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CMBS
Economic Update - Roundtable Survey Finds CRE in Poor Mood
Aug 06, 2009
The latest quarterly survey by the Real Estate Roundtable, released
Wednesday, found the commercial real estate sector in a funk, squeezed
by poor financing prospects, decreasing valuations and lower demand for
commercial real estate of all varieties.
Fitch Ratings: Large Hotels Defaulting on Loans at High Rate
Aug 05, 2009
As the commercial real estate market continues its downward decline, a
new Fitch Ratings report indicates that large hotels lead loans of
concern for U.S. CMBS with eight newly defaulted loans greater than
$100 million entering special servicing, according to Fitch’s 'What's
in Special Servicing' U.S. CMBS report.
More CRE Investment Projected for Remainder of Year
Aug 03, 2009
Foreign real estate investors project their investments for the rest of 2009 will substantially out-strip investments completed year-to-date,while equity investors expect they will place seven times more than current year-to-date investments, according to the results of a recent survey released by the Association of Foreign Investors in Real Estate.
Mortgage Banking
Economic Update - Deutsche Bank Offers Grim View of U.S. Mortgages
Aug 07, 2009
Like a trailer for a monster movie, a new report by Deutsche Bank is promising scary things in the not-too-distant future. Assuming that housing prices continue a decline, the percentage of underwater mortgages might rise to 48 percent of the total, or roughly 25 million loans, by the first quarter of 2011. The bank is predicting that U.S. home prices will decline a further 14 percent from current prices by the first quarter of 2011.
Economic Update - MIT/CRE Index Takes Hit in 2Q09
Aug 05, 2009
Commercial real estate took a drubbing in the second quarter, according
to Massachusetts Institute of Technology Center for Real Estate, whose
index tracking commercial properties sold by institutional investors
dropped 18.1 percent during 2Q09. The index is down 32 percent from the
end of 2Q08, and 39 percent from its mid-2007 (that is, bubble) peak.
Economic Update - Disney Weighs in on the Economy
Jul 31, 2009
Is Disney a major lagging indicator for the U.S. economy? Maybe. In any
case, Walt Disney Co. CEO Robert Iger sounded like a central banker on
Thursday during the company's second-quarter conference call: "We do
see signs of economic stabilization, but the pace and strength of
recovery remain uncertain, and we are managing accordingly," he said.
Investment Banking
Economic Update - Glimmers of Recovery on the Horizon
Aug 10, 2009
In news that caught most everyone's attention on Friday, the U.S.
Department of Labor said that the nation's unemployment rate actually
went down 10 basis points in July, to 9.4 percent. It's being called a
sign of stabilization because monthly changes in the unemployment rate
that small tend to be revised out of existence eventually, but at this
point, "stabilization" looks pretty good.
Economic Update - Roundtable Survey Finds CRE in Poor Mood
Aug 06, 2009
The latest quarterly survey by the Real Estate Roundtable, released
Wednesday, found the commercial real estate sector in a funk, squeezed
by poor financing prospects, decreasing valuations and lower demand for
commercial real estate of all varieties.
Institutional Investment
SL Green Lands $145M for Refinancing of NYC Office High-Rise
Aug 06, 2009
Flying in the face of the still chilly credit market, SL Green Realty
Corp. has managed to get its hands on a $145 million leasehold mortgage
for the refinancing of the 1.2-million-square-foot office tower at 420
Lexington Ave. in Midtown Manhattan.
Economic Update - MIT/CRE Index Takes Hit in 2Q09
Aug 05, 2009
Commercial real estate took a drubbing in the second quarter, according
to Massachusetts Institute of Technology Center for Real Estate, whose
index tracking commercial properties sold by institutional investors
dropped 18.1 percent during 2Q09. The index is down 32 percent from the
end of 2Q08, and 39 percent from its mid-2007 (that is, bubble) peak.
Prices Drop in Second Quarter, MIT Index Finds
Aug 03, 2009
Prices for commercial real estate dropped at a record level in the second quarter despite an increase in sales, according to an index developed by the Massachusetts Institute of Technology Center for Real Estate. In a report released on Monday and first appearing on Reuters, the center quoted its index as finding that property sold by major institutional investors dropped 18.1 percent, to a level that is down 22 percent for the year, 32 percent from a year ago and 39 percent from its mid-2007 peak, despite transaction volume that increased for the first time since last summer. The decline is greater than the 27 percent drop in the late 1980s/early 1990s and even with it when adjusted for inflation, which brings both periods to a 41 percent drop.
REITs
CBRE Investors: The Time to Buy is Now
Aug 05, 2009
For the most part, the investment community has been holding back on
commercial real estate acquisitions, waiting and waiting for the market
to hit bottom. But according to a new report by CB Richard Ellis
Investors, while the bottom may not be at hand just yet, it's close
enough.
Net Leasing
Net Lease Players Thinking Small to Get Deals Done
Aug 04, 2009
While the net-lease investment market remains sluggish in the face of
the lingering economic uncertainty, buyers and sellers still looking to make deals are finding it necessary to adapt their strategy.
For some, that means simply making fewer moves. But others have been
able to stay active by setting their sights on smaller deals.
Lending
Multi-family Mortgage Originations Down 54 Percent from Same Time Last Year
Aug 07, 2009
Commercial and multi-family mortgage originations haven’t escaped the trickle down of the recession and the credit crunch, with volumes 54 percent below last year's second quarter and 83 percent below the peak seen in the second quarter of 2007, according to the Mortgage Bankers Association's Quarterly Survey of Commercial/Multifamily Mortgage Bankers Originations.
Highwoods Closes on $162M in Secured Loans
Aug 07, 2009
Highwoods Properties Inc. closed on two secured loans totaling $162 million, one a $115 million, six-and-a-half-year loan provided by New York Life Insurance Co. at a fixed rate of 6.875 percent, secured by a pool of 10 assets in Nashville, Raleigh and Tampa, and the other a $47.3 million, seven-year loan from Western-Southern Life Assurance Co. at a fixed rate of 7.5 percent, secured by the office portion of RBC Plaza in Raleigh. Highwoods used a portion of the proceeds to pay off in full the $91 million outstanding under its $450 million unsecured credit facility.
Hypo Real Estate Reports $1B Loss
Aug 07, 2009
Hypo Real Estate Holding AG, the only German lender that has been nationalized, with a current 90 percent holding, reported a 750 million euro, or $1.1 billion, loss in the second quarter. And its chief executive predicted continued losses, with a return to profitability delayed until 2012, according to the Associated Press.
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