Commercial Real Estate Finance

Posts Tagged ‘economic recovery’

Commercial Real Estate Week in Review-June 6-12

-Obama to Congress: Get reform bills reconciled before G-20.

-GE Capital to cut real estate portfolio by 50%.

-Cassidy Turley looking to compete with Jones Lang LaSalle (NYSE: JLL) and CB Richard Ellis in commercial real estate.

-JP Morgan (NYSE: JPM) to potentially sell $700M+ in CMBS at 50bps higher than RBS (NYSE: RBS) did in April.

-Is the financial industry already changing before the regulations take effect?
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In past banking crises in Sweden, Britain, the U.S. and Asia, taxpayers picked up the cost of bailing out troubled institutions because the government had to act quickly to contain the problem and the banks had been so battered they couldn’t repay the money. Now, regulators want to tax banks to avoid the worldwide catastrophe that was the credit crisis from ever happening again.  More importantly, should such a thing happen again, governments want to avoid having to go to their constituency and explain why they are using taxpayer dollars to bail the banks out. A plan is gaining momentum both here and abroad.  The bigger question might be: in what form will the tax take, and are there any advantages/disadvantages?

Basically there are four different options: Read the rest of this entry »

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Which one of these kids is doing their own thing?

What is interesting about this chart?

I’ll give you a hint: it’s the blue line. More specifically, it’s the bit at the end that pops up when all the others go down. Read the rest of this entry »

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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 November 14-20

- The bond market has a healthy appetite for TALF-backed CMBS.

- CRE is getting blamed left and right for the slow economic recovery.

- Is the CIT Group bankruptcy a sign that government rescue plans don’t work?

- Is CRE a bigger risk to smaller banks?

- Dozens of banks are in trouble despite TARP aid.
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The Week of September 12-18

- Is this a good thing or a conflict of interests? CBRE has taken assessment services in-house.

- Ugh. According to the optimistic economists, we might be facing the slowest recovery since 1945.

- Regulators closed down Corus Bank, which among other failed condo projects, funded the Murano in Philly.

- A $43M hotel refi?  In this climate?  Wow.

- The Treasury has changed tax rules in an attempt to help restructure CMBS.
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10. Tulsa (projected vacancy rate in 2010: 19.2 percent, up 2.2 percentage points from 2008). The oil and gas sector was an albatross in the 1980s, when Tulsa suffered from a severe energy bust. But in recent years energy (along with healthcare, aerospace, and government) has helped sustain Tulsa’s economy. Employment and economic growth are much better than national averages, and unlike in other cities, most big construction projects have stayed on track. With new buildings coming online, the overall vacancy rate will stay high until the economy fully rebounds. But it will worsen only slightly in 2010 and probably start to improve by 2011.

9. Pittsburgh (17.3 percent, up 2.4 points). This once industrial city wriggled out of the Rust Belt years ago, and the economy now revolves around medicine, technology, and higher ed. At 7.7 percent, the unemployment rate is nearly 2 percentage points lower than the national average. Few people got rich in Pittsburgh during the real estate boom, which seemed to pass the city by. But the bust has spared Pittsburgh as well, with home prices remaining more stable than in most other markets. That leaves the Steel City primed for a recovery. Read the rest of this entry »

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