CF Capital in Multifamily Dive April Fed Meeting
Our Co-Founder and Managing Partner Tyler Chesser shared his analysis with Multifamily Dive on the Federal Reserve announcement this week that current interest rates would hold steady.
Tyler's take: with sticky inflation, elevated energy prices from the Iran conflict and a Fed chair on his way out the door, there was never cover to cut. The market knew it, and the 10-year Treasury, not the funds rate, is what’s actually moving multifamily capital costs.
For those underwriting Midwest multifamily right now, the message is the same as it’s been: don’t wait for a rate cut to do your job for you. Underwrite conservatively, mind your basis, and let the fundamentals carry the deal.
Read the full article here.
Read Tyler and Bryan’s Byline in Multi-Housing News
The multifamily sector is at a clear inflection point, rewarding fundamentals and durability over speculation, write our founders Tyler Chesser and Bryan Flaherty for Multi-Housing News.
In this piece linked here, Tyler and Bryan outline what discipline looks like in today’s multifamily landscape and where investors can find opportunities. This includes generating stable income performance by shifting away from assumption-driven returns, focusing on transparency over financial engineering, and prioritizing operational execution.
Take a read and let us know your thoughts.
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Overview
As the multifamily industry reflects on 2025, the market enters 2026 at a clear inflection point.
After two years of elevated interest rates and muted transaction activity, the Federal Reserve’s December rate cut — its third of the year following moves in September and October — became a defining moment late in 2025, adding to the reset expectations across the capital stack. Together, the three 25-basis-point reductions brought the benchmark rate down to 3.50%–3.75% by year-end. Even so, Fed officials entered 2026 signaling caution, projecting only one additional cut this year as they wait for a clearer read on economic conditions.
For operators, lenders, and investors, the question coming out of 2025 is not whether the easing cycle has begun — it objectively has — but how quickly these cuts will translate into improved deal flow, pricing stability, and clearer underwriting.
Drawing from CF Capital’s transaction experience, market observations, and insights shared throughout 2025, this White Paper looks back at the lessons that defined the past year and outlines how they are shaping multifamily performance and investor behavior heading into 2026.
While national data provides important context, the emphasis here is on the pressures we observed on the ground throughout 2025: cap-rate shifts, operational headwinds, and the continued importance of conservative underwriting in a market where fundamentals remain sound but uneven.
These takeaways reflect not only where the market ended 2025, but where decision-making pressure is most likely to concentrate in 2026.
👉 Download the report now to explore how our investment principles and disciplined operations are creating opportunity despite today’s volatility.