Commercial Real Estate Finance

Posts Tagged ‘CalPERS’

The Week of January 24-30

- Will 2010 set the record for commercial loan defaults?

- Stuyvesant Town and Peter Cooper Village got handed over to creditors.

- Obama was centrally focused on job creation in his first State of the Union Address with little talk of real estate markets.

- The Fed decided to go forward with a plan to end it $1.25 trillion program of mortgage-debt purchases in March.

- Did dealmakers get stuck on the issue of who will negotiate tenant rental concessions at Peter Cooper Village and Stuyvesant Town?
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Editors Note: This post is the first in a three day, three person opinion on the aftermath of the Stuyvesant Town/Peter Cooper Village deal going kaput. Today Dave Jacobs writes about its effect on the capital stack. Tomorrow Rich Weidel examines the effect on the CMBS market. Thursday, Dave Weinstein will explore the world of risk/reward. Stay tuned and enjoy!

So by now I’m sure you’ve heard about Tishman Speyer giving back the keys (deed -in-lieu of foreclosure) to its creditors on the Peter Cooper Village/Stuyvesant Town Apartment deal in Manhattan.  Once the largest price ever paid for a residential building in the world (a record $5.4 billion dollars in 2006) to original developer and seller MetLife Insurance, it is now the poster child for capital market chaos and rapid devaluation.  Rather than tell the sob story again, we’ve decided to look specifically at how this transaction was capitalized, and how it will soon be capitalized. Read the rest of this entry »

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What does a great Commercial RE mind think about the Residential Market?

Sam Zell Shares his thoughts on the shape of the housing recovery

After CalPERS got creamed, they have shifted their focus

And will now be targeting the assets of others who have gotten creamed.

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The Week of January 9-15

- China is trying to prevent its real estate bubble from growing before it bursts.

- CalPERS is planning on taking a public dump on the middlemen who advised them so poorly.

- Will a missed payment on Stuyvesant Town prompt foreclosure proceedings?

- The White House is contemplating taxing banks to recoup TARP losses.

- Jamie Dimon, never one to mince his words, called CRE a “train wreck” this week.
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The Week of December 26-January 1

- Here, you can read about how CalPERS completely and massively screwed itself.

- PREIT led REITs in small cap gainers in 2009.

- Its the end of 2009…just how harsh are the predictions for CRE defaults going forward?

- Dollar General is planning 600 new stores for 2010.

- The Hong Kong waterfront is a hot spot for real estate…just not as hot as once thought.
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The Week of December 5-11

- CRE debt has slowly but surely become a major issue for banks.

- As noted in a post this week, being a mogul elsewhere doesn’t lend success in real estate ventures.

- Centro used a $300M credit facility this week to refinance its debt.

- Citigroup and Wells Fargo took steps this week to exit TARP.

- Pyramid Hotels & Resorts launched their IPO this week.
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The Week of July 18-24

-And the list of failed banks keeps growing, and growing, and growing…

- Most news suggests, and has suggested for a while now, that the hotel sector is in the doldrums.  This news suggest the opposite.

- This just in!  Banks might actually have a plan for the glut of REO they will be facing.

- Zions Bancorp is preparing for the worst by benching 3/4 of a billion bucks. Read the rest of this entry »

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