Archive for Finance

  • Ponzi investors are awaiting payouts from $4 billion pot
  • Cash for victims came from Jeffry Picower and JPMorgan

A firm hired by the U.S. to distribute $4 billion to victims of Bernard Madoff’s Ponzi scheme has racked up $38.8 million in billings over four years. The investors are still waiting for their first checks, though.

The Justice Department disclosed its payments to Richard Breeden, the Madoff Victim Fund administrator, in response to a Freedom of Information Act request from Bloomberg News. Breeden’s fees, which are being paid from cash in the fund, cover his work through 2016…

Share
Categories : Finance
Comments (0)

The number of buyers using mortgages to purchase London homes fell by almost a fifth in the first quarter as high values and limited supply damped demand.

About 16,700 loans were advanced in the first quarter, a 19 percent decline from a year earlier, according to data published Wednesday by the Council of Mortgage Lenders. The homebuyers borrowed 5.4 billion pounds ($7 billion) in the period, a 22 percent drop…

London Home Loans Fall 19 Percent as Supply, Affordability Bite

Share
Categories : Finance, Real Estate
Comments (0)
Verity Health System will use the 30-year loan to make mandatory seismic upgrades to Seton Medical Center in Daly City, Calif.

Petros PACE Finance and loan originator CleanFund Commercial PACE Capital Inc. have closed on the largest Commercial Property Assessed Clean Energy (C-PACE) transaction ever completed in the C-PACE market through Renew Financial’s C-PACE platform. Verity Health System will use the $40 million loan to make mandatory seismic upgrades to Seton Medical Center, an acute-care hospital in Daly City, Calif. Petros contributed half of the loan…

Largest C-PACE Deal to Fund CA Medical Center Retrofits

Share
Comments (0)
Betterment wants to stake a claim on the wealthy before big banks do.

Citigroup Inc. doesn’t think its richer customers will drop their high-priced money managers in favor of automated investing, but Betterment LLC is betting it can prove the big bank wrong.

The robo-adviser—the largest among independent digital advice startups that popped up after the 2008 financial collapse—has overhauled its entire brand. The shift in marketing and advertising strategy is aimed at attracting more affluent customers just now becoming aware of the option. It’s also not a coincidence that Betterment’s pivot comes as more traditional players such as Vanguard Group Inc., Charles Schwab Corp., and even JPMorgan Chase & Co. are starting to use more technology when offering investment advice…

Share
Categories : Finance
Comments (0)

By the end of 2017, more than half of the company’s guestrooms in Las Vegas will have been upgraded. The renovation is expected to be complete during the second quarter of 2018.

Caesars Entertainment Corp. is launching a $90 million revamp of 1,270 guestrooms at Flamingo Las Vegas. The makeover is expected to be complete during the second quarter of 2018…

Caesars Launches $90M Makeover at Flamingo Las Vegas

Share
Categories : Finance
Comments (0)

A larger-than-forecast decline in new-home purchases in April from the strongest pace in almost a decade indicates a pause in demand in the midst of the busy spring selling season, government data showed Tuesday…

U.S. New-Home Sales Fall More Than Forecast

Share
Categories : Finance, Real Estate
Comments (0)
May
23

Facebook Seattle HQ Commands $286M

Posted by: | Comments (0)
Tristar Capital and RFR Holding have partnered to acquire Dexter Station, a 10-story, Class A office building in the city’s South Lake Union neighborhood.

A joint venture between Tristar Capital and RFR Holding has acquired Dexter Station, a 10-story, Class A office building in Seattle’s South Lake Union neighborhood from Stockbridge Capital for $286 million…

Facebook Seattle HQ Commands $286M

Share
Categories : Finance
Comments (0)
  • Public Investment Fund may eventually control over $2 trillion
  • Saudi fund invested $3.5 billion in Uber Technologies in 2016

Saudi Arabia plans to expand its sovereign wealth fund into the world’s largest. The kingdom took a huge step toward that goal on Saturday when it signed billions of dollars of deals with Blackstone Group LP and SoftBank Group Corp.

The Public Investment Fund, or PIF, is at the center of Saudi Arabia’s efforts to diversify revenue away from oil under an economic transformation plan known as Vision 2030. The fund could eventually control more than $2 trillion, according to Deputy Crown Prince Mohammed bin Salman. The sale of a less than 5 percent stake in oil giant Aramco to the public will provide funds for investment…

Share
Categories : Finance
Comments (0)

The facility will be located in an area of the metro with significant population growth and will be completed by the end of the second quarter of 2018.

