Commercial Real Estate Finance

Posts Tagged ‘Morgan Stanley’

Commercial Real Estate Week in Review-June 20-26

-Fed not going to raise interest rates.

-Total amount of distressed commercial real estate down 11% since March.

-Medical Properties Trust acquires 3 hospitals for $74M.

-Commercial real estate prices up 4.7% since October.

-Retail Opportunity Investments Corp (Nasdaq: ROIC) acquires 5 retail centers for $90M.
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Discussing signs of bottom in commercial real estate, with Quintin Primo, Capri Capital co-founder, chairman & CEO.

Anton Troianovski discusses how an $8 billion private equity fund at Morgan Stanley lost nearly two thirds of its value.

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Week of April 11-17

- Jeffrey Lacker, president of the Richmond Fed, said economic growth will be maintained at a moderate pace for the rest of 2010.

- CMBS delinquencies posted the biggest-ever month-over-month increase in March, rising to 6.42% from 5.73% in February.

- Fed takes aim at “amend and pretend” banking practice.

- Changes in hotel management and operations and supply trends will lead to higher profits for high end hotels in 2010.

- Investors are putting money in mortgage REITs despite the delinquency rates on commercial mortgages that have reached new highs. Read the rest of this entry »

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Week of April 11-17

- As more deals come to market, market observers are getting hopeful the commercial mortgage-backed securities market is beginning to revive.

- Cafaro: It’s possible to make money with low leverage.

- Based on guidance reports and other public statements, public REITs are planning to break ground on $1 billion in new development this year.

- Hedge fund manager James Chanos is concerned the rapid price buildup in China’s property market might burst as soon as this year.

- The Fed fears inflation and price deceleration going forward.
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Hint: Stuy-Town's not the biggest

Toward the end of last year, Jerry Ascierto of Apartment Finance Today published a list of the largest multi-family real estate transactions to have taken place in the ‘oughts.’  It’s no surprise that many of these deals were acquisitions of REIT assets considering few private owners own as many units as the large public companies.  The most interesting transaction in the list, in my opinion, is the #1 largest multi-family deal; not because of its size, but because the deal went through in spite of a collapsing CMBS market.  That deal was a harbinger of things to come.  When CMBS financing was unavailable, Fannie and Freddie stepped in to push the deal through.  Hmmm…that sounds like every other multi-family deal that has traded since then.

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For this week’s top ten, Llenrock is looking back at some of the largest M&A deals of the past decade involving a REIT on either side of the deal. While these top ten deals all carry substantial price tags, they are only a small fraction of the $215 billion in total transactions from 2004 to 2009. Not surprising, there were no deals done in 2009. For the complete list of deals see REIT.com’s statistical publications page.

10. Blackstone Group LP acquires CarrAmerica Realty Corp. $5.6 bil
Deal Completed on Jul. 13 2006

9. SL Green Realty Corp. acquires Reckson Associates Realty Corp. $6.0 bil
Deal Completed on Jan. 25 2007
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For the Week of February 20-26

- Should Fannie and Freddie be converted to non-profit, US-owned entities?

- Simon Property Group and General Growth Properties (two of yesterday’s post’s top earners) head to bankruptcy court in the $10 bil buyout deal.

- Can real estate investors bank on Hollywood’s staying power?

- John Klopp of Morgan Stanley sees debt investing as a significant opportunity going forward for investment banks.

- Does a 75% increase in sales volume in December over the prior month signal a true bottom in the market? Read the rest of this entry »

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The PERE 30 (from Private Equity Real Estate Magazine) revealed that the top 30 real estate private equity firms raised $211.9 billion over the past five years, up from $190 billion as calculated by last year’s ranking. Listed are the top 10 largest real estate private equity firms.

As a note: the top two largest firms raised $25.6 billion and $20.15 billion respectively in dedicated real estate funds between January 2004 and April, 2009. Together the pair raised a fifth of all the direct-investment capital secured by the world’s 30 largest real estate private equity firms.

10. Westbrook Capital Partners
Westbrook has raised and invested $10 billion of equity in over $35 billion of real estate transactions in major markets throughout the world. Westbrook’s investment equity is committed by a broad base of institutional investors, which includes public and private pension funds, endowments, foundations, and financial institutions.

9. The Carlyle Group
The Carlyle Group is one of the world’s largest private equity firms, with more than $87.9 billion under management with funds across four investment disciplines (buyouts, growth capital, real estate and leveraged finance). Carlyle has committed more than $3.6 billion of its own capital to its funds.
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This Valentine’s Day, Bill Maher has a message for all of us who are still in an abusive relationship…. with our Bank!

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Here’s a look at some bank chiefs’ most famous quotes pertaining to the last 18 months of economic turmoil.

“‘Tell Tim Geithner to get f**ked.’ When you come that close to really going out of business, call it near death, death experience, the end of the line, whatever you want to call it, your only focus is to make sure your company survives.”
– MorganStanley CEO John Mack didn’t censor himself during an Oct. 14, 2009 speech to student at the University of Pennsylvania’s Wharton School of Business. Mack was recounting the tumultuous days in September when he worked on negotiating a deal with a Japanese bank to inject money into Morgan Stanley and save the bank from a Lehman-like fate. In the middle of Mack’s negotiations, Geithner called, demanding to speak with the Morgan Stanley chief immediately. Geithner’s apparently annoying insistence sparked Mack’s profane rebuke. Read the rest of this entry »

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