October 30, 2009 - New Federal Guidance on Prudent Commercial Real Estate Loan Workouts
The Federal Deposit Insurance Corp., the Federal Reserve, the Office of Thrift Supervision and the Office of the Comptroller of the Currency released a new policy statement to assist examiners in evaluating institutions’ efforts to renew or restructure loans to creditworthy CRE borrowers. The statement supports prudent commercial real estate loan workouts, stressing that performing [...]
October 29, 2009 - Beige Book Shows Scattered Bright Spots
The Federal Reserve Board released the latest Beige Book this week showing either stabilization or modest improvements in many sectors, but still finding commercial real estate on shaky legs with conditions described as either weak or deteriorating. An excerpt:
Commercial real estate continued to weaken across the 12 Districts, although even this sector had scattered bright [...]
October 28, 2009 - Landlords Cut Rent and Raise Incentives for Office Buildings
The Wall Street Journal published an article examining the current climate for office building owners who are looking to keep the tenants they have in the face of one of the worst commercial real estate markets in decades. It’s noted that while businesses are struggling they’re also delaying property decisions and, in some cases, forced [...]
October 27, 2009 - MBA Commentary: Mortgage Slump, More Changes to Come
Mortgage applications slumped again last week marking the third decline in three weeks, despite the slight dip in rates moving from 5.07% two weeks ago to 5.04% last week, reports the Mortgage Bankers Association (MBA). The association also released its forecast for 2010, summarized in CPE, “the good news is that the recession is over; [...]
October 26, 2009 - Capmark Financial Files for Bankruptcy Protection
Capmark Financial Group, the commercial real estate finance company, filed a voluntary petitions for relief under Chapter 11 of the U.S. Bankruptcy Code in the U.S. Bankruptcy Court for the District of Delaware on Sunday. In the filing, Capmark listed assets of $20.1 billion and debts of $21 billion. “The Capmark bankruptcy reinforces that, in [...]
October 23, 2009 - Wall Street Journal Tracks Failed Banks
U.S. Bank failures for 2009 have passed the 100 mark, with 106 counted banks having fallen by market’s close on October 23, the largest number since 181 collapsed in 1992 during the savings-and-loan crisis. The pace of the failures has been slowed, however, with 24 seizures in July, 11 in September and 11 in October, [...]
October 21, 2009 - BB&T Leases Hines’ Richmond Office Space
Branch Banking & Trust Company (BB&T) signed a long-term lease for 140,380 square feet of office space in the West Tower of Riverfront Plaza in Richmond, VA this month in a plan to relocate and consolidate their Richmond-based regional headquarters office, their brokerage operation Scott & Stringfellow, and BB&T Capital Markets from nearby Richmond locations. [...]
October 20, 2009 - New Legislation to Regulate Derivatives
The House Financial Services Committee has approved legislation that will, for the first time ever, require the comprehensive regulation of the over-the-counter (OTC) derivatives marketplace. With this new legislation all standardized swap transactions between dealers and large market participants must be cleared and traded on an exchange or electronic platform. The bill does exempt commercial [...]
October 19, 2009 - Green Initiative Gets Boost in California with New Bills
Governor Schwarzenegger signed two new bills in California this month advancing the state’s solar initiatives and incentives for homeowners and businesses. AB 920, authored by Assembly member Jared Huffman (D-Marin) and sponsored by Environment California, will require utility companies to credit property owners for any extra electricity produced by the customer’s rooftop solar power system. [...]
October 16, 2009 - Cupertino Square Finds $60M Investor
Cupertino Square, formerly Valco Fashion Park, has been sold for $60 million to Vallco Shopping Mall LLC, led by Tram Be out of Vietnam according to Báo ??t Vi?t. As of last September, Gramercy Capital held a $113 million construction loan on the property; the owners later filed bankruptcy in San Jose federal court. The [...]