Jernigan Capital Inc. has closed on a $9.2 million self-storage development investment in Tampa, Fla., selecting Phillips Development & Realty to build the proposed 70,888-square-foot facility.

The project will be located in an area of Tampa with significant population growth, namely on Falkenburg Road, near the Selmon Expressway. The development will be less than a mile from Top Golf and Bass Pro Shop as well as Westfield Brandon Shopping Centre, a high-end shopping mall with national retailers and restaurants…

Share
Categories : Finance
Comments (0)
The big-ticket project will bring 3 million square feet of retail and entertainment space to East Rutherford, N.J., including the largest indoor DreamWorks Water Park in North America.

Triple Five Group of Cos. now has everything it needs to realize American Dream, a 3 million-square-foot retail and entertainment complex in East Rutherford, N.J. The developer recently closed a $1.7 billion private construction financing deal for the transformational project in the heart of metropolitan New York…

Triple Five Closes $1.7B Loan for American Dream

Share
Categories : Finance
Comments (0)

Home Capital’s troubles started with “unlucky” brokers. That’s what Canadian banks and insurers call the mortgage merchants who get caught submitting fraudulent loan documents.

Home Capital Group Inc. disclosed that 45 independent brokers submittedloan applications that misstated borrowers’ income and other details. A securities regulator accused the company of misleading investors about the fraud, and that sparked a run on deposits at the lender. Yet the brokers, whose names are now on databases maintained by lenders and mortgage insurers, can still win business since they haven’t been pros…

In Home Capital’s Mortgage Mess, Blame the ‘Unlucky’ Brokers

Share
Categories : Finance, Real Estate
Comments (0)

For years, Citigroup employees feared that millions of dollars the bank was moving to Mexico might be suspicious. Yet in many cases, the bank did not alert regulators or step up its monitoring for money laundering, federal prosecutors said Monday.

Even as the Citigroup unit Banamex USA was growing to dominate remittances from the United States to Mexico, the bank did not properly safeguard its systems from being infiltrated by drug money and other illicit funds, prosecutors said…

Citigroup Agrees to $97.4 Million Settlement in Money Laundering Inquiry

Share
Categories : Finance
Comments (0)
Oakpointe Communities and Presidio Residential have received approval for the development of LakePointe Urban Village, a 214-acre master-planned community in Covington, Wash.

A 214-acre master-planned community will soon take shape in Covington, Wash., now that Oakpointe Communities and Presidio Residential Capital have received a requisite thumbs-up for the development called LakePointe Urban Village. Covington’s City Council recently provided the joint venture partners with unanimous approval to move forward with the suburban Seattle waterfront project, which will cost $670 million to develop…

Seattle Lands $670M Mixed-Use Project

Share
Categories : Finance
Comments (0)
  • A boom in investor-backed construction by landlord REITs
  • Single-family rental communities, no lawn mowing required

It was a rare lucrative business for Wall Street in the aftermath of the financial crisis: snapping up properties in foreclosure and renting them out. So good, in fact, that now, as the distressed pool dries up, some investors are refusing to let the rental-model fizzle. They’re building more and more of the houses themselves.

Share
Categories : Finance
Comments (0)
  • New RMBS issuance doubles this year to A$10.5 billion
  • Housing ‘market is extremely stretched,’ QIC economist says

Investors are lapping up mortgage bonds in Australia even as regulators and credit assessors step up their warnings about risks from the nation’s housing market.

New residential mortgage-backed securities issuance has more than doubled so far this year to A$10.5 billion ($7.8 billion) from A$5.1 billion a year earlier, data compiled by Bloomberg show. More than half of the issuance has been fueled by non-bank lenders. Those firms have fewer funding options compared with major Australian banks, which have been favoring unsecuritized debt at a time when costs are close to historical lows…

Share
Categories : Finance, Real Estate
Comments (0)
  • Largest banks exempted due to expected government support
  • S&P downgraded 23 institutions amid credit loss concerns

S&P Global Ratings downgraded the credit scores of almost all of Australia’s financial institutions as it warned about the risks of a property market downturn, though expectations of government support saw the largest banks spared.

