A Year Like No Other in Commercial Real Estate Finance
Last year started off with a bang. Riding high on a record year for most, lenders rang in 2022 with Gatsby-style swagger and champagne. Entering the second quarter with a spring still in their steps, they popped out loans like hens do eggs, while borrowers were nestled deep in their comfortable nest of cheep — […]
Moody’s: 84 Percent of Maturing CMBS Office Loans to Face Refi Challenges in 2023
Moody’s expects that banks won’t refinance most of the fixed-rate conduit loans due this year Nearly 90 percent of commercial mortgage-backed securities (CMBS) office loans maturing in 2023 will face refinancing challenges, according to new data released by Moody’s Analytics. While the fundamentals of the economy remain strong, commercial real estate sales volumes, lending volumes and […]
Biden-Harris Administration Invests Up to $400 Million to Address Drought, Conserve Water through Production of Water-Saving Commodities
USDA also announces record $2.3 billion investments under the Western Water Framework; Funding builds on Administration’s historic water conservation efforts, which have stabilized short-term western water supply and are investing in long-term solutions WASHINGTON, Aug. 1, 2024 – Agriculture Secretary Tom Vilsack announced the U.S. Department of Agriculture (USDA) will invest $400 million with at […]
Miami Developer Edgardo Defortuna On Building Condos in the Magic City
For decades, wealthy Latin American buyers, looking to stash their riches outside of their native countries, powered Miami’s luxury condo market. It was Edgardo Defortuna who helped open the doors to them. Originally from Argentina, Defortuna founded Fortune International Group back in the 1980s, to broker deals for a Latin American clientele and manage their properties. Over […]
Miami CRE Investment Sales Drop 80% From 2022 Peak
Miami’s once seemingly unstoppable investment sales market appears to have come to a screeching halt, with an 80 percent annual dropoff across all commercial real estate asset types in the first quarter of 2023, according to a report from brokerage Dwntwn Realty Advisors. The numbers indicate that the rapid rise of interest rates throughout 2022 is hitting […]
Arlington’s Park Shirlington Apartments Being Converted to Affordable Housing
Standard Communities has received $46.6 million in federal housing loans to transform Park Shirlington, a 294-unit apartment building in Arlington, Va., into affordable housing. Walker & Dunlop secured the Federal Housing Administration (FHA) financing through the U.S Department of Housing and Urban Development (HUD). “There is a tremendous lack of affordable housing options in the […]
Posthaste: More than half of Toronto new condo investors are losing money for the first time
Investors losing as much as $1,000 a month renting out new condos It’s getting tougher to be a condo investor in Toronto. For the first time last year, more than half of investors in newly completed condos with a mortgage were losing money on their rental properties in the Greater Toronto Area even as rents soared to […]
New drawings of the transformative 800 Granville redevelopment proposal
The full official rezoning application for the redevelopment proposal 0f 800 Granville Street has finally been made public, after it was published today by the City of Vancouver on its public consultation website. It is a sign of momentum for this transformative project, which promises to provide a strong economic engine anchor for revitalizing the […]
Key Data Points on CRE Exposure and Its Impact on Regional and Community Banks
High CRE Loan Exposure: Regional and community banks hold a substantial share of CRE loans, with these loans making up 28.7% of assets at small banks, compared to only 6.5% at larger banks. Small banks account for 70% of the total $5.7 trillion CRE market, indicating their significant involvement in this sector. Refinancing Challenges: A […]
