Meredith Marshall

What have been the biggest changes in residential development since the pandemic?

Since the pandemic, the market has evolved in two distinct phases. In the initial period following the pandemic, particularly in 2021 and 2022, there was strong activity driven by pent-up demand. Developers moved quickly to respond to renewed market interest and deal flow remained steady. 

In contrast, the past two years have been more challenging. Rising interest rates and persistent inflation have made financing more difficult, and equity partners have become increasingly hesitant to move forward with new projects. On top of that, the transition to New York’s 485x tax credit structure introduced a layer of uncertainty that temporarily slowed momentum in the market. While the early post-pandemic years were marked by renewed demand and opportunity, the more recent environment has been defined by tighter financial conditions and greater caution around new development.

Is there a particular local, state or federal policy that would benefit housing development that doesn’t exist right now?

At the local level, fast-tracking zoning and offering tax abatements to encourage workforce housing development to occur without subsidies to quicken the pace of delivery. At the state level, more innovative financing tools are needed to encourage and catalyze development. The federal government should do the same by encouraging agencies to provide more support for mixed-income housing. 

In addition to the development of new housing, policymakers should prioritize expanding Section 8 housing subsidies. Today, these subsidies reach only about 25 percent of families who qualify, leaving the majority without support. At the same time, federal housing assistance skews heavily toward homeowners, primarily through the mortgage interest deduction. It’s long overdue to rebalance these policies by redirecting a portion of homeowner-focused benefits to renters. For example, scaling back the mortgage interest deduction could free up resources to expand Section 8, making rental assistance more accessible to families who need it most.

What are the more significant challenges facing BRP Companies?

We’re focused on limiting economic vacancies, running more efficiently, and being more strategic with our partnerships.

What has been the firm’s biggest win so far in 2025?

We are currently closing on three transactions, the most we’ve closed in a single year since 2022.

Is there a market BRP Companies isn’t in yet but that the firm would like to enter?

Yes, we’d like to expand into the Carolinas — both North and South.

Are you expecting an influx of market activity in the first half of 2026 if rates continue to go down? 

Yes. There is a lot of pent-up demand for transactions, and many are just waiting for a more conducive interest rate environment before moving forward.

Lighting Round:

Mamdani, Cuomo, Adams — friend, mute, unfollow?
Friend all. 

Borrowing costs up or down by late 2026?
Down.

More excited about — an interest rate cut or Taylor Swift’s engagement?
An interest rate cut.

When was your last vacation and where?
Martha’s Vineyard early in the summer.

Like in ‘Freaky Friday’ you swap bodies with Jerome Powell. What would you do?
Lower interest rates by 100 basis points.

What’s your kryptonite?
Late night ice cream.

You appear on the kisscam at a concert. Who’s performing?
Sade.