Author Archive
U.S. Credit-Card Debt Surpasses Record Set at Brink of Crisis
Posted by: | CommentsU.S. consumer credit-card debt just passed an ominous milestone, beating a record set just before the global financial system almost collapsed in 2008.
Outstanding card loans reached $1.02 trillion in June, data from the Federal Reserve show, as lenders including Citigroup Inc. and JPMorgan Chase & Co. compete to sign up cardholders who may carry balances — a relatively lucrative business in a prolonged period of low interest rates.
The bet is that this time it won’t end so badly. In 2008, a drop in home prices spiraled into a global financial meltdown, and after the jobless rate surged toward 10 percent, banks wrote off more than $100 billion in credit-card loans over the next two years…
Wyndham to Separate Hotel, Timeshare Businesses
Posted by: | CommentsWyndham Worldwide will spin off its hotel business, thus creating two separate publicly traded companies, Wyndham announced late last week.
Wyndham Hotel Group will become a new publicly traded, pure-play hotel company and will remain headquartered in Parsippany, N.J. Wyndham Vacation Ownership, based in Orlando, Fla., will be the world’s largest publicly traded timeshare company and will be teamed with Wyndham Destination Network, home to RCI, the world’s largest timeshare exchange company.
Endo Sets Aside $775 Million to Settle Remaining Mesh Lawsuits
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Accord brings company’s reserves over devices to $2.6 billion
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Other mesh makers still face thousands of suits over implants
Endo International Plc said it agreed to set aside $775 million to resolve the last batch of lawsuits alleging the company’s vaginal-mesh implants eroded in some women, leaving them incontinent and in pain.
Endo’s settlement of the remaining 22,000 mesh suits means the company has now set aside more than $2.6 billion to wipe out cases over the flawed medical devices, according to filings with the U.S. Securities and Exchange Commission.
Mnuchin Made at Least $15 Million on Entertainment, Real Estate
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Ethics agreement made Treasury chief sell dozens of assets
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Asset sale prices could have reached as much as $53 million
U.S. Treasury Secretary Steven Mnuchin made at least $15 million from his entertainment and real estate interests that he sold to comply with federal conflict of interest rules, according to a filing released Monday.
Mnuchin, a former Goldman Sachs Group Inc. executive and hedge fund manager, made the sales in May, according to the transaction report, which was released by the Treasury Department. Ethics rules don’t require disclosure of buyers’ identities, and the reports show the sale prices only in broad ranges. According to the filing, Mnuchin could have made as much as $53 million on the sales…
Hong Kong Housing Burden Grows Even Heavier as Home Prices Soar
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Mortgage takes up biggest proportion of income in 19 years
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City’s housing prices highest on record: Centaline Property
Living in the world’s most-expensive property market means having to set aside more than half your income as mortgage payments. Hong Kong’s mortgage-payment-to-income ratio rose to 54.2 percent in June, the highest since 1998, figures from Centaline Property Agency show…
Hong Kong Housing Burden Grows Even Heavier as Home Prices Soar
China’s Debt Crackdown Gets a Big Shrug From Global Investors
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Xi’s leadership conclave has guaranteed economic stability
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Harvest Global Investment lifted allocation to China stocks
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The Chinese leadership has this year made its strongest commitment yet to curb financial risks and rein in spendthrift local officials, yet the campaign has spurred barely a ripple of concern among global investors.
Fannie-Freddie Might Need $100 Billion in New Crisis, FHFA Says
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Agency reports results from latest Dodd-Frank Act stress tests
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Aid draw in worst scenario would leave $158 billion available
Mortgage-finance giants Fannie Mae and Freddie Mac could need nearly $100 billion in bailout money in the event of a new economic crisis, according to stress test results released Monday by their regulator.
The companies would need to draw between $34.8 billion and $99.6 billion in U.S. Treasury aid under a “severely adverse” scenario, depending on how they treated assets used to offset taxes, the Federal Housing Finance Agency said in its report. The losses would leave $158.4 billion to $223.2 billion available to the companies under their bailout agreements…
Stos Partners Buys Rare San Diego Industrial Asset
Posted by: | CommentsStos Partners acquired a 170,805-square-foot complex comprising two multi-tenant industrial buildings in Chula Vista, Calif. The property traded off-market for $13.5 million.
