing News
Published: June 11, 2009
If you have been reassured by President Obama's calm demeanor and are feeling more relaxed these days, there is an opinion article in a recent ....

Multifamily Properties to Face the Next Large Wave of Credit Crisis
PR Newswire
Published: June 8, 2009

The combination of lower rental rates and rising vacancy rates is causing decreases in value, resulting in significant losses ....