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Among the many silly ideas floating around Washington these days about how to re-regulate Wall Street is that old chestnut about separating investment banking from commercial banking.

It’s getting a fresh look after Gary Cohn, the powerful head of President Trump’s National Economic Council, supposedly told a private gathering of the Senate Banking Committee recently that the Trump administration would be open to the idea. The president has yet to confirm publicly that he would support such legislation…

Bring Back Glass-Steagall? Goldman Sachs Would Love That

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Sand Lake Corners North, shadow-anchored by Wal-Mart, is currently 92 percent occupied, with a majority of long-term leases from longstanding tenants.

Transwestern has been retained to sell Sand Lake Corners North, a 151,487-square-foot, Class A community shopping center in Orlando.

The property, shadow-anchored by Wal-Mart, is located at 8115 – 8379 S. John Young Parkway in the area’s tourist corridor…

Highly Coveted Orlando Mall Hits the Market

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  • April asking values decrease 1.5% y/y, Rightmove says
  • Central areas leading the drop as high prices put off buyers

London house prices posted their largest annual drop in almost eight years in April as buyers shunned the capital’s central areas.

The average asking price in the city fell 1.5 percent to 636,777 pounds ($813,000) this month from a year earlier, the largest annual decline since May 2009, property website Rightmove Plc said on Monday. On the month, London asking prices decreased 2 percent.

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President Trump has promised a sweeping tax plan, arriving in the days ahead, that will be “bigger, I believe, than any tax cut ever.” It will aim to bring down individual and corporate rates, simplify the overall tax code and unleash economic growth.

Many tax experts say a key element to any fundamental overhaul is getting rid of certain deductions for businesses — the “special-interest giveaways that are masked as tax breaks,” as House Republicans describe many of them in their own proposal. That is the only way tax rates for much of the country can go down without starving the Treasury, the experts say…

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The company is building a 1.2 million-square-foot distribution center within Brady Commerce Park, which will bring 375 new jobs to the city of Warrensburg.

The footprint of Dollar Tree’s distribution center portfolio is about to increase by 1.2 million square feet, and the City of Warrensburg, Mo., has been selected to play host to the new facility, the Missouri Department of Economic Development just revealed. The project will cost $110 million to complete…

Dollar Tree Unveils $110M Project in Missouri

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  • Appel sees warehousing needs realignment on India tax reform
  • Investment to cover all units including air cargo facilities

Deutsche Post DHL Group will invest 250 million euros ($268 million) in India by 2020 to expand its logistics business and tap demand as the South Asian nation introduces a national sales tax that is set to boost movement of freight.

The goods and services tax will help create bigger distribution centers, Deutsche Post AG Chief Executive Officer Frank Appel said in an interview in Mumbai on Friday. Until now, Indian companies were setting up warehouses in all states to avoid tax burden while the new tax reform may realign the needs of local companies toward larger and fewer mother warehouses, he said…

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The 43-acre, six-building, one million-square-foot center comprises a warehouse and distribution facility, office space, a research and GMP lab, data center, child care facility and truck service facility.

Bayer U.S. hired JLL to market for sale or lease its research and development center in Memphis, Tenn. Vice President Jack Wohrman and Managing Director of Brokerage Russ Westlake will be marketing the property…

Bayer Taps JLL to Market Memphis R&D Asset

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  • SPDR Gold sees biggest daily fund inflow in seven months
  • Investors boost net-long position to highest since November

There’s no stopping the gold bulls.

Hedge funds increased their wagers on a gold rally to the highest since November, betting that this year’s 12 percent advance has more to go. Investors are also loading up on the metal through exchange-traded products, pouring $487 million into SPDR Gold Shares on Wednesday. That was the biggest daily inflow into the world’s top bullion ETF in seven months…

Hedge Funds Jump on Gold as Life Raft Amid Dollar’s Sinking Ship

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  • Hogg resigned after controversy surrounding appointment
  • Departure may leave the MPC short a member for a while

Bank of England Deputy Governor Charlotte Hogg will leave the bank this week, which probably means the Monetary Policy Committee will be one member short for its next meeting.