Some 23 issuers had their ratings lowered, including Bank of Queensland Ltd., Bendigo & Adelaide Bank Ltd. and AMP Bank Ltd., as S&P warned that the country’s wider economic challenges added to the threat…

S&P Downgrades Most Australian Lenders on Housing Concerns

Share
Categories : Finance, Real Estate
Comments (0)
  • Firm ‘just leapfrogged’ most of infrastructure world: analyst
  • Fund could benefit ‘significantly’ from Trump’s spending plan

Shares of Blackstone Group LP rose to the highest in 18 months after the private equity firm laid out plans for a $40 billion infrastructure fund.

The stock jumped as much as 7.1 percent Monday to $31.99, the highest since November 2015. It traded at $31.64 as of 11:06 a.m. in New York.

Share
Categories : Finance
Comments (0)

The luxury retail destination, developed and owned by Whitman Family Development for more than five decades, will add roughly 340,000 square feet.

Bal Harbour Shops, the renowned 511,400-square-foot luxury retail destination in Bal Harbour, Fla., is on the verge of a $400 million makeover. This week, the Bal Harbour Village council gave the long-awaited final green light for Whitman Family Development, owner and developer of the 52-year-old The Shops, to increase the size of the open-air shopping center to approximately 860,000 square feet…

Bal Harbour Shops to Undergo $400M Expansion

Share
Categories : Finance
Comments (0)

The Education Department on Friday took up an Obama-era plan to streamline federal student loan servicing by moving to a new, single platform for managing the loans of 43 million borrowers.

The department had indicated it might jettison the previous administration’s initiative, which was intended to simplify a system that consumer advocates have complained is overly complex and rife with poor customer service.

Choosing a single vendor to manage the loans also carries risk, as that entity would construct the most visible online government portal since the Affordable Care Act program website, HealthCare.gov

Education Dept. Keeps Obama Plan to Streamline Loan System

Share
Categories : Finance
Comments (0)

Stream Data Centers was tapped to develop the 56,000 square-foot-building by the end of this year. Upon completion, the center will incorporate two utility feeds from two separate substations designed to support 2.4MW of IT data load.

Stream Data Centers agreed to lead the construction work at the latest U.S. Bank data center located in Chaska, Minn. The single-story, 56,000-square-foot facility is expected to cost $250 million to build, and should be operational by the end of this year.

Upon completion, the center will incorporate two separate substations designed to support 2.4 MW of IT data load. The concept for the data center combines structurally enhanced buildings, independent infrastructure and high-quality operations…

Share
Categories : Finance
Comments (0)

As President Trump begins his first presidential trip abroad in Saudi Arabia, an investment company run by one of his top supporters, the billionaire Stephen A. Schwarzman, has secured an enormous investment from the Middle Eastern kingdom.

The company, Blackstone, which Mr. Schwarzman helped found, said on Saturday that Saudi Arabia’s sovereign wealth fund had committed $20 billion to a new investment fund aimed at infrastructure projects, primarily in the United States.

The commitment is about half of the capital Blackstone plans to raise for the fund. All told, including potential borrowed money, the new fund could invest more than $100 billion in infrastructure projects, the company said in its statement…

Share
Categories : Finance
Comments (0)

HFF marketed the sale on behalf of Griffin Capital, who acquired the property in 2007 for $24 million from DPR Construction. The sale of 1450 Veterans Blvd. was subject to a $17.9 million loan held by Northern Trust.

Rees Properties Inc. acquired a three-story, 53,000-square-foot office building in downtown Redwood City, Calif. for $32.3 million from Griffin Capital.

The sale of 1450 Veterans Blvd. was subject to a $17.9 million loan held by Northern Trust. HFF’s Michael Leggett, Gerry Rohm, Ben Bullock and David Dokko represented the seller and were also responsible for procuring the buyer.

Share
Comments (0)
  • Apple, Qualcomm and Saudis are backing new tech fund
  • Son’s spending spree may inflate valuations, crimp returns

When Masayoshi Son was a boy growing up on Japan’s southern island of Kyushu, he kept a notebook to scribble down new inventions he hoped to create one day. Today, the SoftBank founder has almost $100 billion to invest on making the next big thing a reality.

Share
Categories : Finance
Comments (0)
  • Investors include Saudi Arabia, Abu Dhabi, Apple, Sharp
  • Fund targets $100 billion with final close within six months

SoftBank Group Corp. and Saudi Arabia formally announced the first round of capital commitments for the largest-ever technology investment fund, as founder Masayoshi Son seeks to accelerate his financing of cutting-edge technologies and startups.

