New FHA Rules Make Life Tough For Condo Sellers
October 7, 2009
Beginning, October 1st, the FHA has instituted new rules around loans on condos. The full letter is embedded below. The new rules are pretty dramatic, particularly for new condo and vacation-unit developments seeking FHA approval. The rules require at least 50% of the units in the project to have been sold for new product, and [...]
Read More >>Starwood Gets Corus; Pays 60 Cents on the Dollar
October 7, 2009
A group led by Starwood Capital and TPG Partners officially won the auction for the Corus Bank assets. It was reported that the group paid about $500M more than the nearest competitor for the deal, which raised some eyebrows. The deal has investors putting in about $550M for a 40% stake in a company that [...]
Read More >>Starwood Reportedly Winner of Corus Bank Assets
October 2, 2009
The WSJ is reporting that a group led by Starwood Capital is the likely winner of the auction for Corus Bank’s commercial real estate assets. The “face” value of the assets is about $5 Billion according to the article, and the deal is far from done. Starwood recently raised a big chunk of change through [...]
Read More >>Hines to Raise $3.5B in IPO
August 15, 2009
Following on the heals of the IPO which raised $800M for Starwood, Hines has announced its intentions to raise some $3.5B through a public offering. The company intends on using the proceeds to acquire both property and debt on both US and international property. It will be interesting to see how the money will actually [...]
Read More >>Starwood Capital To Raise Up to $800M in IPO
August 11, 2009
Starwood Capital originally planned to raise up to $500M in an IPO to acquire commercial real estate assets, but has now decided to increase the size of the offering to $800M. This is interesting for two reasons. The first is that it signals that the big players are getting ready to come off the bench [...]
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