Hogg, who is also chief operating officer, will serve her final day on Friday. She announced her resignation last month, within weeks of being appointed as deputy governor, after failing to inform the BOE that her brother works for Barclays Plc, which the central bank is partly responsible for regulating.

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Working on behalf of Kennedy Wilson, the company has secured the acquisition financing for a nearly 422,000-square-foot office and warehouse property in Redmond, Wash.

CBRE has arranged the $48.9 million sale of Willows Commerce Park, a Class A, 421,415-square-foot office and warehouse property in Redmond, Wash. Brad Zampa, Mike Walker and Megan Woodring of CBRE’s San Francisco office arranged the five-year, non-recourse, full-term interest only, floating-rate acquisition financing. CBRE worked on behalf of the borrower, Kennedy Wilson’s Fund V.

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  • Citic Capital rejects requests to act as an acquisition bridge
  • ‘Normal investments’ should be allowed, Chairman Zhang urges

Chinese companies seeking overseas acquisitions increasingly covet offshore dollar funds as capital controls make it hard for even state-controlled investment firms to finance deals with domestic resources.

Citic Capital Holdings Ltd., the alternative-investment arm of China’s largest state-owned conglomerate, has been rejecting requests from firms asking to use its dollars as a bridge for buying assets, Chairman Zhang Yichen said in an interview Saturday. The company’s offshore dollar funds have become the only funding option for its own deals, as moving yuan overseas for itself has become “very difficult,” he said…

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  • Billionaire stood accused of benefiting from 2007 merger
  • Creditors had sought $3 billion but will get only $7.2 million

After almost a decade of being haunted by the failure of a leveraged buyout of LyondellBasell Industries NV, billionaire Len Blavatnik has prevailed.

A Manhattan bankruptcy court judge on Friday threw out claims seeking about $3 billion from Blavatnik and his businesses, finding that they hadn’t improperly extracted money from a company while it was already insolvent. The finding, which shows the challenge of blaming leveraged deals or pre-bankruptcy transactions for a company’s failure, could chill optimism among distressed debt investors that they can prevail in similar lawsuits…

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Cypress Financial Center, an 11-story office building at 5900 North Andrews Ave., has secured new commitments from TD Bank and Allied Integrated Marketing.

JLL has closed a lease renewal with long-time tenant TD Bank and a new lease with Allied Integrated Marketing at Cypress Financial Center, a 198,525-square-foot, Class A office building in Fort Lauderdale, Fla. Sandra Andersen, senior vice president at JLL, represented landlord Steelbridge Capital in both transactions, totaling 22,000 square feet.

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For an economy safely out of recession, the tidings on investment in Russia are increasingly grim.

As a broader recovery gathers pace, capital spending by companies is off to a poor start in 2017 after contracting in the past three years. A close proxy for investment — the value of construction works completed — shrank for a fourth month in March in the biggest decline this year, according to data published last week…

Putin Looks for Answers as Investment Flop Shows Flawed Recovery

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Months after state and federal regulators sued Navient Corp. for “systematically” cheating student debtors, the company wants to add more borrowers.

Student loan giant Navient Corp. shouldn’t be allowed to buy $3.7 billion of federal student loans from JPMorgan Chase & Co., current and former government officials have said, because pending government allegations of wrongdoing against the company raise concerns that new customers would similarly be mistreated.

David Bergeron, a former senior U.S. Department of Education official who served under Republican and Democratic administrations, called on Education Secretary Betsy DeVos to block the planned transaction…

Should DeVos Block an Embattled Student Loan Giant’s Expansion?

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In the sleepy world of corporate governance, allegations of extortion are not exactly commonplace. But one of the most contentious showdowns between an activist hedge fund and a public company just got bizarre.

When Klaus Kleinfeld stepped down as the chairman and chief executive of Arconic on Monday, the company said his departure was for showing “poor judgment” in sending a letter to the big hedge fund that had been calling for his ouster.

As it turns out, the letter in question was quite a bit stranger than that.

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Federal and state regulators unleashed a fusillade of lawsuits and enforcement orders on Thursday against the Ocwen Financial Corporation, a large mortgage servicer, aimed at curbing what they said had been years of flagrant and repeated abuses, including illegal foreclosures, deceptive fees and extensive mishandling of customers’ home loan payments.