Michael Mossmer, senior vice president of Voit Real Estate Services, represented the buyer, as well as the seller, a private family.
Located at 1670-1690 Brandywine Ave., the assets benefit from immediate access to Interstate 805. The properties feature a fire sprinkler system, heavy power, dock-high and grade-level loading doors, and the clear heights range between 22 and 26 feet…
Inland Real Estate Closes Houston MOB Acquisitions
Posted by: | CommentsInland Real Estate Acquisitions Inc. closed the purchase of two US Pain & Spine medical office buildings in Houston, on behalf of an Inland affiliate.
Senior Vice President of Inland Real Estate Acquisitions Inc. Matthew Tice and Assistant Vice President Associate Counsel of The Inland Real Estate Group Brett Smith facilitated the transaction…
Kuwait Fund Touts $150 Billion Profit as It Explains Areva Flop
Posted by: | CommentsKuwait Investment Authority, the world’s fourth-largest sovereign wealth fund, said it earned a net income of 45.2 billion dinars ($150 billion) in the last six fiscal years ending March 31, playing down the impact of losses resulting from its investment in French energy company Areva SA.
That the fund profited while invested in Areva reflects “how keen KIA is on diversifying its investments to make profits without being affected by losing in one investment,” state-run KUNA news agency reported, citing a statement from KIA. Concurrently, it announced the sale of its 4.8 percent stake in Areva, purchased in December 2010 for 600 million euro. The size of the loss was not disclosed…
CBRE Hotels Expands Northwest, Mountain Practice
Posted by: | CommentsCBRE has appointed Julie Purnell as managing director of CBRE Hotels. In her new role, Purnell will bolster the firm’s advisory practice in the northwest and mountain regions and work closely with Chris Kraus, managing director & northwest and mountain advisory practice leader for CBRE Hotels. Purnell will be based in the firm’s San Francisco office.
Bank of Canada Hawkishness Has CI Investments Favoring U.S.
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ate hikes may be policy mistakes but won’t fight the bank
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Boosting U.S. duration and Canadian curve steepeners
Don’t fight the central bank, the saying goes. Kamyar Hazaveh, who leads a team overseeing C$11 billion ($8.8 billion) in fixed income at CI Investments Inc., is taking it to heart.
Despite believing the Bank of Canada was wrong to raise interest rates last month, Hazaveh’s team is favoring U.S. Treasuries over their northern counterparts.
Corporate Employers Flee Pensions With Gap Topping $375 Billion
Posted by: | CommentsBooms and busts in the market made it tough for companies to keep up.
The vast majority of S&P 500 companies don’t have enough money set aside to meet all their obligations to current and future retirees. There’s a total gap of at least $375 billion for the 200 largest plans. This is how they got here…
Corporate Employers Flee Pensions With Gap Topping $375 Billion
Duong Retail Closes Inland Empire Record Sale
Posted by: | CommentsDuong Retail Group closed escrow on two Inland Empire retail properties for a total of $9.9 million. A San Bernardino County-based private investor acquired the University Heights Shopping Center in Riverside, Calif., at a record-low cap rate of 5 percent.
The first Black Bear Diner to hit the market in the Inland Empire sold at a cap rate of 5.18 percent, one of the lowest cap rates for a Black Bear Diner…
BOE Finds Error Behind Spike in U.K. Mortgage Arrears
Posted by: | CommentsA sustained spike in mortgage-arrears data published by the Bank of England had left home loan providers in the U.K. puzzled. Turns out some lenders were entering incorrect data.
The central bank has asked a number of mortgage providers to re-submit data for some home-loan statistics following a joint investigation with the Financial Conduct Authority, a person with knowledge of the matter said. It found some lenders were overstating arrears by including loans which should not have been added, the person said, asking not to be identified because the probe was confidential.
London Home Rents Fall for Fourth Month in a Row
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Monthly London rents slid for fourth successive time in July
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‘Transformed’ London now acting as ‘brake’ on overall U.K.
