Vincent Toye

Vincent Toye

Head of Agency and Off-Balance Sheet Lending at JPMorgan Chase

Vincent Toye
By November 10, 2023 9:00 AM

What are the key lending opportunities you see as we round out 2021?

Various asset classes present opportunities for lending throughout the remainder of 2021. Multifamily shows potential through construction or permanent loans. The rebound in that area has exceeded most expectations. Industrial didn’t experience even the slightest hiccup during the pandemic. It has been strong and remains competitive, which isn’t expected to change soon. And, in affordable housing, there is a pervasive need and vast opportunity to address it. The shortage of workforce and affordable housing across our country is significant, and it will require the private and public sectors coming together to begin addressing the issue.

What’s the one thing you wish you’d known in March 2020 that you know now?

How quickly demand for multifamily would return in urban markets, such as New York City and San Francisco. We anticipated a recovery, but the actual rate outpaced industry expectations. The rebound in multifamily was also broader than most expected, which is a tribute to people returning to offices. Not only was it impressive to see how quickly most areas bounced back, but also the extent to which those areas saw rate increases in multifamily. With many companies still employing a hybrid work model, people are upgrading for nicer apartments and more space, driving up rates.

Pick your poison (and tell us why you’d drink it): retail or hospitality?

Retail. A deeper dive into the asset class reveals unexpected opportunities. Some areas of retail were surprisingly resilient during the pandemic. Neighborhood retail centers — particularly in densely populated areas — performed well throughout 2020 and 2021. Properties in city centers heavily reliant on office workers and tourism may be slower to recover. The key is tenants that provide in-person services or fast-casual dining. Some services — like haircuts, nail care, clothing alterations and bike repairs — can only be done in person. Fast-casual restaurants — such as sandwich shops, pizzerias and coffee shops — also performed well.

New York City — “I want to be a part of it”?

Without question, I want to be part of it. New York City attracts people from all walks of life, ranging from young professionals to established business leaders and from young artists to celebrities. New York City is a financial capital also known for offering the best in dining, entertainment, art, education and sports. And New Yorkers are resilient. Residents have faced tough times before and come out on the other side stronger. The city certainly felt the effect of the pandemic, but it came roaring back like a lion when people began returning. The bright lights of Broadway are back on and businesses have reopened. It’s even difficult to get restaurant reservations again.

What’s your favorite secondary market and why?

Austin. There is strong job growth, with several large companies from different industries, including tech, moving there. It’s a diverse city with reputable educational and medical systems. There is opportunity to find land and space for real estate development in a central location. Not far behind it is Nashville.

Is SFR here to stay as a CRE asset class? Why or why not?

Yes. If we step back, single-family rentals (SFR) have been around for quite a while. It used to be more of a mom-and-pop business in areas outside of major markets. It has evolved now that institutions are entering the space and bringing more capital to it. The SFR is a popular option for people who want to raise a family, but don’t want to commit to a particular home or location. This provides the safety and stability of a home with the flexibility to easily make a change. And now that large institutions have entered the space, it’s not likely that it will go anywhere soon.

What keeps you up at night?

Concern about inflation and rising rates, as well as supply-chain disruptions. These are related issues that have the potential to negatively impact construction of developments that require financing. It would become important to build into budgets higher costs for labor and materials. With those costs going higher, rents would need to increase to offset them.

Lighting Round 

Stabilized or transitional assets?


First work trip post-COVID?

Irvine, Calif.

Fast-food guilty pleasure?

Dairy Queen Blizzard.

“Ted Lasso” or “The Morning Show”? 

“Ted Lasso.”

Peloton bike or outdoor cycling?

NordicTrack exercise bike.

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