Some of the regulatory orders directly questioned Ocwen’s ability to continue operating, and the market responded accordingly: Shares of the company fell 54 percent, closing at $2.49 per share…

Regulators Accuse Subprime Mortgage Servicer of Years of Abuses

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Apr
20

American Realty Moves to DTLA

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The company will be relocating from Glendale, Calif., to the top of a City National Plaza skyscraper, in the heart of the city’s financial district.

American Realty Advisors will be relocating from Glendale, Calif., to downtown Los Angeles in June. ARA has also recently completed a major rebranding to further support the firm’s growth.

The company will move to the 49th floor of 515 S. Flower St. in the City National Plaza. The new office will provide open workspaces and expanded conference and meeting rooms. Current building tenants include international law firm Paul Hastings.

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Two additional facilities, scheduled for completion in the fourth quarter of 2017, will provide space ranging from 165,000 to 910,098 square feet.

Goodman Group has pre-leased 295,267 square feet of infill logistics space to an e-commerce customer at Goodman Logistics Center in Santa Fe Springs, Calif. The company secured a seven-year lease from an online supplier of automotive parts on the first of three logistics facilities currently under construction at the center. The customer is scheduled to take occupancy in the summer of 2017.

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  • The bank has held meetings to gauge investor interest in bond
  • MBS would be backed by ‘alt-A’ nonprime residential mortgages

Royal Bank of Canada is the latest Canadian firm to explore a sale of bonds backed by uninsured residential mortgages.

The bank is testing investor interest in a deal that would bundle mortgage loans to borrowers with credit ratings just below prime, known as “alt-A” mortgages, according to Tim Wilson, chief financial officer of Equitable Group Inc., one of the lenders which is originating the loans being bundled…

RBC Seeks to Join Canada Mortgage-Bond Fray on Nonprime Deal

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  • Odey says reflation trade faltering, cites threat of subprime
  • He predicts the Fed is done tightening U.S. monetary policy

Crispin Odey, whose main hedge fund lost almost 50 percent last year as his wagers on falling asset prices failed to pay off, says he feels “lonely” in betting against growth.

“A year ago it was easy,” the 58-year-old wrote in an investor letter seen by Bloomberg News. “China was slowing, world trade was creaking, Europe was not recovering and the oil price was hitting new lows. A year later, to be bearish feels lonely, despite the fact that the reflationary story of the past year looks difficult to sustain and auto-loan lending has joined a long list of risks, along with Trump and Brexit.”

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PGIM Real Estate Finance CIO & Senior Portfolio Manager Paige Hood sat down with Commercial Property Executive at the Mortgage Bankers Association CREF/Multifamily Housing Convention & Expo in San Diego to share his views on market volatility, discipline and potential opportunities and challenges that will impact commercial real estate finance and investment in 2017 and beyond.

Stay tuned for more video viewpoints on commercial real estate financing, as part of CPE’s ongoing coverage of the Mortgage Bankers Association CREF/Multifamily Housing Convention & Expo…

Financing Industrial: PGIM Real Estate Finance CIO Talks Discipline, Disruption

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U.S. mortgage rates dropped for a fifth week, sending home-loan costs down to their lowest point since the week after the presidential election.

The average rate for a 30-year fixed mortgage was 3.97 percent, down from 4.08 percent last week and the lowest since November, Freddie Mac said in a statement Thursday. The average 15-year rate decreased to 3.23 percent from 3.34 percent, the McLean, Virginia-based mortgage-finance company said.

Yields for the Treasuries that guide mortgage costs have dropped on investor expectations that an economy under President Donald Trump won’t be as robust as anticipated, according to Guy Cecala, publisher of the newsletter Inside Mortgage Finance…

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  • Fed levies $157 million in fines for lax oversight of traders
  • In two probes, regulator faults oversight of trading and chats

Deutsche Bank AG was hit with the Federal Reserve’s first major fine for failing to ensure traders abide by the Volcker Rule’s ban on risky market bets — and will pay even more for letting currency desks chat online with competitors, allegedly revealing positions.

