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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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Wall Street Displays Its REMIC Magic

September 30, 2009

Tweet The hardest thing to explain is the glaringly evident which everybody had decided not to see. – Ayn Rand Well, the “professionals” of wall street are back after a short hiatus (actually they never really quit). Trying to find a way to move worthless paper and reduce capital requirements, they are are re-stacking the chips through […]

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Tax Credits and The Law of Unintended Consequences

September 29, 2009

Tweet Calculated Risk has a great post on how tax credits designed to move the housing market are leading to additional pressure on banks, holders of CMBS, owners, and ultimately taxpayers. The rental vacancy rate for housing in this country is already at some 10.6% as of the second quarter, 2009. The tax credits are […]

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Prudential on Life After Debt and The Funding Gap

September 25, 2009

Tweet At the NAIOP Capital Markets event last week, one of the overriding themes was the shortfall in debt markets that would occur in the absence of a meaningful recovery of the CMBS market. The CMBS markets will eventually return, but it will be a much-tamed reincarnation of itself – and even then there will be a […]

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Treasury Reworking Tax Rules to Help Dampen Commercial Real Estate Fallout

September 16, 2009

Tweet The Treasury today introduced new tax rules to help services, borrowers, and lenders to modify loans without having to worry about triggering tax penalties. Until now, tax rules have made it difficult for borrowers who are current on their payments to hold restructuring talks with the servicers of these bonds. Developers and investors complain […]

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Commercial/Multi-Family Delinquency Rates Continue Hike Up

September 11, 2009

Tweet The Mortgage Banker’s Association released second quarter delinquency rate numbers for all commercial and multi-family groups. Loans falling under the umbrella of CMBS and those made by bank’s and thrifts are seeing rapid increases in delinquency rates while Freddie, Fannie, and life company loans are holding up fairly well. Between the first and second […]

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Commercial Real Estate Worries Grow

August 30, 2009

Tweet Indeed, many property developers and investors complain there is no way to identify the investors that hold their debt and that it is difficult to negotiate with CMBS servicers. In light of the complaints, the Treasury is considering guidance that would allow servicers to start talking about ways to avoid defaults and foreclosures sooner, […]

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NAR August 2009 Commercial Real Estate Outlook

August 24, 2009

Tweet NAR has put out its August outlook for commercial real estate. Again, not much new here, but I post these because investment in real estate follows a bit of a herd mentality; so as long as the news is bad across the board, you can generally expect people to sit on the sidelines and […]

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Keys Being Handed Back to Lenders on Southern California Portfolio

August 12, 2009

Tweet In an effort to eliminate drag, Maguire Properties has decided to walk away from seven Southern California properties. The debt on the properties total some $1 Billion. Four of the properties were acquired from Equity Office in 2007, which is not surprising since the properties were acquired at the peak of the market. In […]

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CMBS Delinquency Forecast At 5%+ By End of Year

August 10, 2009

Tweet According to Fitch, CMBS delinquencies are increasing at a rate of $2 Billion per month. July delinquencies stood at 3.04%, the highest since 2001 when they began being tracked by Fitch. At the current clip, the delinquency rate could be at 5% by the end of the year, and into the six’s in 2010. […]

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