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CMBS
Fitch: CRE Losses to Increase into Next Year
Oct 22, 2009
Good news in the commercial real estate world seems to be in short
supply these days. In a study released earlier this week by Fitch
Ratings, they’re indicating that losses will increase this year and
next for the U.S. CMBS.
RCA: Recovery Rate on Defaulted Loans Only 60%
Oct 19, 2009
It comes as no surprise that lenders continue to be plagued by
commercial mortgage defaults and, according to a recently released U.S.
Capital Trends report by global research and consulting firm Real
Capital Analytics, the recovery rate on these troubled loans is just 60
percent.
Distressed Debt Sales Likely to Soar
Oct 15, 2009
Like moths to a flame, investors these days are forming around what
some believe could be the biggest distressed debt sales market since
the days of the U.S. savings and loan crisis, according to a recent
Ernst & Young survey.
Mortgage Banking
Economy Watch: No Rush to Build More Houses
Oct 21, 2009
U.S. housing starts posted a gain in September, but only a modest one,pointing to a still-modest rate of recovery for the overall economy.According to the U.S. Department of Commerce, the rate of new homestarted inched upward by 0.5 percent during the month to a seasonally adjustedrate of about 590,000 units. Ever-optimistic economists, it seems, wereexpecting more.
Economy Watch: More Medicine for Ill Housing Market
Oct 20, 2009
The U.S. housing market might not be quite as deathly ill as it was a
year ago, but no one is suggesting--to stretch the health
metaphor--that it will get up and run a marathon any time soon. In
fact, the industry is wheezing and gasping a little at the thought of
the looming expiration of the $8,000 first-timer tax credit, so plans
have been hatched in Congress to keep the credit in place.
Investment Banking
Economy Watch: Capmark Files for Bankruptcy
Oct 26, 2009
Major commercial real estate lender Capmark Financial Group Inc. and
various subsidiaries have filed for Chapter 11 bankruptcy, which last
month the company had warned was coming. The move will allow the
Capmark to reorganize and, very likely, delay selling off some of its
$20 billion-plus in assets at less-than-desirable prices.
Economy Watch - Homebuyer Tax Credit Sees Some Cheating
Oct 23, 2009
In testimony reminiscent of dogs getting credit-card applications
approved back during the mid-2000s credit bubble, a Treasury Department
inspector told Congress that kids as young as four years old have been
able to receive $8,000 first-time homebuyer tax credits. “Some key
controls were missing to prevent an individual from erroneously or
fraudulently claiming the credit,” J. Russell George told the House
Ways and Means Committee’s oversight panel on Thursday.
Economy Watch: Beige Book Describes Modest Recovery
Oct 22, 2009
The Federal Reserve’s most recent Summary of Commentary on Current Economic Conditions,better known as the Beige Book, wasn’t exactly cheerful about the stateof the U.S. economy toward the end of annus horribilis 2009. But itwasn’t precisely pessimistic either.
Institutional Investment
Beyond Banks and Life Companies
Oct 07, 2009
While commercial banks and life companies continue to dominate the limited volume of commercial real estate lending currently taking place, new lending sources are beginning to emerge to replace a portion of the liquidity formerly supplied by the now dormant CMBS market. The three vehicles most often used to raise this new capital are (i) private/non-traded REITs, (ii) publicly traded mortgage REITs and (iii) private equity debt funds.
Economy Watch: MGM Cuts Condo Prices
Oct 06, 2009
In an effort to keep buyers from wriggling out of their deals, and as a
simple acknowledgment that the luxury condo market just isn’t what it
used to be, MGM Mirage and its partner Dubai World are slashing prices
for condos at their City Center development in Las Vegas by 30 percent.
As Gov’t Demand Buoys DC Office Market; ING Makes $73M Sale
Oct 06, 2009
The Washington, D.C., office market may have reached a turning point in
demand as the region experienced improved fundamentals last
quarter—figures propelled by expanded demand for government office
space. And if deals like the recent $73 million sale of an office
building in Falls Church, Va., are any indication, buyers are taking
interest in the area’s strong demographics..