The simultaneous sanctions, totaling almost $157 million, fault lax oversight of traders that persisted into last year. The company — which raised $8.5 billion from investors this month to recapitalize — admitted to the Fed in March 2016 that it still lacked adequate systems for keeping tabs on dealings that might run afoul of the Volcker ban…

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The property’s new owner is planning to replace the existing structure with a synagogue and either apartments or a hotel.

Prezant Auto Glass has sold two vacant lots and a warehouse totaling 12,725 square feet at 814-826 Bedford Ave. in Brooklyn, N.Y., to a local private developer for $12 million.

Marcus & Millichap represented both parties in the transaction.

“The property is a strategically located corner development opportunity. Being one of the few sizable footprints yet to be developed in this submarket, it offers developers unique economies of scale,” Jakub Nowak an associate broker at Marcus & Millichap’s Brooklyn office, told Commercial Property Executive. “The sale’s timing was driven by the seller’s motivation to make a move, not our recommendation on market timing.”

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The world’s central banks averted disaster. But could what comes next be worse?

How Will Markets React When Central Banks Tap the Breaks?

It made sense during the financial crisis to throw money at the problem. Since then, balance sheets of the central banks in Europe, China and the U.S. have ballooned to $13 trillion, at least double their levels in 2008—largely through buying government bonds, and even debt and shares in companies, such as a French yogurt-maker and Japan’s top soy-sauce brewer. Now markets and analysts are seriously pondering what will happen if and when policymakers reverse course. What they don’t want is another “taper tantrum,” when yields quickly rose in 2013 after then-Federal Reserve Chairman Ben Bernanke talked about buying fewer bonds. Markets are going to have to find a way to absorb the banks’ moves. “You know what they say about mountaineering right? The descent is always more dangerous than the ascent,” said Stephen Jen, London-based chief executive of hedge fund Eurizon SLJ Capital Ltd…

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  • OPEC supply management yet to work as producer group intended
  • Brent is benchmark for more than half the world’s crude oil

The Brent physical oil market is flashing signs of weakness again as dwindling Asian purchases, an influx of American crude to Europe, and supplies flowing out of storage all combine to recreate a glut in the North Sea.

The weakness comes at a time when speculators have started rebuilding bullish positions after a sell-off last month, betting the market will tighten in the second quarter. Yet, Brent physical oil traders say the opposite is happening so far, according to interviews with executives at several trading houses, who asked not to be identified discussing internal views…

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The launch of the Commercial Real Estate Women Network in Europe this month is expected to be the first of several initiatives around the world.

Noting that commercial real estate is a global business, several leaders of the Commercial Real Estate Women (CREW) Network said the launch of CREW UK this month is expected to be the first of several affiliate groups around the world…

UK Lands Own CREW Network Affiliate Group

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  • Plan likely to be finalized by June, finance minister says
  • Saudis set to sell more bonds, rather than tap FX reserves

Saudi Arabia may offer “almost interest-free” loans to companies in labor-intensive industries, as part of a plan to stimulate an economy squeezed by low oil prices and spending cuts, Finance Minister Mohammed Al-Jadaan said.

Officials are in talks with private companies about other kinds of government support too, Al-Jadaan said in an interview on Thursday in Washington, where he’s attending International Monetary Fund and World Bank meetings. The proposal will likely be ready by the end of the second quarter, he said…

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  • Buyers in first quarter got biggest discounts in four years
  • Luxury deals help push median price up 12% to $1.87 million

The slumbering housing market in Greenwich, the Connecticut town favored by Wall Street’s financial elite, jolted awake in the first quarter as buyers emboldened by the rising stock market committed to purchases — as long as they didn’t have to pay full price.

Home sales in Greenwich jumped 29 percent from a year earlier to 126 deals, according to a report Thursday by appraiser Miller Samuel Inc. and brokerage Douglas Elliman Real Estate. Buyers took longer to deliberate before signing contracts, but sellers coaxed them off the fence by offering discounts averaging 7.9 percent off the last asking price, the most in four years…

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OliverMcMillan and Spectrum | Emery have begun construction on Fifth + Broadway, a $430 million mixed-use development in the city’s downtown, which will include the new National Museum for African American Music.

In the form of preparatory demolition, construction has begun on the largest mixed-use development to date in downtown Nashville, the developers of the $430 million Fifth + Broadway project announced Tuesday.

