Weekly Dispatch
Newsletter Apr 23: The Missing Middle & The Sunset Squeeze
Welcome back. This week's disclosure tape is dominated by the "Missing Middle". Out of six new filings, five are boutique townhome or multiplex projects (6 to 11 units). But don't let the small scale fool you—the risk profiles vary wildly.
The prevailing theme? Liquidity is locked. Developers are instituting highly restrictive assignment policies, and sunset dates are stretching well into the 2030s. If you're parking capital here, expect it to stay parked.
New Filings
6
Total Units Marketed
101
Avg. Assignment Policy
Highly Restrictive
Longest Sunset Risk
2031
Visualizing the capital lock-up periods and product concentrations from this week's filings.
Estimated years from filing to outside cancellation date. Longer bars = higher capital lock-up risk.
Townhomes (driven by Hillside's 66 units) dominate, but small 6-unit multiplexes are the most frequent project type filed.
Select a project from the roster to view our proprietary credit and risk summary.
High-signal variables we are tracking across this cohort. Changes to these metrics in future amendments will indicate shifting developer leverage.