More than $93 billion has been secured from backers led by the Japanese company and Saudi Arabia’s Public Investment Fund, SoftBank said in a statement Saturday. Abu Dhabi’s Mubadala Investment Co., Apple Inc., Qualcomm Inc., Foxconn Technology Group and Sharp Corp. are also investing, and SoftBank aims to reach $100 billion with a final close within six months. Mubadala committed $15 billion, according to a separate statement…

Share
Categories : Finance
Comments (0)

China Hengshi Foundation Co. is locating new operations in Richland County. The facility is expected to create a little under 50 jobs.

Fiberglass fabric provider China Hengshi Foundation Co. plans to locate its new manufacturing operation in Columbia, S.C. The company will occupy a former Boozer Lumber Truss industrial space. After an $11.1 million investment, 48 jobs will be created at the 111,000-square-foot facility. The Coordinating Council for Economic Development has approved job development credits related to this project.

Share
Categories : Finance
Comments (0)

The 37 logistics facilities and nine office assets are located in key markets including Dallas, Los Angeles, Denver, the Inland Empire and the San Francisco Bay Area.

The JLL Capital Markets team did double duty on the sale of an $854.5 million logistics and office portfolio, completing the transactions of 46 assets in 12 states and securing $475.5 million in acquisition financing.

Brookfield-sponsored private equity funds purchased both portfolios consisting of 37 assets across 7.6 million square feet in logistics facilities and nine assets totaling 1.1 million square feet of office space from TA Realty. The transaction, first announced in early April by TA Realty, includes assets in key metro areas such as Chicago, Dallas, Los Angeles, Atlanta, Boston, Denver, Houston, Las Vegas, Orlando, Washington, D.C., and the Inland Empire and Bay Area in California…

Share
Categories : Finance
Comments (0)
  • CEO Frissora has plans for 90 acres, including Strip frontage
  • Largest U.S. casino owner also eyes international markets

Caesars Entertainment Corp. Chief Executive Officer Mark Frissora wants to develop more than 90 acres the company owns in Las Vegas, including land right in front of Caesars Palace, after its largest unit emerges from bankruptcy later this year.

“We have a lot of real estate that’s underutilized,” Frissora said in an interview with Bloomberg TV Thursday. “We have plans to basically develop all of that very valuable center-strip property as soon as we emerge. Those assets will have a very high-return, low-risk profile.”

Share
Categories : Finance
Comments (0)
  • Asian funds are snapping up collateralized loan obligations
  • Lower-rated CLO slices have outperformed, but some see risks

Asia’s yield-hungry investors have a lot riding on the financial engineers of Wall Street.

Faced with near record-low interest rates at home, money managers in Korea, Japan and China have been piling into complex and increasingly risky structured loan products in America. Their investments in collateralized loan obligations — including the high-yield “equity’’ tranches most exposed to defaults — have helped drive a doubling of issuance in 2017…

Risky and Complex U.S. Loan Wagers Are Red Hot in Low-Yield Asia

Share
Categories : Finance
Comments (0)

The four buildings are located on a contiguous 10.3-acre site in Mount Prospect, Ill., and offer a total of 190,000 square feet of warehouse space.

Clear Height Prospect, the owner of an industrial listing in Mount Prospect, Ill., tapped Avison Young as the exclusive marketing agency for the four-building portfolio. Erik Foster and Mike Wilson, both principals with Avison Young and members of the firm’s National Industrial Capital Markets Group, will lead the marketing efforts on behalf of the seller.

The assets sit on a contiguous 10.3-acre parcel located just north of the Chicago O’Hare International Airport and are 97 percent leased…

Share
Categories : Finance
Comments (0)

An affiliate of Industrial Property Trust Inc. acquired a 98,653-square-foot warehouse property in Lanham, Md. for $13.1 million from Perseus Realty. The property most recently served as the headquarters of Kane Co.’s Office Movers Inc., a commercial moving company that filed for bankruptcy nearly five months ago. Transwestern brokered the disposition on behalf of Perseus.