The cost of renting a home in London fell for the fourth month in a row, continuing the first period of decline since 2009 as Britain’s exit from the European Union rattles the U.K. capital’s real-estate market.
The average monthly rent paid for new lettings in greater London in July was 1,564 pounds ($2,039), a 0.6 percent decline from a year earlier, according to a statement from HomeLet, the U.K.’s largest reference-checking and rentals-insurance company. Rents across the U.K. gained 1.1 percent overall, led by increases in Northern Ireland and Scotland…
Westwood Financial Snags $171M for Retail Portfolio
Posted by: | CommentsWestwood Financial has secured $171 million in first lien financing for a portfolio comprising 13 multi-tenant retail centers located throughout Arizona, California, Florida, Georgia, Illinois, North Carolina and Texas.
The properties total 1,050,350 million square feet.
HFF placed a $94 million fixed-rate portfolio loan with Nationwide Life Insurance Co. used for refinancing and new acquisitions and a $77 million fixed-rate portfolio loan with a correspondent life insurance company to refinance existing debt…
Citadel’s Flagship Funds Gain Almost 7% This Year
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Griffin’s Kensington and Wellington funds rose 2.3% in July
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Stock wagers contributed the most to the funds’ performance
The two main funds at Ken Griffin’s $27 billion Citadel have gained almost 7 percent this year, helped by its equity bets.
The Kensington and Wellington funds, which trade across asset classes, each rose 6.8 percent in the first seven months of the year, boosted by a 2.3 percent increase in July, a person familiar with the matter said. Stock wagers made by the firm’s Global Equities and Surveyor units contributed the most to the gains, said the person, who declined to be named because the information is private…
Irgens Ready to Build 350 KSF Milwaukee Office Tower
Posted by: | CommentsIn downtown Milwaukee, Irgens has taken a big step forward in its plans for the development of the BMO Harris Financial Center, a 25-story office project to be anchored by BMO Harris Bank’s Wisconsin headquarters. The developer recently completed the purchase of the bank’s current home at 770 N. Water St. and its adjacent parking lot, where the new 349,000-square-foot building will be erected.
U.K. Homebuilders Stumble Over Worries About Loss of ‘Help-to-Buy’ Program
Posted by: | CommentsShares of U.K. homebuilders were sent tumbling on Friday when a British real estate magazine reported the government could cancel its program to help first-time buyers onto the property ladder. The FTSE 350 Household Goods & Home Construction Index fell as much as 2 percent on the news, and with Reckitt Benckiser stripped out of the gauge — the company is a large household goods supplier — the declines were even more pronounced. Investors were only partially reassured by a government statement that the program’s review does not mean its cancellation…
U.K. Homebuilders Stumble Over Worries About Loss of ‘Help-to-Buy’ Program
NYC Mayor Pushes for Tax on the 1 Percent to Fund Subway Fix
Posted by: | CommentsNew York (AP) — The mayor of New York City wants to tax the wealthiest 1 percent to fund repairs and improvements to the beleaguered subway system.
The proposal comes as Mayor Bill de Blasio and Gov. Andrew Cuomo, both Democrats, continue to squabble over responsibility for paying for repairs to the nation’s largest transit system that has seen growing delays, mechanical failures, power outages and even derailments.
Metropolitan Transportation Authority Chairman Joseph Lhota recently unveiled an emergency plan to stabilize the system. The governor offered to split the cost of the plan with the city, but the mayor refused to commit money to support it…
SF Amazon Building Lands $15M Refi
Posted by: | CommentsThe S.Hekemian Group secured a $15 million refinancing for a 40,000-square-foot industrial building fully leased to Amazon in San Francisco’s Dogpatch neighborhood. Principal Commercial Capital, Principal Real Estate Investors’ CMBS platform, is the primary servicer of the 10-year, fixed-rate loan, which will refinance the existing mortgage on the property. HFF represented the borrower.
Macmillan Leaves Flatiron Building for Lower Manhattan
Posted by: | CommentsSilverstein Properties has reeled in a new tenant at 120 Broadway in Lower Manhattan. The REIT secured a commitment from Macmillan Publishers to take 261,000 square feet at the 1.9 million-square-foot, downtown office tower. The deal leaves the property 96 percent leased.
