GS Whitehall Funds Down to Last $30M … From $1.8B!
April 16, 2010
Tweet And you thought that Morgan Stanley Real Estate Funds were the only players in town who had an expertise in losing massive amounts of money. The Financial Times is reporting that Whitehall Street International, GS’s international REF has essentially been wiped out. The fund is down to its last $30m, from about $1.8bn, a [...]
Read More >>DDR Issue Signals Slow Return of CMBS Market
November 16, 2009
Tweet Developers Diversified Realty is issuing about $400M in commercial backed mortgage securities (CMBS) in a sale that is reportedly three times oversubscribed. The highest quality tranche is reported to go at about 4%, which is about 280 bps above the 1-year LIBOR, which is pretty good. Of course, part of what is driving the [...]
Read More >>CRE Dominoes: 8000 Marina Blvd Defaults
November 12, 2009
Tweet 8000 Marina Blvd, the 193,519 square feet Class A office project in Brisbane has gone into default. The building was acquired by Broadway Partners in 2006 for approximately $54M ($280 psf). Broadway, on its website is reporting that it disposed of the asset in August of 2007 though we’re not quite sure to who. [...]
Read More >>Bankers Head to Church!
November 4, 2009
Tweet Barclays Plc Chief Executive Officer John Varley stood at the wooden lectern in St. Martin-in-the- Fields on London’s Trafalgar Square last night and told the packed pews of the church that “profit is not satanic.” The 53-year-old head of Britain’s second-biggest bank said banks are the “backbone” of the economy. Rewarding high- performing bankers [...]
Read More >>CRE Dominoes: Capmark Hitting The Fan
October 24, 2009
Tweet Well the reports are that Capmark is finally ready to file BK. This was something that has been on the radar for quite some time, but seems things are nearing the end with reports that a filing could come as soon as this weekend. Capmark is/was a large commercial lender, though what this deal [...]
Read More >>Government Sachs Exec To SEC Enforcement Post
October 18, 2009
Tweet The Securities and Exchange Commission tapped Goldman Sachs Group Inc. executive Adam Storch on Friday to serve as the agency’s first-ever chief operating officer of the enforcement division. Well, we can all surely rest easy now. Goldman seems to have now moved an executive over to their US Government desk, the SEC. This move [...]
Read More >>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 [...]
Read More >>Goldman Revises CRE Loss Estimates
September 30, 2009
Tweet Goldman Sachs has revised its expectations for CRE losses, and is concerned about exposure of banks and insurers with lots of CRE assets on their books. The Bank of Americas, Wells Fargos, and JP Morgans of the world are generally considered to be “too big to fail”, but community and regional banks holding a [...]
Read More >>Goldman Sachs Is The Devil
June 29, 2009
Tweet That’s Matt Taibbi’s theory at least. Check out this article in Rolling Stone about how GS has been behind every major bubble, and how there is a commodity bubble brewing (with GS being the chief architect). On a side note, I’ve heard from clients that there are brokers at a certain CRE brokerage firm [...]
Read More >>Bank of America Announces Job Cuts; 35,000 Over Next 3 Years
December 11, 2008
Tweet Bank of America (BAC: 13.19 -0.60%) announced today that it will be eliminating approximately 35,000 jobs over the next three years. Bank of America, with its acquisition of Merrill Lynch complete early next year will have a combined workforce of some 308,000 employees, meaning that they are trimming more than 10%. This is just [...]
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