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Commercial Finance and Lending

Tishman Loses Stuyvesant Town Ruling

October 22, 2009

Tweet A court of appeals today ruled that Tishman unlawfully raised rents at Stuyvesant Town and could be forced to pay back millions. The massive Stuyvesant Town/Peter Cooper Village project is a huge project that we previously posted about. This project was originally acquired for some $5.4B. Estimates at the time of our post were […]

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RREEF, RREEF, and RREEF

October 19, 2009

Tweet The Registry has three recent articles out, all of them hitting on RREEF. The first article discusses the SF Employee Pension, and the hit they’ve taken on their real estate investments – to the tune of about $650M. The most significant unrealized net-asset value losses occurred in three portfolios managed by three well-known pension […]

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Moody’s Commercial Property Price Index Continues Fall – Down 40% From Peak

October 19, 2009

Tweet The August numbers for Moody’s CPPI are out, and they are still deteriorating. The latest numbers indicate a further 3% drop in August marking a 41% drop from the peak. Commercial real estate prices are forecast to fall additional 17 percent through the fourth quarter of next year, Goldman Sachs Group Inc. said in […]

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CRE Dominoes: Stuyvesant Town About To Go

October 14, 2009

Tweet Tishman and Blackstone teamed up to acquire Stuyvesant Town in New York back in 2006 for a whopping $5.4B. The project encompasses some 11,000 apartments across 54-buildings. The acquisition strategy included efforts to convert rent-controlled units to market-rate units, but a lawsuit has put the ice on that (sounds like Page Mill Properties and […]

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Morgan Stanley to Take Hit on Crescent

October 14, 2009

Tweet Morgan Stanley was one of the most aggressive investors during this last boom cycle. Their activities included the acquisition of the EOP San Francisco portfolio for some $2.5B, and the August 2007 purchase of Crescent Real Estate Equities for $6.5B (if you include the debt), and other smaller deals such as providing the debt […]

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The Seven New Mortgage Laws

October 13, 2009

Tweet Schwarzenegger has signed seven new laws into place designed to make the mortgage market less casino-like. The most interesting one, perhaps is SB 239, which now makes it a felony to commit fraud on a mortgage loan application. We’ve embedded the bill below and it seems this law is not confined to residential since […]

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Friday Tidbits: Goldman, AIG, Private Equity

October 9, 2009

Tweet AIG Headquarters Going Residential The buyer of AIG’s headquarters building, Young Woo, has plans to flip out the top portion of the building as condos. The building was bought for around $100 psf in June. Various estimates peg the price the condos could fetch at $1,000 – 2,000 psf. [via WSJ] Goldman Working on […]

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Apartment Investors Out In Full Force

October 8, 2009

Tweet You would think increasing unemployment, falling rents, and increasing competition from investors putting rental units on the market would have multi-family investors worried, but this has not been the case. We hinted at how hot the market was about a week ago when we posted on deflation, but with plenty of agency debt available, […]

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New FHA Rules Make Life Tough For Condo Sellers

October 7, 2009

Tweet Beginning, October 1st, the FHA has instituted new rules around loans on condos. The full letter is embedded below. The new rules are pretty dramatic, particularly for new condo and vacation-unit developments seeking FHA approval. The rules require at least 50% of the units in the project to have been sold for new product, […]

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Fed Concerns About Commercial Real Estate Grow

October 7, 2009

Tweet The Federal Reserve is becoming increasingly concerned about commercial real estate. A Fed presentation reviewed by the WSJ indicates the body’s concern over the speed with which banks are recognizing commercial real estate losses and that the banks are on a similar track as when they were slow to react to the residential crisis. […]

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