When complete, Fifth + Broadway will comprise 235,000 square feet of retail and entertainment space, including the new National Museum for African American Music; 385,000 square feet of Class A office space; more than 350 residential units and more than 2,000 parking spaces. The developers are OliverMcMillan, of San Diego, and Nashville’s own Spectrum | Emery…

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  • Ontario regulators to apply 15% levy on non-Canadian buyers
  • Prices will fall, ‘people are going to get hurt,’ Watsa says

Canadians fretted for years that home prices in the country’s largest city are rising at an unsustainable rate. Now they’re doing something about it.

Ontario, the country’s most populous province, announced on Thursday a set of measures aimed at cooling the Toronto housing market, including a tax on the foreign buyers who’ve been blamed for speculation. The province’s securities regulator on Wednesday also accused an alternative mortgage lender, Home Capital Group Inc., of making misleading disclosures, sending its shares tumbling…

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  • Mortgage provider down as much as 14%, most since July 2015
  • Stock downgraded and share-price forecasts cut by analysts

Home Capital Group Inc., the troubled Canadian alternative-mortgage lender targeted by short-sellers, fell the most in almost two years after a financial regulator alleged that executives misled investors and broke securities laws.

Shares of the Toronto-based company dropped as much as 14 percent Thursday, the most since July 2015. The stock fell after the Ontario Securities Commission alleged Wednesday night that the company’s former officials failed to satisfy disclosure requirements, made “materially misleading statements” and failed to comply with other securities rules…

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Justice Neil M. Gorsuch heard his fifth Supreme Court argument on Tuesday, the first in which he asked no questions. CreditGabriella Demczuk for The New York Times

WASHINGTON — A Supreme Court argument on Tuesday explored a gap in a federal debt collection law, one that consumer groups say allows some debt collectors to engage in abusive tactics. But the justices did not seem inclined to fill the gap.

When Congress enacted the Fair Debt Collection Practices Act in 1977, it imposed strict regulations on firms that collected other companies’ debts. But it did not address the activities of businesses like banks, credit card companies and car dealerships that collect their own debts…

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BlackRock’s chief executive, Laurence D. Fink, has decided to bet the firm’s future on systematic styles of investing that deploy machine-driven formulas. CreditGian Ehrenzeller/European Pressphoto Agency

BlackRock, the world’s largest asset manager, continued to reap the benefits of the passive investing revolution in the first quarter of this year as investors stuck to ditching actively managed mutual funds for cheaper exchange-traded funds that track a variety of indexes.

The company said on Wednesday that it earned $862 million, or $5.23 a share, in the first quarter, up 31 percent from the same quarter a year earlier…

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A China Minsheng branch in Beijing. Poorly regulated financial products are often missold to Chinese investors hungry for returns that handily beat what banks offer for deposits. CreditJason Lee/Reuters

BEIJING — When Lisa Wang sank her retirement money — all $730,000 of it — into a single investment, her fund manager repeatedly said the product was risk free.

It wasn’t.

On Wednesday, Ms. Wang, 61, joined about a dozen other customers in the lobby of a Beijing branch of the bank China Minsheng, pressing employees for details and demanding their money back, after the Chinese news media reported that more than $400 million of investors’ money had disappeared…

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The two-tower property, which will be located directly across the street from the Boston Convention and Exhibition Center, is expected to open in early 2021.
Molly Phillips, Omni Hotels and Resorts
Molly Phillips, Omni Hotels and Resorts

Omni Resorts and Hotels has been chosen by the Massachusetts Port Authority Board of Directors to develop and build a 1,050-plus room hotel on Summer Street in South Boston’s Waterfront District.

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  • Curbs prompting borrowers to seek alternative funding sources
  • Government treading ‘fine line’ on financing: Everbright

China’s shadow banking is back in full swing, an unintended side effect of the government’s campaign against financial leverage, which has curbed traditional lending and squeezed bond financing.

