- How Will It Go in the Great Atlantic City Real Estate Auction? “A whole city block! A 10.5 acre site on Route 30 surrounded on three sides by water that could be a tech or research center! Thirteen lots along a newly built Boardwalk with views of the inlet and ocean! Does Atlantic City have it all or what? And all, or most, of it will be auctioned at 11 a.m. Thursday, at the Atlantic City Convention Center, when the Great Atlantic City Real Estate Auction will be held to cough up some much needed cash for the city.” (Philly.com)
- Inside the S&P 500: The Real Estate Sector “When GICS was introduced in 1999, REITs were considered alternative investments and rarely found in mainstream indices. The initial recognition step came in 2001 when S&P Dow Jones Indices, after a market consultation, decided that REITs would be eligible for inclusion in the S&P 500. At that time, REITs and other real estate development companies were grouped together with the financials under GICS.” (Seeking Alpha)
- U.S. Judge Gives Caesars Green Light to Pursue Reorganization Plan “The casino operating unit of Caesars Entertainment Corp. can begin seeking creditor votes for a plan to exit its long and contentious $18 billion bankruptcy, a U.S. bankruptcy judge said in court. A confirmation hearing will begin on Jan. 17, 2017, two years after the company filed for Chapter 11 protection. ‘There’s something poetic about that,’ Judge Benjamin Goldgar said Wednesday in U.S. Bankruptcy Court in Chicago. He also said he expected the confirmation hearing to last for several weeks.” (Las Vegas Review-Journal)
- The Most Unaffordable Place to Live in America Is… “The most unaffordable place to live in the U.S. is not San Francisco or Manhattan. It’s Brooklyn. A person earning the average salary in Brooklyn cannot afford the average home there — even if he could spend his entire salary (and then some) on housing, according to a survey released on Thursday by real-estate firm RealtyTrac, which looked at home sales price data in 417 of the most populous counties in the U.S. as well as average wage data from the Bureau of Labor Statistics.” (MarketWatch)
- Walker & Dunlop Snaps Up $4B Mortgage Servicing Portfolio “Walker & Dunlop Inc. has completed the purchase of a $3.8 billion commercial mortgage servicing portfolio from a subsidiary of Oppenheimer Holdings Inc. for $44.6 million. The portfolio consists of 480 permanent loans insured by HUD. The portfolio is geographically diverse, with loans in 43 states, the District of Columbia and the U.S. Virgin Islands. Walker & Dunlop projects that the annual servicing revenue from the acquired portfolio will be about $6.4 million.” (Multi-Housing News)
- Economy Watch: AIA Index Surges Upward “Spurred by a still-active multifamily market and solid levels of demand for new commercial and retail properties, the American Institute of Architects’ latest Billings Index accelerated to its highest score in nearly a year in May. The index came in at 53.1, up sharply from 50.6 in April. This score reflects an increase in design services (any score above 50 indicates an increase in billings). Also, the new projects inquiry index was 60.1, up from a reading of 56.9 the previous month.” (Commercial Property Executive)
- Macy’s Announces CEO Lundgren Will Step Down “Department store Macy's , which has battled sluggish sales the past year and cries for big changes from an activist investor, has finally set in motion a long-awaited succession plan for its CEO post. The company announced on Thursday morning that current Macy's president, Jeff Gennette, who has spent 33 years at the company, will assume the role of CEO in the first quarter of 2017. Gennette was previously elevated to president in 2014.” (The Street)
- Freddie Mac Sells Off $706M in Delinquent Loans “By auction, Freddie Mac has sold from its mortgage-related investments portfolio 2,879 “deeply delinquent” non-performing loans serviced by Bayview Loan Servicing LLC. The sale is expected to settle in August, after which servicing will be transferred. The loans, which totaled $706 million in unpaid principal balance, were offered as five separate pools, three of them geographically diverse Standard Pool Offerings.” (Commercial Property Executive)
- Brodsky Refis 1 Columbus Place with $250M Wells Fargo Loan “The Brodsky Organization refinanced a 729-unit rental property and an adjacent school near Columbus Circle with a $250 million loan from Wells Fargo. The family-run firm, headed by Daniel Brodsky, received an $81.19 million loan on the dual 49-story towers at 400 West 59th Street, also known as One Columbus Place, property records filed with city Wednesday show. Brodsky also consolidated the balance on two existing loan.” (The Real Deal)
- Guess Which Failing Department Store Tries to Cash In on Orlando? “’Green’ stands front and center in this tone-deaf Orlando ‘tribute’ sales display. JCPenney has constructed a cringe-worthy display at its Manhattan Mall store, with a ribbon-bedecked ‘Orlando’ banner. The display invites shoppers to consider both the massacre, which left 49 dead, and a rainbow assortment of career wear.” (New York Post)
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