EverBank Financial, WaFd Enter Into $3.9B Reverse Merger Transaction
Why this matters
Commercial real estate continues to digest a multi-year reset in cost of capital. Transaction velocity is below the 2019-2021 trend but improving, cap rates have stabilized across most stabilized property types, and the bid-ask gap has narrowed materially in the past two quarters. Sponsors with permanent capital and operating platforms have an advantage in the current execution environment. Seattle absorption has been weighed down by tech tenant footprint optimization. Multifamily and industrial have been more resilient, with selective bids on best-located product. The next twelve months will continue to reward underwriting discipline and operational sophistication over balance-sheet aggression.
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On the RET wire
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JACKSONVILLE, FLA. AND SEATTLE — EverBank Financial Corp., the Jacksonville-based parent company of EverBank NA, has entered into a $3.9 billion reverse merger transaction with WaFd Inc. (NASDAQ: WAFD), the Seattle-ba…
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