Data from the central bank Friday showed that off-balance sheet lending surged 754 billion yuan ($109 billion) in March, taking the first quarter’s total increase to a record 2.05 trillion yuan. Efforts by the People’s Bank of China to curb fresh lending may have prompted borrowers, especially real estate developers, to resort to alternative forms of financing, said Xu Gao, chief economist at Everbright Securities Co…

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James P. Gorman’s strategy for Morgan Stanley is paying off. Morgan Stanley’s fixed-income, currency and commodities traders nearly doubled their top line from what was a tough period for the industry last year.CreditKarsten Moran for The New York Times

James P. Gorman is rubbing Goldman Sachs’s nose in it.

Morgan Stanley’s chief executive didn’t just hit his return goal with a $1.8 billion first-quarter earnings showing. His fixed-income, currency and commodities traders virtually doubled their top line from what was a tough period for the industry last year, confirming that their chief rival made a mess of the first three months of the year…

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This marks Singer & Bassuk’s fifth financing arranged for the 60-story skyscraper since 1988. The César Pelli-designed iconic building won an Honor Award from the American Institute of Architects.
Carnegie Hall Tower, New York
Carnegie Hall Tower, New York

TF Cornerstone, the owner and developer of Carnegie Hall Tower, a trophy office building in Manhattan’s Plaza District, reached out to a familiar name for help in securing a $325 million loan from Metropolitan Life Insurance Co. to refinance the 60-story skyscraper—The Singer & Bassuk Organization.

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  • Highest return on equity in two years reaches Gorman’s target
  • Goldman Sachs stuck with business as Morgan Stanley retreated

A year ago, Morgan Stanley had just taken an ax to its bond-trading business, scaling back as Goldman Sachs Group Inc. vowed to stay the course. Now, for the first time since 2011, Morgan Stanley topped its bigger rival in one of Wall Street’s fiercest arenas.

First-quarter revenue from trading bonds, currencies and commodities almost doubled at Morgan Stanley to $1.71 billion, the firm said Wednesday in a statement, edging out Goldman Sachs’s $1.69 billion. Morgan Stanley last beat Goldman in that business in the second quarter of 2011, data compiled by Bloomberg show…

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The company has promoted Casey Hankinson as senior vice president after he has served as vice president for the past six years. So far, he completed more than three million square feet of built-to-suit projects.

Ryan Cos. recently announced the appointment of Casey Hankinson as senior vice president—national built-to-suit. In his new role, Hankinson will leverage the more than 40 million square feet of projects the company has developed in the past 10 years…

Ryan Cos. Appoints Casey Hankinson as SVP

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  • French capital property prices rise 9% in 12 months: Databiens
  • London home price premium over Paris has almost halved to 71%

Bankers swapping London for Paris after the Brexit vote are moving from a slumping luxury-homes market to a red-hot one.

A weakening pound has “meant differences in prices between Paris and London have fluctuated significantly over the last 12 months,” Databiens, the French unit of property researcher LonRes, said. “Since the start of 2016, prices in Paris have begun to rise, whereas in central London we saw values fall.”…

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  • Amazon shows benefit of building ‘scalable platform,’ he says
  • Peers must focus on niche strategies or diversify to survive

Amazon Chief Executive Jeff Bezos

Photographer: Peter Foley/Bloomberg

Hedge funds that want to scale up and diversify as their fees come under pressure and investors flee the $3 trillion industry should follow Amazon.com Inc.’s growth strategy, according to Balyasny Asset Management.

Dmitry Balyasny, who leads the investment firm, says the mail-order giant has crushed the competition by relentlessly investing in its business, expanding into new areas, hiring the best talent and exploiting its pricing power…

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Colliers brokered the sale of the 3,517-square-foot retail condominium in La Jolla, Calif., purchased by the Cove Equity Group LLC.
1020 Prospect St., La Jolla, San Diego
1020 Prospect St., La Jolla, San Diego

Colliers International arranged the sale of a 3,517-square-foot retail condominium in La Jolla, Calif., for $4.7 million. The Cove Equity Group LLC purchased the two-unit property with no outside representation for $1,322/square foot, a record price for shell retail space. Bill Shrader, David Maxwell, Joe Brady and Luke Holler of Colliers International’s Urban Property Group represented the seller, Hammer Ventures on behalf of RREF II-HV Prospect Property Owner LLC.