The Oil Trader Known as ‘God’ Is Closing Down His Main Hedge Fund
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Renowned investor Andy Hall is said to close Astenbeck fund
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His wrong-way bet on crude prices led to losses this year
Andy Hall, the oil trader sometimes known in markets as “God,” is closing down his main hedge fund after big losses in the first half of the year, according to people with knowledge of the matter.
The capitulation of one of the best-known figures in the commodities industry comes after muted oil prices wrong-footed traders from Goldman Sachs Group Inc. to BP Plc’s in-house trading unit. Hall’s flagship Astenbeck Master Commodities Fund II lost almost 30 percent through June, a separate person with knowledge of the matter said, asking not to be identified because the details are private…
DoubleTree by Hilton Chicago-Oak Brook Changes Hands
Posted by: | CommentsThe upscale DoubleTree by Hilton Hotel in Oak Brook, Ill., has a new owner. PHF Oak Brook, an affiliate of Fillmore Capital Partners and the previous owner of the property, tapped CBRE Hotels to close the transaction on its behalf. The brokers involved in the deal were Senior Vice President Nate Sahn and First Vice President Peter Greene.
PROVIDING THE UTMOST COMFORT
Located at 1909 Spring Road, in a booming business and retail area, the hotel offers an array of amenities to accommodate business and private events:
Toronto Home Prices Suffer Worst Monthly Decline in 17 Years
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Fall of 4.6 percent is biggest one-month decline since 2000
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Decline about market ‘psychology,’ board president says
Home prices in Canada’s largest city posted their biggest monthly drop in at least 17 years in July and sales plunged as government efforts to cool the market and the near-collapse of a mortgage lender made buyers leery.
The benchmark Toronto property price, which tracks a typical home over time, dropped 4.6 percent to C$773,000 ($613,000) from June. That’s the biggest monthly drop since records for the price index began in 2000, according to Bloomberg calculations, and brings prices down to roughly March levels. Prices are still up 18 percent from the same month a year ago, according to the Toronto Real Estate Board…
China Hedge Fund Says Most ‘Violent’ Phase of Deleveraging Over
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China’s stock, bond markets poised to rally, Chongyang says
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President Wang is more positive, ‘especially’ on stocks
Shanghai Chongyang Investment Management Co., whose oldest China hedge fund has returned almost three times as much as equity benchmarks, said the nation’s stock and bond markets are poised to rally as the “worst” part of a deleveraging process appears over.
“As far as market impact is concerned, the most violent phase of this campaign-style deleveraging is over,” Chongyang President Wang Qing said in an interview with Bloomberg TV in his office atop a skyscraper overlooking Shanghai’s financial district. He is “more positive” on the outlook for bonds and “especially the stock market.”…
LincolnHealth Breaks Ground on E4H-Designed MOB
Posted by: | CommentsLincolnHealth is catering to the growing need for health care services in Maine, the state with the nation’s oldest population, with a median age of 44.6 in 2016, according to the Census Bureau. The company broke ground on a new $13.7 million medical office building at the Damariscotta, Maine, campus. Designed by E4H Environments for Health Architecture, the new 39,800-square-foot facility is slated for completion in June 2018. Hebert Construction Corp. is the project construction manager.
Australia Slams the Brakes on Property Investment
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Banks raise interest-only loan rates to meet regulatory target
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Sydney quarterly house-price growth slows to 2.2%, data show
One of the key engines of Australia’s five-year housing boom is losing steam.
Property investors, who have helped stoke soaring home prices in Australia, are being squeezed as regulators impose restrictions to rein in lending. The nation’s biggest banks have this year raised minimum deposits, tightened eligibility requirements and increased rates on interest-only mortgages — a form of financing favored by people buying homes to rent out or hold as an investment…
Australia Slams the Brakes on Property Investment
This Architect’s Beautiful Homes Solve the Problems of Modern Design
Posted by: | CommentsIn 2004, Spain was in the middle of a building boom of unprecedented proportions. Billions of dollars from cheap euro zone loans were flooding into bridges, opera houses, civic centers, and other municipal projects, and the country’s architects were hopping on what amounted to a gold-plated gravy train.
