Commercial Finance and Lending
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, [...]
Read More >>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 [...]
Read More >>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. [...]
Read More >>Credit Suisse Being Sued For High Loan-To-Value Loan
January 4, 2010
Tweet Credit Suisse is being sued in Montana for allegedly making loans based on inflated appraisals, so that it could take over when the debts couldn’t be repaid. Classic. This would set a pretty gnarly precedent if the lawsuit goes anywhere. Blixseth is suing for losses from his property at the Yellowstone Club in Montana, [...]
Read More >>$30M For Circque De Soleil
December 29, 2009
Tweet The LA Times has an article out discussing the CIM Group and the investments and loans it has attracted. Locally, CIM has been a fairly active player in the region over the past few years. In San Jose it is known best for being part of the team behind Tower 88. This spring CIM [...]
Read More >>Jon Kanas on 2010 Bank Outlook and CRE
December 23, 2009
Tweet John Kanas, CEO of BankUnited was on CNBC providing his outlook for banks in 2010. Back in August, he was on CNBC and projected over 1,000 banks to fail over the next two years. He was back on recently, and his thoughts on the market have remained fairly unchanged. His thoughts are that commercial [...]
Read More >>Investors Jostling for FDIC Assets
December 23, 2009
Tweet The FDIC has received over a dozen bids for a $1.1B pool of mortgage assets made by now-failed banks. This would mark the second largest sale of FDIC assets since Starwood’s acquisition of Corus Bank assets back in October. No word on how that deal is going, but the deals the FDIC is structuring [...]
Read More >>Moody’s Commercial Property Price Index Falls Again
December 21, 2009
Tweet Moody’s/REAL CPPI is down again. For the month of October, the index dropped another 1.5% from the previous month’s levels. Prices are now the lowest they’ve been since August 2002 according to the index. Prices are down 36% year-over-year, and 44% off the peak reached in late 2007. The numbers are gloomy, but there [...]
Read More >>7 Banks Go Down Today; 2 In California
December 18, 2009
Tweet Another Friday, another few banks taken over by the FDIC. Today’s list…. First Federal Bank of California, Santa Monica, CA Imperial Capital Bank, La Jolla, CA Independent Bankers Bank, Springfield, IL New South Federal Savings Bank, Irondale, AL Citizens State Bank, New Baltimore, MI Peoples First Community Bank, Panama City, FL RockBridge Commercial Bank, [...]
Read More >>CBRE Selling State of California Buildings For .08% Fee
December 18, 2009
Tweet The numbers speak for themselves. The six groups vying to handle the massive sale-leaseback transaction for the State of California were: CBRE, HFF, Eastdil Secured, Jones Lang LaSalle, Cushman & Wakefield, and The Palmer Team. The winning bidder was CBRE, whose bid was .08%. That’s right, one-twelfth of 1%. And they weren’t even the cheapest! [...]
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