However, this time, with stronger financial backing, the family is hoping to regain control and potentially monetize their 350 locations, including the flagship Seattle store and Nordstrom Rack outlets.The outcome remains uncertain, but this bold move could shape Nordstrom’s future in a challenging retail environment.

This structure explains why institutional players dominate - they likely have the capital, connections, and infrastructure to operate effectively in such an environment.

Many multifamily projects face challenges, including rising interest rates, operational inefficiencies, and decreased valuations, which drive the growing need for alternative financing solutions.This environment presents a unique opportunity for mezzanine debt and preferred equity investors.

the book was written in a different environment - when prices and rates were lower. 

But although they are available, you are better off reducing the PPP in a declining rate environment.

Given the uncertain macroeconomic environment, I'd also really like to find a market where multiple investment strategies can be used to mitigate risk should I need to pivot quickly.

Having been in many aspects of real estate throughout my career my favorites are ground up construction and note investing. right now note investing takes the cake as it can be done in any environment whereas ground up right now is very challenging. 

Its really going to come down to multiple factors, including your personal situation/strategy but it appears you are definitely thinking about things in exactly the right way.I'd say since it doesn't seem to be an "urgent" need - I'd advise talking to some lenders and since the rate environment is still moving quite a bit, settle on a interest rate / points combo that is "your number" and when market rates move down to that point - have the lender contact you and get ready to go, and just wait until that occurs

Rate is reasonable at first glance but yes rates are moving down and should continue to shop, get quoted, can be major changes day over day10% Down DSCR doesn't exist and has never existed to my knowledge so I wouldn't count on that15% down does exist and is rare, however as others have noted, usually it doesn't actually work since the restrictions, such as a high DSCR ratio or LTR only rent qualification (and high rate environment) never let the numbers work however as rates continue to fall we may finally be able to see some 85% LTV DSCR Deals actually pencil again!

It is much harder to push tax increases when we are in a stagnant or even deflationary environment.