Finance Lending
Education Realty Nabs $222M
Jan. 06, 2009
Student housing REIT Education Realty Trust Inc. has closed a $222 million secured credit facility, courtesy of Fannie Mae DUS lender Red Mortgage Capital Inc., and is wasting precious little time making use of the proceeds.
Emeritus Closes Refi Deal, Extends $73M Debt
Jan. 05, 2009
Assisted living and Alzheimer's care facilities provider Emeritus Corp. capped the end of the year by ensuring there would be no material maturities hanging over its head in 2009. The company wrapped up the $36.3 million refinancing of seven properties through Freddie Mac, a move that allowed it to pay down and extend an existing debt with Capmark.
3Q GDP Down, 4Q Expected to Be Worse
Dec. 24, 2008
The quarterly report by the U.S. Department of Commerce on the national GDP is something of a lagging indicator. The fact that the U.S. economy contracted 0.5 percent in the third quarter--July to September--might be worrisome, but it only raises the further question of how much contraction will happen in the fourth quarter.
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.
Buchanan Street's Brunswick Looks Back at '08, Eyes Future
Dec. 22, 2008
Robert Brunswick, founder, president & CEO of real estate investment management firm Buchanan Street Partners, spoke with CPN senior editor Eugene Gilligan about the Treasury Department’s rescue package, the major trends of 2008 and what he will be watching for in 2009.
Detroit Gets a Little Relief
Dec. 19, 2008
The Bush administration has decided not to let the auto industry implode on its watch, doling out $9.4 billion to GM and $4 billion to Chrysler from the TARP program, which has seemed to stray somewhat from the financial industrial bailout it was designed to be. Ford, which didn't ask for an immediate cash infusion, isn't getting anything for the moment.
General Growth Gets Extension on $900M Loan, Plans to Sell High-Profile Properties
Dec. 19, 2008
Finally, another small tidbit of good news in the financial scene and this time, it is for one of the headline-grabbing commercial real estate companies--General Growth Properties. The publicly traded REIT said lenders for the $900 million Fashion Show and Palazzo mortgage loans has extended the deadline until Feb.12.
First Industrial Gets $110M Loan for CalSTRs JVs, Discontinues European Operations
Dec. 19, 2008
First Industrial Realty Trust Inc. has obtained a new $110 million term loan facility for its joint ventures with the California State Teachers’ Retirement System (CalSTRS), the second-largest public pension fund in the United States. The news came one day after the REIT said it was discontinuing its European operations as part of a cost-cutting measure.
General Growth Gets Extensions from Lenders
Dec. 18, 2008
General Growth Properties Inc. has reached a forbearance and waiver agreement with its syndicate of lenders on its Fashion Show and Palazzo mortgage loans totaling $900 million. The agreement, in connection with loans that originally had a Nov. 28 maturity date, extends until Feb. 12, 2009.
New SEC Head Faces Tough Tasks
Dec. 18, 2008
President-elect Barack Obama has picked Mary Schapiro to chair the Securities and Exchange Commission. Schaprio was a member of the SEC from 1988 to 1994--originally appointed by President Reagan--and is currently CEO of the non-governmental Financial Industry Regulatory Authority, a post she has held for about two years. She also chaired of the Commodity Futures Trading Commission for two years during the Clinton administration.
Centro Staves Off Liquidation
Dec. 18, 2008
Australia-based shopping center owner Centro Properties Group has avoided liquidation by agreeing to give lenders 90 percent of the company’s stock in exchange for extensions on billions of dollars in debts.
Morgan Stanley Posts $2.3B Loss
Dec. 17, 2008
Yesterday, it was Goldman Sachs. Today it's Morgan Stanley, posting a $2.36 billion loss in its fiscal fourth quarter, which ended Nov. 30. Much of the loss stemmed from older investments that are still losing money, and reduced revenues unable to balance out these continuing losses, as the company managed to do in previous quarters.
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.
Penn REIT Nails $173M in New Financing
Dec. 16, 2008
Pennsylvania Real Estate Investment Trust has closed three new deals, securing a total of $173 million in new financing. Part of the proceeds have been used to repay the $93 million mortgage on Exton Square Mall in Pennsylvania, and another portion will go toward paying off outstanding debts under the company's credit facility.
As Fed Slashes Rates, CPI, Housing Starts Drop
Dec. 16, 2008
Though an interest rate cut had been widely anticipated, the Fed made a more extreme move than many had expected today, knocking down its benchmark interest rate to between 0 and .25 percent, its lowest ever level. The markets rallied in the wake of announcement, with the Dow Jones rising about 370 points by late afternoon.
Industrial Output Sags
Dec. 15, 2008
According to the Federal Reserve, U.S. industrial production decreased 0.6 percent in November compared with October, with a number of sectors' output declining, but especially cars. Manufacturing of motor vehicles and parts fell 2.8 percent in November compared with October, when it was down 3.6 percent from. Year-to-date, auto production is down 21.4 percent.
ProLogis Closes $121M in Financing for Japan Fund
Dec. 11, 2008
Industrial property REIT ProLogis has closed $121 million in financing on behalf of one of its Japan Properties Fund II. The financing is with two separate banks: The Sumitomo Mitsui Banking Corp. and The Chiba Bank Ltd., both in Japan.
Unemployment Flashes Back to Early-80s Level
Dec. 11, 2008
Almost 27 years ago, in early 1982, Ronald Reagan was fairly new in the White House, the Internet was embryonic and a lot of Americans were drawing unemployment benefits. In fact, that was the last time more people were receiving benefits than they are now, according to the U.S. Department of Labor, which pegs the current figure at 4.43 million.
Accel Partners Closes Two Funds
Dec. 11, 2008
Despite all of the bad news, there is at least one bright spot amongst it all with Palo Alto, Calif.,-based Accel Partners closing on two new funds totaling more than $1 billion, according to VentureBeat.com. Best known for backing Facebook, the growth fund is significant because it’s an expansion of Accel’s core practice by broadening its scope with the fund investing in information technology, internet, digital media, mobile, networking, software, and services startups, according to the report.
Holliday Fenoglio Arranges $28M Financing for Oakland M-F Community
Dec. 10, 2008
The Hartford office of Holliday Fenoglio Fowler L.P. has arranged a $28 million first mortgage financing for Landing at Jack London Square, a 282-unit, class A multi-family community in Oakland, Calif. Working exclusively on behalf of Legacy Partners Landing L.L.C., with managing partner Cornerstone Real Estate Advisers, Holliday Fenoglio senior managing director Dana Brome and director Susan Larkin placed the five-year, fixed-rate loan with Freddie Mac.
Automakers May Get Money, New Bosses
Dec. 08, 2008
The White House has let it be known that a deal to bail out the Big Three automakers might come as soon as later today, totaling perhaps about half of what the companies were angling for as recently as last week, or $15 billion to $17 billion in bridge loans.
Ventas Closes $126M in Refis on 8 Assisted Living Communities
Dec. 08, 2008
Ventas Inc. has closed eight first-mortgage loans totaling $126 million through Freddie Mac on eight senior housing communities in three states managed by Sunrise Senior Living Inc. Proceeds of the loan were used to repay in full $71 million of existing debt, secured by the same facilities that was due to mature in mid-2009.
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