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  • Deals continue apace after record $16.2 billion struck in ’16
  • Student housing reaps better returns than residential, offices

GIC Pte and Mapletree Investments Pte are going back to school.

Singapore’s sovereign wealth fund and the city-state-based real estate investor helped fuel a record $16.2 billion of student-housing acquisitions last year, and a further $3.3 billion of deals were struck in the first quarter of 2017, according to Real Capital Analytics Inc. Student accommodation offers better returns than offices and residential housing, making it an attractive asset for pension and sovereign wealth funds looking for stable income and higher yields in a low-return world…

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  • Wealthfront becomes first of its kind to enter lending arena
  • Clients will be able to borrow cash against their portfolios

Now the robots are coming after more than your investment adviser.

Wealthfront Inc. said in a blog post Wednesday that it will offer loans, calling the move a first among robo-advisers, which are known for wealth management using automated investing platforms. Through a partnership with RBC Capital Markets LLC, clients with at least $100,000 can take out loans of as much as 30 percent of their account value, using their portfolios as collateral.

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MidCap Financial Co-Founder Kevin McMeen discusses what to expect for CRE lending in 2017, and how his firm has succeeded in growing its presence in the market despite launching during the Great Recession.

Market analysts were in a hurry to predict the changes we will see shaping the real estate industry in 2017, but the key players in the business are not jumping to conclusions. Kevin McMeen, co-founder of MidCap Financial & president of the firm’s Commercial Real Estate Lending Group, discussed why the lending environment is unlikely to constrict in 2017, and the shifts we could expect to see in investors’ strategies. McMeen also revealed to Commercial Property Executive how he has successfully grown the company and what it takes to stay competitive in today’s lending environment…

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  • De Niro-backed hotel speaks to Toronto’s ‘world class’ status
  • Policymakers mull new measures to tame soaring Toronto prices

Nobu isn’t worried about a Toronto housing bubble.

The company best known for high-end sushi and celebrity cache is poised to enter the frothy residential real-estate business in Canada’s largest city just as a growing chorus of economists warn that soaring home prices aren’t sustainable and a crash looms. Policy makers are expected to announce new measures Thursday to cool the market, including a tax on non-resident speculators.

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Demand and financing could collapse before the sea consumes a single house.

On a predictably gorgeous South Florida afternoon, Coral Gables Mayor Jim Cason sat in his office overlooking the white-linen restaurants of this affluent seaside community and wondered when climate change would bring it all to an end. He figured it would involve a boat.

When Cason first started worrying about sea-level rise, he asked his staff to count not just how much coastline the city had (47 miles) or value of the property along that coast ($3.5 billion). He also told them to find out how many boats dock inland from the bridges that span the city’s canals (302). What matters, he guessed, will be the first time a mast fails to clear the bottom of one of those bridges because the water level had risen too far…

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Goldman Sachs reported first-quarter results on Tuesday that disappointed investors.CreditRichard Drew/Associated Press

Goldman Sachs’s internal technology revolution cannot come soon enough.

The Wall Street firm’s young online retail-banking unit is growing and could, once big enough, crank out far higher returns than the investment bank. Goldman could do with some of that extra juice.

At 11.4 percent, Goldman’s annualized return on equity for the quarter places it in the upper echelons of the industry, along with the likes of JPMorgan Chase and Wells Fargo. The trouble is, the return depended upon a low tax rate, which followed from a new accounting rule relating to the settlement of share awards. Without that benefit, Goldman’s return for the quarter would have been just 8.9 percent – below the rule-of-thumb 10 percent needed to cover the cost of capital…

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Betsy DeVos, the education secretary, is responsible for administering $1.3 trillion in federal student loans.CreditAndrew Harnik/Associated Press

With the stroke of a pen this week, Betsy DeVos, President Trump’s new education secretary, thrust the future of the government’s system for managing federal student loans into confusion.

It was a high-stakes move: Her department administers $1.3 trillion in loans on behalf of nearly 43 million student borrowers.