Located at 10100 Willowdale Road, the asset is seven miles east of Washington, D.C., at the nexus of Interstates 495 and 90 and Route 50. The property contains state-of-the-art features including an above-average loading dock ratio of one dock per 2,600 square feet of storage area, 38-foot clear ceiling heights, ESFR sprinklers and a 3,800-square-foot climate-controlled storage area designed to hold specialized valuables. The property can accommodate both single-tenant and multi-tenant configurations…

Share
Comments (0)
  • Real posts biggest decline since January 1999; stocks tumble
  • The so-called country risk surges most since June 2013

Brazil’s real, stocks and bonds tumbled as a fresh political crisis ensnared President Michel Temer and threatened to derail an agenda designed to pull Latin America’s largest economy out of its deepest recession on record.

Trading on the Ibovespa briefly came to a halt Thursday, sinking the most since 2008, with state-owned companies from Petroleo Brasileiro SA to Banco do Brasil SA among the worst losses. The real posted its biggest slide since 1999 even after the central bank intervened to support the currency. The premium investors demand to own the nation’s sovereign bonds rather than U.S. Treasuries jumped the most since June 2013…

Share
Categories : Finance
Comments (0)
  • Brokers resume business ties with new company directors
  • Mortgage lender still seeks financing to swap pension credit

The black sheep of Canada’s mortgage industry is starting to see support from the flock.

Even as Home Capital Group Inc. issues warnings about the company’s ability to stay in business, a growing number of financial firms, brokers and money managers are backing the company. It now remains to be seen if the support will be enough for the mortgage lender to survive without a backstop from the country’s biggest banks.

Share
Categories : Finance
Comments (0)

SAN FRANCISCO — Bill Maris surprised many people in August when he decided to step down from GV, the huge venture capital fund associated with Google — and left many wondering what he would do next.

Now, he is unveiling his new effort.

Mr. Maris announced on Tuesday that he has opened a new fund, Section 32, with about $150 million under management. It will invest in a variety of industries, from health care to agriculture technology…

After Leaving Google, Bill Maris Is Set to Open New Fund

Share
Categories : Finance
Comments (0)

The solar facility, spread across 887 acres, will generate enough energy to power about 15,000 Texas homes. The city of Garland, Texas signed a 15-year power purchase agreement to acquire the facility’s power and associated renewable energy credits.

Southern Co. subsidiary Southern Power announced the beginning of operations at the 102-megawatt Lamesa Solar Facility in Dawson County, Texas. The project is the company’s third large-scale solar farm operating in the state.

Lamesa Solar consists of approximately 410,000 tracking polycrystalline solar panels on 887 acres and generates sufficient energy to meet the needs of roughly 15,000 Texas homes. The city of Garland, Texas signed a 15-year power purchase agreement to acquire its power and associated renewable energy credits, which it may keep or sell…

Share
Categories : Finance
Comments (0)
  • ETFs in high-yield, emerging markets were popular buys, sells
  • iShares iBoxx High Yield Corporate Bond was top purchase

The most active bets among the largest U.S. college endowments in the first quarter were exchange-traded funds, underscoring a move toward cheap and passive investment strategies.

Four of the five largest public purchases were ETFs, accounting for over $1.2 billion traded, according to data compiled by Bloomberg. The biggest bet was on iShares iBoxx High Yield Corporate Bond ETF, with Harvard University’s endowment leading the way. The Ivy League school added to its position, making it the fund’s biggest publicly traded holding…

Share
Categories : Finance
Comments (0)

LONDON — Nearly nine years after a government bailout during the financial crisis, the Lloyds Banking Group is fully private again.

Lloyds — one of Britain’s four largest lenders — said on Wednesday that it had returned to private ownership after the British government sold its final stake.

The sale is a major milestone for Lloyds and comes five months after the lender made a big bet on the British economy, agreeing to buy Bank of America’s British credit card business for about $2.4 billion

U.K. Government Sells Final Stake in Lloyds Banking Group

Share
Categories : Finance
Comments (0)
  • Growing share of car loans 90 days late or more, N.Y. Fed says
  • Strong borrowers make up bigger slice of new loan originations

Lenders are tightening the spigot on new auto loans, making it harder for U.S. consumers with weak credit to buy a car, data from the Federal Reserve Bank of New York show.

Share
Categories : Finance
Comments (0)

Krista Patterson has joined the firm’s Transactional Department, where she will focus on negotiating and drafting leasing, financing and joint venture agreements for commercial transactions.