Not Fran Silvestre. The Valencia native left an apprenticeship in Portugal with the Pritzker Prize-winning architect Alvaro Siza and moved back to the coastal city to build gleaming white single-family houses. Small ones…
Hines Adds New Tenant to Nashville Office Development
Posted by: | CommentsHines arranged a new lease with Silicon Ranch Corp. at 222, a Class A, 25-story office tower currently under construction in downtown Nashville, Tenn. The tenant plans to move into the new space in the first quarter of 2018 and will occupy approximately 19,000 square feet on the building’s 19th floor.
Big Investors Losing Faith in Europe’s ECB-Fuelled Junk Rally
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Deutsche AM reduces holdings in multi-asset portfolios
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Yields are no longer compensating for risks: JPMorgan
Some of Europe’s biggest money managers are getting ready for a turnaround in the two-year bull run of the continent’s riskiest corporate debt.
Deutsche Asset Management has reduced holdings of European junk bonds in its 100 billion euro ($106 billion) multi-asset portfolios, BlackRock Inc. says risks for European credit are tilted to the downside, and JPMorgan Asset Management says investors should brace for a tough second half…
Big Investors Losing Faith in Europe’s ECB-Fuelled Junk Rally
Boston Hedge Fund Manager Arrested and Charged With Ponzi Scheme
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Raymond Montoya allegedly defrauded investors in his RMA fund
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He was released on $100,000 bail and is in plea negotiations
Boston-area hedge fund manager Raymond Montoya, who led the RMA Strategic Opportunity Fund LLC, was arrested and charged by federal prosecutors with running a Ponzi scheme.
The federal charges on Wednesday followed a civil lawsuit in June in which the Massachusetts Securities Division claimed Montoya committed securities fraud when he told investors that he had $5 billion of assets in his fund in 2015. In sworn testimony, he said the fund’s high-water mark was about $20 million…
Hotel Chaco: Old World Charm and Modern Amenities
Posted by: | CommentsAfter more than two years under construction, Hotel Chaco, the contemporary luxury hotel inspired by the architecture and ancient civilization of Chaco Canyon, a UNESCO World Heritage Site, opened in Old Town Albuquerque, adjacent to sister property Hotel Albuquerque at Old Town.
St. John Properties Breaks Ground on SLC Campus
Posted by: | CommentsSt. John Properties broke ground on Valley Grove, a 62-acre master-planned development in Pleasant Grove City, Utah, as part of a $250 million investment the company is making in the area.
“We are thrilled with the pro-business climate and warm reception we’ve received in Utah,” Edward St. John, St. John Properties’ chairman & founder, told Commercial Property Executive. “We strive every day to provide places for great companies to grow their businesses, increase employment, generate profits and pay taxes.”
India Companies Choose Bonds Over Loans, First Time in a Decade
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Interest in Indian economy will continue to be strong: ANZ
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Barclays, ANZ, Credit Suisse raised rupee forecasts recently
There’s no stopping the rupee. Strategists say Asia’s best-performing currency of the past six months could climb further as the Reserve Bank of India’s interest-rate cut lures more inflows into local shares.
Benchmark borrowing costs in Asia’s third-largest economy stand at the lowest since 2010, which could spur growth, boost corporate earnings and encourage foreign funds to add to $8.8 billion of Indian stock purchases this year. That optimism sent the rupee to a two-year high after the RBI’s decision on Wednesday…
Paul Singer Says Passive Investing Is ‘Devouring Capitalism’
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Hedge fund manager says index products harm growth creation
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Singer’s main hedge fund gained 3.5% in the first half
Billionaire Paul Singer is warning of a growing and menacing threat: passive investing.
“Passive investing is in danger of devouring capitalism,” Singer wrote in his firm’s second-quarter letter dated July 27. “What may have been a clever idea in its infancy has grown into a blob which is destructive to the growth-creating and consensus-building prospects of free market capitalism.”
