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Commercial Finance and Lending

Gulf States Takes Steps Toward Unified Currency

December 16, 2009

Tweet Several Gulf States are taking the steps necessary to create a pan-arab currency. The core group of countries consists of Saudi Arabia, Kuwait, Bahrain, and Qatar. The Gulf currency – dubbed “Gulfo” – is likely to track a global exchange basket and may ultimately float as a regional reserve currency in its own right. […]

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State of California Offloading Buildings To Fill Budget Shortfalls – What A Disaster

December 11, 2009

Tweet As economic pressures mount, the The State of California has retained CB Richard Ellis to sell off 17 of our buildings. The portfolio represents around 8 million square feet. The buildings include the Elihu M Harris building in Oakland, the Earl Warren building in San Francisco, and the PUC building in San Francisco. I’m […]

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CMBS Delinquency Rate Continues To Rise; Inland Western Issues $500M CMBS Deal

December 10, 2009

Tweet CMBS loans delinquent beyond 30-days now stands at about 4.47% according to Moody’s. The low was reached in late 2007, at .22%. The number is up 46 basis points month-over-month. Hit the hardest is the hospitality sector, where the delinquency rate is at 7.8%. In other news, JPMorgan sold off $500M of CMBS for […]

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Lembi Fallout Hitting Tamalpais Bank Hard

December 10, 2009

Tweet San Francisco magazine is out with a detailed update on the Lembi apartment fiasco in SF, replete with attachments and all. Tamalpais Bank made most of the Lembi loans between December 2007 and April 2008. In spring 2008, the bank’s parent company announced record earnings and assets, propelled in part by expansion of its […]

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Morgan Stanley Handing Back 1.2M Square Feet of SF Assets

December 9, 2009

Tweet As we indicated last month, Morgan Stanley is handing back the keys on billions of dollars worth (former worth, that is) of Class A San Francisco property. The properties are going back to the mezzanine lender, AREA Property Partners. The question now is what is AREA going to do with the assets considering that […]

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Bloomberg CRE Videos: Delinquencies and Impact on GE

December 8, 2009

Tweet Jaime Woodwell, vice president of commercial real estate research for the Mortgage Bankers Association, talks with Bloomberg’s Carol Massar and Matt Miller about the commercial real estate market. Delinquencies on commercial mortgage-backed securities rose to a record in the third quarter as unemployment rose and landlords struggled to retain tenants. Bloomberg’s Greg Miles reports […]

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ProLogis and AMB Present at Goldman Conference

December 7, 2009

Tweet ProLogis and AMB presented at the Goldman Sachs Commercial Real Estate Symposium in New York. Despite the risks that still exist, both groups are seeing more reasons to be optimistic. One interesting point on the webcast was that even through the peak, there were not that many large industrial portfolios that were backed by […]

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Banks Not Even Half Way Through CRE Writedowns

December 3, 2009

Tweet Moody’s is estimating that banks still have about $336B in write-downs to take next year, with $186B of that stemming from commercial real estate. While residential real estate is widely assumed to have peaked, and is spread across a large number of banks, commercial real estate losses remain on the back burner and are concentrated amongst […]

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Clock Ticking For Morgan Stanley Fund V

December 3, 2009

Tweet We had covered Morgan Stanley’s troubles in the recent past, including its walking away from its massive Crescent deal, and the looming troubles it is facing on the CNL deal (think Maui Prince), and the Blackstone/Equity Office assets it acquired at the top of the market. WSJ has a piece on the CNL deal […]

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CalPERS Considers Showing Blackrock The Door

November 26, 2009

Tweet The WSJ is reporting that CalPERS is considering dropping Blackrock as an investment advisor to the pension fund after a disastrous year. Amongst the investments Blackrock steered CalPERS into was the Stuyvesant Town/Peter Cooper Village deal in NY. That deal has very likely cost CalPERS all of its investment of $500M. But of course, […]

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