At issue is which companies will handle the bulk of those loans in the future, and how they will do it. Under the Obama administration, the Education Department was on the verge of selecting a single vendor to build a new system for servicing its student loans, in what was expected to be one of the largest federal contracts outside of the military…

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Philip A. Falcone in 2015. Some of the backers of his former hedge fund, Harbinger Capital Partners, were accused of not paying state taxes for some of the most profitable years that he was managing Harbinger.CreditChang W. Lee/The New York Times

The money manager Philip A. Falcone, who made billions of dollars betting on the collapse of the housing market a decade ago and later lost at least a billion dollars investing in wireless telecommunications, is no stranger to run-ins with regulators.

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  • Report comes hours before officials meet to discuss next steps
  • Real-estate values in Canada’s biggest city jumped 29% on year

Toronto’s home prices capped a record quarter of gains in March amid concern the market is in a bubble.

Prices in the nation’s biggest city increased 6.2 percent last month from February, according to a benchmark price index released Tuesday by the Canadian Real Estate Association. The gain is the biggest in records dating from 2000. Actual price gains averaged almost 5 percent in the quarter, the largest three-month increase in records dating from 1988…

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The 153,686-square-foot center, which is 95 percent occupied, traded in an off-market transaction brokered by Colliers International.

Galois Group purchased Gateway Village Shopping Center, a neighborhood center in Santa Clarita, Los Angeles County’s third-largest municipality, for $69.5 million in an off-market transaction. Colliers International Executive Vice President Michelle Schierberl and Senior Vice President Donald Ellis brokered the sale of the 153,686-square-foot center.

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  • Mayor says city looking at vacant-home tax to bolster supply
  • Officials agree not to take actions that would boost demand

Canadian officials across all three levels of government vowed to be vigilant in monitoring the Toronto region’s rapidly accelerating housing market, including possibly taking formal steps aimed at curbing speculative activity.

Federal Finance Minister Bill Morneau, Ontario Finance Minister Charles Sousa and Toronto Mayor John Tory met Tuesday to discuss the thorny question of how to cool the city’s residential real estate market, though they stopped short of providing details on specific measures. Possible steps include taxing homes left empty for speculative purposes, Tory said…

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The firm acquired a 252,000-square-foot office building on behalf of its third fund, Crown Realty III LP, and other co-investors.

Crown Realty Partners has expanded its presence in Canada with an office building acquisition in one of Toronto’s hottest markets. The real estate investment and management firm paid north of C$100 million (roughly $75.3 million) for the nine-story property located at 111 Peter St. in the dynamic Downtown West neighborhood and close to the city’s financial core.

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UPS took more than 500,000 square feet of space at the LEED Gold-certified Brickyard South Bay in September. Best Buy is now taking up the rest with the signing of a 10-year contract.

Best Buy Co. has signed a 10-year lease for 479,310 square feet at Brickyard South Bay in Compton, Calif., a building being developed by Clarion Partners LLC and Trammell Crow Co., and leased by CBRE.

United Parcel Service signed a 10-year, 521,816-square-foot lease last September. Both transactions rank among the top industrial leases ever signed in Los Angeles County based on total lease consideration…

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Kensington and Chelsea led declines among the capital’s most expensive areas.

London home values grew at their slowest annual rate in almost five years in February as values in the capital’s most expensive boroughs including Camden and Kensington and Chelsea fell, according to Acadata and LSL Property Services Plc.

Prices across the city rose just 0.1 percent on the month to an average 606,780 pounds ($760,000), the groups said in a report on Tuesday. That left the annual gain at 1.5 percent, the weakest reading since April 2012…

London House-Price Growth at Five-Year Low as Luxury Sector Slumps

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HFF marketed the 18,712-square-foot retail and office building on behalf of the seller, Tricony Management. The property is located within the five-building Via BiCE complex.

HFF closed the $19.5 million sale of an 18,712-square-foot retail and office building located at 313 1/2 Worth Ave. in Palm Beach, Fla. HFF marketed the property on behalf of the seller, Tricony Management.

The property is part of Via BiCE, which comprises five buildings on .57 acres and is anchored by BiCE Palm Beach Ristorante. The complex is 89.4 percent leased to a variety of retail and office tenants including Acento Jewelry, David Chase, Haberdashery, DJT Fine Art, Eye of the Needle, Christie’s Real Estate, Washington Growth Strategies, Cashmere Beach and Cruciani. Construction dates back to the 1940s, with the addition of the fifth building in 2000…

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