Finance Mortgage Banking
Shares of Fannie, Freddie Down Again
Aug. 20, 2008
Shares of Fannie Mae and Freddie Mac plummeted yet again today on renewed fears of the possibility that the government may be forced to bail out the beleaguered institutions.
U.S. Hotel Deals Down 81 Percent Mid-2008: JLL Report
Aug. 20, 2008
The volume of U.S. hotel transactions for the first six months of 2008 plunged 81 percent from the year-ago period, to $6 billion, according to a Jones Lang LaSalle Hotels. The firm based the conclusion on its proprietary database, which tracks transactions $10 million deals and above. In the first quarter 2008 transaction volume was relatively stronger at $3.4 billion.
Douglas Emmett Nabs $365M Loan
Aug. 19, 2008
Douglas Emmett Inc. has announced that it has obtained a non-recourse $365 million term loan to refinance the bridge loan that was obtained in connection with the REIT's acquisition of a six-office portfolio on March 26, 2008. This new loan is secured by the six-office portfolio.
Apollo to Pursue Additional RE Debt Acquisition
Aug. 19, 2008
There's little doubt that debt, besides being the raw material of the real estate crunch, is also a pretty hot commodity in some ways, as property values decline and loan-to-value ratios shift. In recent weeks, as reported by CPN, such investors as the new Investcorp Real Estate Credit Fund L.P. and Inland American Real Estate Trust have been eager to snap up real estate debt.
Report: Fannie, Freddie May Need Government Assist
Aug. 18, 2008
The U.S. Treasury is likely to have to recapitalize the two sagging government-sponsored enterprises, Fannie Mae and Freddie Mac, and may have to accomplish that goal with taxpayer money.
PMI to Sell Australian Operations to QBE Insurance for $920M
Aug. 15, 2008
Just one week after stating its Australian operations were delivering solid results, The PMI Group, a mortgage insurance company, announced today it has agreed to sell its Australian subsidiary and related holding company to QBE Insurance Group for approximately $920 million. The two companies also reached an agreement in principle for the sale of Hong Kong-based PMI Asia to QBE, Australia’s largest international general insurance and reinsurance group, for about $55 million.
Investcorp Forms $1B Entity to Acquire RE Debt
Aug. 07, 2008
Though the acquisition of real estate debt isn't new, current market conditions seem to have given investors new impetus to acquire such debt. Recently, Investcorp’s U.S.-based real estate group formed a new entity, Investcorp Real Estate Credit Fund L.P., to do just that, and more recently, it has closed on real estate debt valued at $210 million for an undisclosed, but presumably discounted, price.
Commercial Mortgage Delinquencies in California Up Only Slightly
Aug. 04, 2008
The bad news is that commercial real estate loan defaults in California have tripled since last quarter and doubled since a year ago, according to the latest quarterly report from the California Mortgage Bankers Association. The good news is that even the latest, higher figure is only 0.06 percent, nearly a record low. The second-quarter CMBA survey found only seven loans that were more than 30 days delinquent, out of 10,794 commercial real estate loans included in the survey. In addition, 15 of the 17 commercial lenders that responded to the survey reported no loans more than 30 days delinquent.
$54M Financing Deal Closes for Suburban Philly Shopping Center
July 25, 2008
Pennsylvania Real Estate Investment Trust has secured $54 million in financing on Paxton Towne Centre, the company's 703,000-square-foot shopping center in Harrisburg, Pa., less than 15 miles from Philadelphia. The transaction marks PREIT's third financing deal within the last month.
ING Sells Roosevelt Raceway Center on Long Island for $103M
July 24, 2008
ING Clarion Partners L.L.C. has sold the Roosevelt Raceway Center in Westbury, N.Y. The New York office of Holliday Fenoglio Fowler L.P. announced the finalization of the $103 million sale and arranged financing, representing the buyers, the Mattone Group and Gartenstein Properties, who put up $32.3 million in cash. The property consists of 427,000 square feet of retail stores and condominiums. The deal also included a $70.7 million fixed-rate loan from New York Community Bank.
Updated: Bush Drops Resistance to Housing Bill; Passes House
July 23, 2008
Despite his objections over a $3.9 billion provision that would assist communities devastated by foreclosures, President George W. Bush has dropped his opposition to housing rescue legislation. He was previously threatening to veto the legislation.
Administration’s Fannie, Freddie Bailout Could Cost $25B
July 22, 2008
The Congressional Budget Office (CBO) has submitted a report to the House Budget Committee on the Bush Administration’s proposal to provide temporary authority to Treasury Secretary Henry Paulson to purchase any amount of obligations and other securities issued by Fannie Mae, Freddie Mac and the Federal Home Loan Banks.
W. P. Carey Closes European Sale-Leaseback
July 21, 2008
W. P. Carey & Co. has reported that CPA(R):16 - Global, its publicly held non-traded REIT affiliate, has provided approximately 19 million euro of sale-leaseback financing to Schoeller Arca Systems through the acquisition of two manufacturing facilities located in Monheim, Germany and Nurieux, France.
Bernanke: Housing Crisis at Heart of Economic Woes
July 15, 2008
Federal Reserve Chairman Ben Bernanke told the Senate Banking Committee today the housing crisis coupled with rising oil prices are “at the heart of the current (economic) uncertainty.”
General Growth Closes Part 1 of $1.8B Loan
July 14, 2008
Chicago-based General Growth Properties Inc. has wrapped up the initial phase of a new secured mortgage loan facility that is expected to total $1.75 billion. The retail REIT pocketed $875 million with the closing of the first segment of the loan.
What’s Next for IndyMac?
July 14, 2008
Variously called the second- or third-largest bank failure in U.S. history, the implosion of IndyMac over the weekend raises the question of what’s next--next for the bank, and next for other banks that might find themselves in similar difficulties.
Observers: Healthy Fannie, Freddie Key to Recovery
July 14, 2008
The Bush Administration unveiled plans on Sunday to aid Fannie Mae and Freddie Mac, the U.S.’s two largest mortgage finance companies, as concerns continue to mount about these government-sponsored entities.
Landmark Boston, NYC Properties Acquire Financing
July 08, 2008
While deals may be slowing down, Holliday Fenoglio Fowler L.P has arranged two deals--one for $85 million for the Boston Harbor Garage in Boston and one for $90 million refinancing for 401 West 14th St., a 62,000-square-foot retail and office building in Manhattan’s Meatpacking District.
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As concerns continue over commercial real estate loans and commercial investment, the real estate industry turns to Commercial Property News for the latest news and insights. Leaders in commercial real estate understand the value of CPN's commercial mortgage banking coverage and the financial news that directly affects their business decisions.
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