Finance CMBS
A Bailout for Commercial Real Estate?
Dec. 22, 2008
"Right now, we believe there is insufficient systemic capacity to refinance expiring, performing commercial real-estate loans," reads a letter from a dozen commercial real estate trade groups to Treasury Sec. Henry Paulson, according to the Wall Street Journal this morning. In other words, the commercial side of the business, long perceived as relatively healthy compared with the residential side, is warning of dire straits ahead unless refinancing money is available in the near future.
CMBS Delinquencies Speeding Up: Fitch
Dec. 22, 2008
Back in January 2008, long before the capital markets took their astonishing twists, Fitch Ratings made a sobering prediction: By the end of the year, its CMBS loan delinquency index would be double or triple the 0.28 percent recorded at the end of 2007. Fitch’s crystal ball turned out to be right on the money. On Friday the ratings agency reported that CMBS delinquency reached 0.64 percent for November. At this pace, Fitch projects that CMBS delinquencies could hit 2 percent by the end of 2009.
ProLogis Buy Eases Debt Squeeze on European Unit
Dec. 22, 2008
Facing a looming CMBS debt maturity next summer, ProLogis European Properties is getting some much-needed breathing room from its corporate parent. In a deal valued at about 43 million euros, or $61 million, Luxemborg-based PEPR is selling ProLogis a 20 percent share of a private investment fund.
Loan-Extension Picture Could Be a Lot Worse
Dec. 17, 2008
In the first decline since July in the delinquency rate among U.S. commercial real estate loan collateralized debt obligations, that rate fell from 3.13 percent in October to 2.80 percent in November, according to the latest information from Fitch Ratings.
$334M in Commercial Mortgages are Likely to Default, Bank of America Buys Stake in China Construction
Nov. 19, 2008
While Wall Street rebounded Tuesday in another turbulent session as investors rushed back into the market after the Standard & Poor's 500 index tested a 2003 low, the market for debt used to finance hotels, offices and shopping malls tumbled Tuesday on worries that the long-feared rise in defaults for commercial mortgage-backed securities had begun, possibly ushering in the next phase of the financial crisis, according to the Wall Street Journal.
$1B CRE Finance Company Makes Debut
Nov. 13, 2008
Ladder Finance Capital L.L.C. has announced that it is up and ready to do business. Based in New York City, the new firm will specialize in commercial real estate finance--certainly a market in the midst of some upheaval. The company has approximately $1 billion in equity and debt capital to put to use.
Latest Rate Cut Only Partial Answer, But Every Little Bit Helps: Marcus & Millichap’s Hughes
Nov. 03, 2008
Last week’s move by the Federal Reserve to trim a benchmark interest rate may have only a modest impact on its own. But any steps that can ease the credit squeeze or stabilize investor confidence can only help in the long run, says William Hughes, senior vice president & managing director of Marcus & Millichap Capital Corp., the capital markets affiliate of Marcus & Millichap Real Estate Investment Services Inc.
Special Report from ULI: Debt Crisis—or Equity?
Oct. 31, 2008
“I actually think we’re in an equity crisis, not a debt crisis,” declared John Kukral, president of Northwood Investors, speaking on the capital markets session that opened the ULI/Stan Ross Real Estate Trends Conference on Wednesday during the Urban Land Institute’s Fall Meeting. He referred to the lack of equity invested in real estate properties.
Deutsche Bank Takes Piece of Rosen Real Estate Securities
Oct. 29, 2008
RREEF Alternative Investments, the global alternatives asset management business of Deutsche Bank’s Asset Management business has announced that it has signed an agreement to acquire a significant minority interest in Rosen Real Estate Securities L.L.C.
Bush Reassures, Buffett Buys American, Germans Think Big (and Act Fast)
Oct. 17, 2008
Speaking at the U.S. Chamber of Commerce building near the White House this morning, President Bush tried to reassure investors and the public that although the ongoing financial/credit crisis won’t be over soon, the federal government’s programs now under way are “big enough and bold enough to work.”
McCain, Obama Offer New Economic Plans Aimed at Main Street Voters
Oct. 15, 2008
In the wake of the final presidential debate last night at Hofstra University on Long Island, N.Y., both candidates have developed and presented economic plans aimed at addressing key concerns for many Main Street voters and calming their fears over the financial crisis.
Financial Market Update: After the Closing Bell-Wed., Oct. 15
Oct. 15, 2008
Oops, there it goes again. At the end of the day Wednesday, the Dow Jones Industrial Average was down some 733.08 points, or 7.87 percent. Most of the Monday's surge has evaporated. The Standard & Poor's 500 was off 9.03 percent, and the Nasdaq lost 8.82 percent. What's stampeding investors now? Bad numbers from the wider economy, especially retail sales.
As Global Bailout Efforts Increase, All Eyes on Washington
Oct. 10, 2008
Even as nonstop efforts continue around the globe to contain the worldwide financial-credit crisis, there’s a sense of anticipation as the Group of Seven finance ministers and central bank heads meet in Washington starting today.
CSV Acquires $214M Mezzanine Loan on Hotel Portfolio
Oct. 06, 2008
Carlton Group has reported that Carlton Strategic Ventures, CSV, the principal investment and merchant banking group of the Carlton Group, has acquired a $214 million participation in the M7 mezzanine loan tranche on the Extended Stay Hotels portfolio. The M7 loan tranche is a senior mezzanine level tranche with over $1 billion of subordinate debt and borrower equity. The M7 mezzanine loan is part of a $7.4 billion financing provided by Wachovia Bank, Bank of America, Merrill Lynch, and Bear Stearns to fund the acquisition of Extended Stay Hotels Inc. by the Lightstone Group in June 2007.
Ciena Capital Seeks BK Protection
Oct. 01, 2008
Allied Capital has announced that Ciena Capital L.L.C., a portfolio company of Allied Capital, has voluntarily filed for bankruptcy protection.
Big Government, Big Spender
Sept. 21, 2008
A weekend of frantic activity in Washington's halls of economic power has produced a government approach that is diametrically opposite from what conservative administrations might be expected to favor—an enormous big-government plan to intervene in the free markets and to have taxpayers buy $700 billion of bad debt from the troubled financial sector.
Bacon: Stabilized Fannie, Freddie Will Aid U.S. Housing Market
Sept. 11, 2008
The move by the U.S. government to put Fannie Mae and Freddie Mac into conservatorship will stabilize the two giant government-sponsored entities, said Kenneth Bacon, executive vice president of housing and community development for Fannie Mae. The result of the government's move means that the two agencies "are very much in business," said Bacon, this morning's keynote speaker at the Cityscape USA conference in New York.
Former HUD Secretary Never Expected Fannie, Freddie Move
Sept. 10, 2008
“I never expected such a day to come,” said Henry Cisneros, executive chairman of CityView and former Secretary of the Department of Housing and Urban Development under President Bill Clinton. He was speaking of Sunday, Sept. 7, when President George W. Bush announced the federal government’s takeover of Fannie Mae and Freddie Mac.
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