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Commercial Finance and Lending

Tishman Walks on Stuy Town

January 25, 2010

Tweet Tishman Speyer and company has decided to throw in the towel on Stuyvesant Town. This comes as little surprise as they were so far under water on the deal that it would be rather meaningless for lenders to keep them in the deal. Tishman originally paid $5.4B for the asset back in 2006 and […]

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California Unemployment Rate Hovers at 12.4%

January 22, 2010

Tweet Unemployment in California is sitting pretty steady, and now sits at 12.4%. December of 2008, the unemployment rate was a 8.7%. The job market continued to be extremely weak, with 80% of the states reporting an increase in unemployment. The biggest sectors to lose jobs over the past twelve months are: Construction, down 16.1% […]

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Fitch: Life Insurers To Face More Losses

January 22, 2010

Tweet Fitch is predicting that US Life Insurers (a la MetLife) may be looking at an additional $15B in commercial real estate related losses. The estimate is that they have taken about 25% of the losses thus far, and most of the losses will take place within the next two years. The life insurers have […]

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Bair: Bank Charge Offs Related to CRE Higher in 2010

January 22, 2010

Tweet The Chairwoman of the FDIC, Sheila Bair, indicated that the charge-offs will continue. Federal Deposit Insurance Corp. Chairman Sheila Bair said in a speech that regulators expect banks to report higher delinquencies and charge-off rates for commercial real estate properties in the first three months of 2010. Speaking to the Commercial Mortgage Securities Association, […]

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Rosen on the Housing, Mortgage, and CRE Markets

January 20, 2010

Tweet Kenneth Rosen, Chairman of the Fisher Center at UC Berkeley recently provided his take to the FCIC (Financial Crisis Inquiry Commission) on the current state of the market as it relates to housing, mortgages, and commercial real estate, as well as policy remarks on moving forward from here. The entire document is embedded below, […]

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Laub: Commercial Real Estate Prices Close to “Bottom”

January 20, 2010

Tweet Kenneth Laub, CEO of Kenneth D Laub & Co., a New York real estate advisor was on Bloomberg. He provided a pretty clear analysis of what’s going on, and that is prices are tied directly to a stabilization in unemployment. He also did a good job of indicating that some of the most troubled […]

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S&P Cuts California Bond Ratings

January 14, 2010

Tweet California’s situation is getting worse, and S&P has taken notice by dropping its bond ratings for the second time in a year. California now has to spend more money on interest for any bonds it issues, exacerbating the budget crisis in the state and putting more pressure on the government to raise taxes at […]

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Macklowe’s Back as CMBS Delinquencies Continue To Rise

January 6, 2010

Tweet After suffering some pretty big losses over the past two years, Harry Macklowe is back. This time he has teamed up with CIM Group to take control again of the development site on Park Avenue in New York. The partnership between Macklowe and CIM will pay off about $510M of debt on the site, […]

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Uncertainty Looms in Investment Real Estate

January 6, 2010

Tweet Robert Knakal has written an article for the Observer detailing the various mechanisms the FED has at its disposal to address liquidity in the market. Just reading the article gives me a headache. Not because it’s confusing, but because there are just so many variables now in play that it becomes nearly impossible to […]

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A “Bloodbath” In Silicon Valley

January 5, 2010

Tweet Bloomberg is out with a hit piece on Silicon Valley’s office space market. More than 43 million square feet (4 million square meters) — the equivalent of 15 Empire State Buildings — stood vacant at the end of the third quarter, the most in almost five years, according to CB Richard Ellis Group Inc. […]

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