Manhattan-based full-service real estate law firm Belkin Burden Wenig & Goldman LLP welcomed Krista Patterson as its newest associate. She will report to the Transactional Department Head & Partner Daniel Altman. Her responsibilities will include focusing on commercial transactions, negotiating and drafting leasing, conveyancing, financing and joint venture agreements.

Share
Categories : Finance
Comments (0)
The companies are investing $350 million in the construction of a 1.2 million-square-foot project that will bring office, retail, luxury residential, student housing and a hotel to downtown Towson.

Towson Row, a $350 million mixed-use development in Towson, Md.’s downtown commercial district that had been stalled for more than a year, will move forward with a new joint venture that brings Greenberg Gibbons on as co-developer with Caves Valley Partners…

Caves Valley, Greenberg Gibbons Team Up in Maryland

Share
Categories : Finance
Comments (0)

High student debt, rising home prices and tight credit swing loans to best borrowers

Want a home loan these days? Increasingly, your credit needs to be almost perfect.

Mortgages continued to concentrate among the least risky U.S. households in the first quarter with almost 61 percent of new home loans going to borrowers with a credit risk score of 760 or above, according to a report published Wednesday by the New York Federal Reserve Bank. That’s a record in a data series that goes back to 2003, when the share was around 30 percent.

Share
Categories : Finance
Comments (0)
  • Average earnings adjusted for inflation decline by 0.2%
  • Wages under pressure despite lowest unemployment since 1975

It looks like those hard times the Bank of England warned about are here already.

Even as unemployment dropped to its lowest in more than four decades last quarter, U.K. workers saw their real earnings fall for the first time in 2 1/2 years, data from the Office for National Statistics showed on Wednesday. That’s particularly problematic for a nation that has relied on buoyant consumers to keep spending, not least as it enters negotiations to leave the world’s largest trading bloc…

Share
Categories : Finance
Comments (0)

The new Thunder Ranch wind facility will have a total installed capacity of almost 300 megawatts and is expected to begin operations by the end of 2017.

Enel S.p.A., through its subsidiary Enel Green Power North America Inc. (EGPNA) has started construction of the 298-megawatt Thunder Ranch wind farm located in Garfield, Kay and Noble Counties, Okla. The facility will be supported by long-term power purchase agreements for the sale of power and renewable energy credits.

Share
Categories : Finance
Comments (0)
  • Saudi Arabian Military Industries is wholly government-owned
  • PIF says company to contribute to Saudi GDP, create jobs

Saudi Arabia’s sovereign wealth fund set up a defense company to help reduce the kingdom’s reliance on foreign purchases and to diversify the economy away from oil.

The Saudi Arabian Military Industries, or SAMI, will manufacture products and provide maintenance services across units, including air and land systems, weapons and missiles, and defense electronics, the Public Investment Fund said in a statement on Wednesday. The company is wholly owned by the government…

Share
Categories : Finance
Comments (0)

RIO DE JANEIRO — Brazil is experiencing a wave of growth in financial technology that will most likely eat into the market share of the country’s huge and long untouchable banks, a new report from Goldman Sachs says.

Entitled “Fintech Brazil’s Moment,” the 45-page research report estimates that the more than 200 financial technology companies in Brazil should generate a potential revenue pool of about $24 billion over the next 10 years. Payments, lending and personal finance are three promising segments, as is insurance, the report found…

Goldman Sachs Sees Big Potential for Fintech in Brazil

Share
Categories : Finance
Comments (0)

Owners Quality Capital and Caerus Group plan to renovate and expand the three adjoining buildings. NGKF Capital Markets’ Jordan Roeschlaub and Daniel Fromm brokered the loan.

NGKF Capital Markets has arranged a $59 million financing for three mixed-use buildings located in Lower Manhattan’s Greenwich Village. LoanCore Capital provided the mortgage, which bears a variable interest rate, paying off a $32 million loan that helped finance the owners’ acquisition of the property in 2015 for a reported $59.7 million, public records show. The assets, located at 827 Broadway, 831 Broadway and 47 E. 12th St., are jointly owned by Samson Klugman’s Quality Capital and Leo Tsimmer’s Caerus Group. NGKF’s Jordan Roeschlaub and Daniel Fromm brokered the loan…

Share
Categories : Finance
Comments (0)
  • Investors divided on whether timing is right for new product
  • Derivatives could reference an index similar to pre-crisis ABX

A new product that would allow investors to short U.S. home loans may kickstart the growth of an infant mortgage-bond market if some money managers have their way.