REITs
Compelling Opportunities in International Real Estate
Oct 22, 2009
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Investors in U.S. REITs and other U.S. property companies should consider investing in publicly traded REITs and property companies abroad. Within developed markets globally, the aggregate equity market capitalization of this sector totals $600-plus billion, two thirds of which are outside of the United States. My team and I continue to identify very compelling investment opportunities in international markets and encourage investors to consider “going global” as part of their real estate allocations.
Germany's Promising Discount Retail Market Lures Behringer Harvard
Oct 22, 2009
With the recession having taken a chunk out of consumers' pocketbooks
around the world, the retail real estate market has been struggling for
quite some time, and the situation is no different in Germany. However,
the discount retail sub-sector is thriving in the country, and
Dallas-based commercial real estate firm Behringer Harvard has
positioned itself to capitalize on related development opportunities
with the recent formation of Behringer Harvard German Retail, a joint
venture with Hanover, Germany-based real estate investment and
management company Rahlfs Immobilien GmbH.
Beyond Banks and Life Companies
Oct 07, 2009
While commercial banks and life companies continue to dominate the limited volume of commercial real estate lending currently taking place, new lending sources are beginning to emerge to replace a portion of the liquidity formerly supplied by the now dormant CMBS market. The three vehicles most often used to raise this new capital are (i) private/non-traded REITs, (ii) publicly traded mortgage REITs and (iii) private equity debt funds.
Net Leasing
Specialization Helps Close Deals
Oct 22, 2009
In most sports, coaches use specialists to deal with pressure situations. In football, for example, they will bring in a slash-type runner on offense to cross the goal line or a pass rusher on defense to sack the quarterback. These specialists have specific skills and in many cases prove to be the difference between victory and defeat. For those in real estate, and particularly with Stan Johnson Co., specialization is the maxim for those that want to succeed in these trying times and get deals closed, no matter what the size or complexity.
As Firms Move to Outsource Project Management, CBRE Inks Deal with Cisco
Oct 08, 2009
As companies work to streamline operating efficiencies and cut costs,
the outsourcing of services has become increasingly popular, and real
estate services are high on the priority list. In the latest high
profile outsourcing, CB Richard Ellis Inc. has agreed to a deal to
provide project management services for Cisco Systems.
Finicky Tastes
Oct 07, 2009
The pronouncement earlier this month by Federal Reserve chairman Ben Bernanke that the recession was “very likely over” was scoffed at by some business leaders and economists who believe that, unfortunately, the economy is not out of the woods yet. To the Fed chair’s credit, he did note that while the economy is in recovery, the improvement at least for the short term will be moderate. And the good news, as reported by Real Capital Analytics Inc., is that the net lease market is “a relative bright spot in a dim marketplace.”
Lending
$135M Financing Secured for 1MSF Yonkers Shopping Center
Oct 23, 2009
It's almost like the good old days of 2007 when loans over $100 million
for commercial real estate practically rained from the sky. Undeniably,
those times have not returned, but news that Brooks Shopping Center
L.L.C., owner of the 1 million square-foot Cross County Shopping Center
in Yonkers, N.Y., has gotten its hands on a $135 million first mortgage
to finance the property's redevelopment certainly brings back good
memories.
Fitch: CRE Losses to Increase into Next Year
Oct 22, 2009
Good news in the commercial real estate world seems to be in short
supply these days. In a study released earlier this week by Fitch
Ratings, they’re indicating that losses will increase this year and
next for the U.S. CMBS.
RCA: Recovery Rate on Defaulted Loans Only 60%
Oct 19, 2009
It comes as no surprise that lenders continue to be plagued by
commercial mortgage defaults and, according to a recently released U.S.
Capital Trends report by global research and consulting firm Real
Capital Analytics, the recovery rate on these troubled loans is just 60
percent.
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