CBRE Seizes Opportunity in Vacant Dealerships, Ramps Up Automotive Group
The closure of nearly 2,000 Chrysler and General Motors auto dealerships across the country, which has caused hardship for many former franchisees, is presenting a windfall of marketing opportunities for commercial real estate brokers including Los Angeles-based CB Richard Ellis (CBRE)....
Capmark’s Troubles Highlight Plight of Many CRE Lenders
With more than $1.6 billion in second-quarter losses and plans to sell off its most viable business operations, Capmark Financial Group Inc. provides a painful example of the turmoil plaguing many large lenders to the commercial real estate industry. ...
PwC Survey: Defaults Could Jump-Start Stalled Distressed Buying Opportunities
Despite rapid deterioration of commercial real estate fundamentals, equity investors have been frustrated with the lack of distressed buying opportunities. ...
Hotel Development Slows Across the Country
The number of hotel projects under development across the country declined by a whopping 27.9% in August over the same period in 2008, a new report shows....
Cousins Takes a Big Hit
Atlanta-based developer Cousins Properties is writing down the value of a new office high-rise in the Buckhead market in Atlanta and negotiating with its creditors to head off an accelerated loan call on the property’s mortgage, which could come as early as March 2010....
Corus Bank Falls Victim to Economy, Condo Loans
Corus Bank, a major commercial real estate lender, disappeared over the weekend after the Chicago-based bank was seized by federal regulators and its offices reopened as part of MB Financial Bank, also based in Chicago....
Commercial Real Estate Delinquency Rates Climb
Delinquency rates for commercial real estate loans continued to rise in the second quarter, the Mortgage Bankers Association (MBA) says in a new report. ...
Las Vegas Apartment Investors Expect Bargains as Fundamentals Slide
Deepening job losses are pushing vacancy rates in the Las Vegas apartment market to historic highs, real estate services firm Marcus & Millichap says in a third-quarter report. ...
Bank of China Provides $120 Million Loan On New York Times Building
How long does it take for a borrower to secure a first mortgage on 21 stories of the New York Times Building? After countless rejections by lenders, about six months, according to Ben Harris, managing director and head of domestic investments for W.P. Carey (NYSE: WPC). The New York investment firm announced today that it has closed a $120 million non-recourse loan on the landmark tower with the Bank of China....
High-Profile Loan Defaults Put Institutional Investors Under Microscope
It has been a cruel summer for several of the nation’s largest and most respected institutional investors when it comes to the commercial real estate market....
Is FDIC Running Out of $?
Now that the Federal Deposit Insurance Corp. (FDIC) has released its latest report on the nation’s banking system, a popular topic of discussion is exactly how much money the FDIC has left to rescue more failed banks....
HCP Acquires $720 Million Stake in Nursing Home Chain
Making a bold statement in a recessionary environment, real estate investment trust HCP has purchased a $720 million stake in the first mortgage of HCR ManorCare, one of the nation’s largest nursing home owners and operators. ...
Integra Realty Resources’ Kevin Nunnink Passes Away
Kevin K. Nunnink, principal and chairman of Integra Realty Resources, has died. Kevin was involved in the valuation, consulting and development business for nearly 30 years. In addition to owning the Integra’s Kansas City, St. Louis and Chicago offices, Nunnink was one of the original founders of Integra Realty Resources, a real estate valuation and counseling companies. ...
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