Derivatives on a pricing index that tracks mortgage risk sold by Fannie Mae and Freddie Mac would help banks support the underlying notes, Roman Shimonov, a director at Annaly Capital Management — one of the largest mortgage-focused real estate investment trusts — said at an industry conference in New York on Monday…

Share
Categories : Finance
Comments (0)
  • Only the wealthiest homeowners would benefit from itemizing
  • Administration says the average family would be better off

U.S. Treasury Secretary Steven Mnuchin has taken pains to stress that the Trump administration isn’t out to kill Americans’ beloved mortgage-interest tax deduction — but a side effect of the plan could turn it into a perk for only the wealthy.

Share
Categories : Finance
Comments (0)
  • Equity market showing less strain than other components
  • Economic growth hit can be limited if stress dissipates fast

With China’s leadership focused anew on curbing the economy’s leverage, Goldman Sachs Group Inc. analysts are rolling out a new gauge of stress in the country’s financial markets.

With corporate bond sales being canceled, stocks sliding and government debt yields climbing in recent months, it’s no surprise that the measure shows an increase in strain. But the financial-stress index, or FSI, has dropped from the recent high in late 2016 and early 2017, and might not necessarily translate to weakness in the economy, Goldman analysis showed…

Share
Categories : Finance
Comments (0)
  • Company said to struggle to raise funds as market matures
  • Other public companies in fin-tech have seen shares decline

Earnest Inc., the financial-technology startup backed by venture capital firms including Andreessen Horowitz, is looking for a buyer as the market for peer-to-peer lending matures, and it struggles to raise new funds.

The San Francisco-based company, which offers student loan refinancing as well as personal loans, is shopping itself for about $100 million, according to people familiar with the matter…

Peer-to-Peer Lending Startup Earnest Said to Look for a Buyer

Share
Categories : Finance
Comments (0)

Trimble-Junction Ventures will redevelop two existing buildings in San Jose. Cushman & Wakefield will lead the leasing efforts for the 176,000-square-foot facility.

Trimble-Junction Ventures has selected Cushman & Wakefield’s Silicon Valley office to lead the leasing efforts for Trimble Tech, a two-building, 176,000-square-foot research and development campus in Silicon Valley. The facility is scheduled for completion in September. The marketing team will comprise Nick Lazzarini, Kalil Jenab, Kelly Yoder and Steve Horton.

Trimble-Junction Ventures will redevelop two existing buildings by upgrading the façade, the landscape and the lobby. The firm will also add an outdoor amenity area…

Share
Categories : Finance
Comments (0)

Singapore home sales more than doubled in April from a year earlier as homebuyer sentiment rallied after the government rolled back some property curbs following a three-year slide in prices.

Developers sold 1,555 units in April, compared with 750 units in the same period last year, according to data released Monday by the Urban Redevelopment Authority. A total of 1,616 units were offered, higher than the 1,527 units in March, when Singapore notched the highest monthly home sales in four years.

Share
Categories : Finance, Real Estate
Comments (0)
  • Firm seeks debt-like financing with those supporting deposits
  • Policy makers say Home Capital’s woes are specific to company

Home Capital Group Inc. is in talks to replace its costly rescue loan from Healthcare of Ontario Pension Plan as policy makers sought to reassure investors there is little sign of contagion in Canada’s financial system.

“I’m talking to all sorts of entities — banks and others on this,” said Alan Hibben, a former investment banker who took founder Gerald Soloway’s place on the mortgage lender’s board. “The replacement on the HOOPP deal is really a debt-like financing, so we’re looking at people who can actually provide deposit note-type support to this thing.”…

Share
Categories : Finance
Comments (0)

JPMorgan Chase & Co. agreed to pay about 125 million euros ($137 million) for an office building under construction in Dublin, according to a person with knowledge of the plan. The person asked not to be identified because the price hasn’t been been announced publicly.

The bank’s Irish unit is buying the 200 Capital Dock building from real estate firm Kennedy Wilson, Toronto-based Fairfax Financial Holdings Ltd. and Ireland’s National Asset Management Agency, Kennedy Wilson said in a statement on Monday. The building, which measures about 130,000 square feet (12,000 square meters) and will be able to accommodate more than 1,000 workers, is due to be finished in the third quarter of 2018…

Share
Categories : Finance
Comments (0)
  • Spending will support efforts outside of beer, such as tea
  • Company to invest in distribution and its 12 biggest breweries

The maker of Budweiser, facing more competition in America from craft brews and cocktails, is spending billions to fight back.

