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 [...]
Read More >>Who Are The Largest Firms Investing Internationally For US Clients? Here’s The Top 10
November 6, 2009
Tweet We previously posted a top ten list of the largest firms who handle investments in US real estate for foreigner. Somebody emailed us wanting to know who the top 10 money management firms were who invested internationally on behalf of US investors. Here they are below, ranked by tax-exempt status as of about mid-2009. [...]
Read More >>JP Morgan Unloads Seattle’s Chase Center For $115M
September 11, 2009
Tweet A sale in Seattle by JP Morgan of the fomer WAMU headquarters for $115M ($123 psf) is a striking display of where values are today. The approximately 900,000 square foot, Class A tower was built only three years ago by Washington Mutual. JP Morgan acquired what is now Chase Center through its acquisition of [...]
Read More >>JP Morgan Looking to Unload 7M SF of Office Properties
August 12, 2009
Tweet After going on an acquisition spree, JP Morgan has began marketing 23 office properties for sale. The properties span 8 different states, and total some 21,000,000 square feet. The WSJ is estimating that the portfolio sale could fetch north of $1B, a far cry from what the assets would have garnered 2-years ago. The [...]
Read More >>Outfoxing The Fox
June 11, 2009
Tweet There’s a great story in the WSJ about a clever CDS trade that resulted in JP Morgan, Bank of America, and RBS losing their shirts. This story is interesting on multiple levels, one of which is it highlighting how the loose regulatory system has caused the introduction of exponential amounts of risk into the [...]
Read More >>Canary Wharf Owner’s Teetering on Default
March 26, 2009
Tweet Bloomberg is reporting that Songbird, the company created in 2004 to acquire London’s Canary Wharf, is getting close to violating its debt covenants. Songbird owns about half of Canary Wharf, the 97 acre area along the Thames River that is home to many financial institutions in London. According to the article, Songbird is currently [...]
Read More >>Banks Bracing For CRE Defaults
March 23, 2009
Tweet An article in Bloomberg this morning provides some additional detail on bank exposure to commercial real estate. Most of the banks seem ready to take on the losses, but they don’t seem too worried, which is quite reminiscent of the early days of the crisis in the residential sector. According to the article: The [...]
Read More >>JPMorgan To Cut 12,000 From Washington Mutual
February 28, 2009
Tweet JPMorgan Chase announced that it will be cutting some 12,000 positions from its newly acquired Washington Mutual Banking unit. In addition, the bank indicated that it will be cutting a further 2,000 investment banking jobs. The good news is the bank is profitable. Something which isn’t all that surprising considering the fact that the [...]
Read More >>JP Morgan and Citibank to Halt New Foreclosures
February 13, 2009
Tweet JP Morgan (JPM: 53.66 +0.58%) and Citibank (C: 50.52 -0.02%) both announced that they will halt new foreclosures for owner-occupied homes until around the first week of March as the government works on a bailout plan to help homeowners. Unfortunately, Countrywide already tried this back in mid-2008. What happened was that there was a [...]
Read More >>Jamie Dimon, CEO of JP Morgan Says Worst of Crisis Yet to Come
January 15, 2009
Tweet Jamie Dimon, CEO of JP Morgan (JPM: 53.66 +0.58%) has predicted that the worst of the economic crisis is yet to come. In an interview with the financial times, Dimon said “The worst of the economic situation is not yet behind us. It looks as if it will continue to deteriorate for most of [...]
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