Anheuser-Busch InBev NV will devote $2 billion in U.S. capital spending to bolstering its flagship brands and improving distribution. The money also will help support the company’s forays into “near beer,” alcoholic sparkling water, and other products — like tea — that are far afield from its original mission…

Share
Categories : Finance
Comments (0)

Snap Inc. keeps clawing back losses from last week’s 21 percent swoon, welcome news to any of the institutional owners now detailing stakes in the messaging service — as long as they didn’t bail in the downdraft.

Fidelity Management & Research, New York-based hedge fund Coatue Management and Singapore state investment firm Temasek Holdings Pte were among those listing positions with the Securities and Exchange Commission in filings today. Some were started before Snap went public. Fidelity and Coatue each reportedly participated in pre-IPO funding rounds…

Snap’s Rebound Accelerates After Big-Name Funds Disclose Positions

Share
Categories : Finance
Comments (0)
  • Fund’s first close expected to be wrapped up in 2-3 weeks
  • Mubadala to launch two venture capital funds next month

Abu Dhabi’s Mubadala Investment Co. plans to invest as much as $15 billion in SoftBank Group Corp.’s Vision Fund and start two new venture capital funds to build its technology holdings.

The SoftBank fund will be “wrapped up” in two to three weeks with about $95 billion of commitments, according to Ibrahim Ajami, head of venture capital at Mubadala Capital, the sovereign wealth fund’s investment arm. Mubadala plans to make its investment over the next five years, he said…

Share
Categories : Finance
Comments (0)

Plans for the new mixed-use project include a 26-story, Class A office tower; 235,000 square feet of high-end retail, dining and entertainment; as well as a 34-story residential building.

Ashford Hospitality Trust Inc. has acquired the Nashville Convention, the Renaissance Nashville hotel’s conference facility, from the Metropolitan Government of Nashville and Davidson County and is planning a $400 million redevelopment of the space.

Plans for the new mixed-use project include a 26-story, 385,000-square-foot Class A office tower, 235,000 square feet of high-end retail, dining and entertainment (including the National Museum for African American Music), a 34-story residential building containing over 350 rental units and more than 2,000 parking spaces…

Share
Categories : Finance
Comments (0)

Designed by architectural firm Bjarke Ingels Group, The Eleventh will consist of two towers appearing to be in a semi-twist, on the verge of wrapping around each other.

HFZ Capital Group has everything it needs to keep moving forward with the development of The Eleventh, a 900,000-square-foot luxury mixed-use destination that will take its place on the skyline of West Chelsea in downtown Manhattan. The real estate development and investment company just landed construction financing for the roughly $2 billion project. An article in The Real Deal identified the lender as the U.K.’s Children’s Investment Fund, and put the loan amount at $1.25 billion.

Share
Comments (0)
  • Central bank governor echos finance minister’s reassurances
  • High housing prices remain concerns, they tell Globe and Mail

Bank of Canada Governor Stephen Poloz said Home Capital Group Inc.’s troubles are unique to the mortgage lender and that he sees no evidence they’re spreading to other parts of the country’s financial system.

It’s “pretty clear’’ that Home Capital’s situation is “idiosyncratic,” Poloz told the Globe and Mail in a weekend interview in Italy. His comments echo Canadian Finance Minister Bill Morneau’s remarks in the newspaper a day earlier. Morneau said Home Capital’s risk has been contained and that the financial system is working as it should…

Share
Categories : Finance
Comments (0)
  • Embattled lender includes ‘going concern’ reference in report
  • Management warned of ripple effects if company doesn’t recover

Beleaguered Canadian mortgage lender Home Capital Group Inc. posted its first-quarter results after the close of markets Thursday — and the “slight dip” in profit and revenue was the last thing on anyone’s mind.

The company’s shares are down as much as 20 percent after management said during a conference call Friday that asset sales aren’t likely to happen any time soon and more collateral needs to be pledged than expected. In the quarterly report, the company also confirmed what was widely speculated, they share concerns about Home Capital’s ability to continue as a going concern…

Share
Categories : Finance
Comments (0)