Rexford Snags LA-Area Industrial Property
Posted by: | CommentsRexford Industrial Realty acquired an industrial property in the San Gabriel Valley submarket of Los Angeles. The company used its line of credit for the $14.6 million purchase.
The 87,421-square-foot, Los Angeles-area industrial building is located at 4832 Azusa Canyon Road. The newly constructed, four-unit asset sits on 3.5 acres and feature 28-foot clearance, ESFR fire sprinklers, eight dock doors and LED motion sensor lighting…
New Disney Resort Scores $218M in Construction Financing
Posted by: | CommentsWalker & Dunlop has arranged $218.2 million in construction financing on behalf of DCS Real Estate Investments for the development of JW Marriott Bonnet Creek, a planned 516-key, luxury hotel and resort located in Orlando’s Walt Disney World.
“The sponsorship is exceptional, Marriott is best in class and the metrics of the deal provide for a very strong exit strategy of sale or refi on stabilized value,” Kevin O’Grady, Walker & Dunlop’s managing director of capital markets, told Commercial Property Executive. “For us, it’s right in our wheelhouse as we provide structured finance solutions to value-add platforms and development platforms.”…
Palm Springs Retail Center Changes Ownership
Posted by: | CommentsFaris Lee Investments, on behalf of a Los Angeles-based private investor, sold Palm Canyon Shopping Center. The nearly 40,000-square-foot retail center in downtown Palm Springs, Calif., which was 56 percent leased at the time of sale, changed hands for $7.3 million.
AREA UPGRADES
The center is located at 471 S. Indian Canyon Drive, on the main thoroughfare in downtown Palm Springs’ commercial core. Additionally, Palm Canyon Road is currently undergoing multiple redevelopments and renovations which will bring new hotels, shops, restaurants, retail, residential and office to the area. Tenants at Palm Canyon Shopping Center include IHOP, Casa Moderno and Urban Yoga…
Newark Dreams to Join Ranks of Destination Cities
Posted by: | CommentsUrban redevelopment is a familiar story in metros across the country. In the New York City metropolitan area alone, submarkets in parts of Brooklyn, the Bronx, Jersey City and Hoboken (just to name a few) are many years into facelifts that encompass thousands of new apartment units mixed with office, retail and entertainment uses that create a live-work-play environment.
The Oil Market’s Hidden Signals Show U.S. Producers Are Hedging Again
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BNP Paribas, PVM see producer hedging as prices near $50
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Shale companies not backing away from large output targets
Look under the hood of the oil market and one thing becomes apparent — shale producers seem to be hedging again.
Demand for the contracts that producers use to guarantee price levels soared after 2018 West Texas Intermediate crude returned to $50 a barrel. At the same time a raft of trades were reported to U.S. regulators last week that showed some producers hedging at levels as low as $45 a barrel, according to data compiled by Bloomberg…
JV Acquires $27M Industrial Building in CA
Posted by: | CommentsPenwood Real Estate and Western RealCo purchased Monarch Industrial, a multi-tenant warehouse facility in Garden Grove, Calif., from Colony Northstar for $27 million.
Located at 12752 to 12822 Monarch St., the 276,585-square-foot Monarch Industrial is 100 percent occupied by four tenants: Virtu USA, V Factory, New Mode Sportswear and Riviera Beverages. The facility is in close proximity to the 22, 504 and 605 freeways…
Billionaire-Backed Bank Seeks to Move Away From Israel’s Housing Market
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Mizrahi is weighing $400 million bid for Union Bank of Israel
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Israeli home prices are slowing after government intervened
Mizrahi Tefahot Bank Ltd.’s planned bid for a smaller rival signals a shift away from the Israeli housing market that transformed it into the country’s most profitable lender.
Mizrahi, Israel’s third-largest bank by assets, is considering a $400 million offer for Union Bank of Israel Ltd., according to a stock market filing on Monday. The banks are in talks for a tie-up in which Mizrahi would purchase all traded shares of Union Bank for as much as 60 percent of its equity, according to the statement.
Short Sellers Scaring Investors Away From Hong Kong’s Small Caps
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Big caps rule Hang Seng’s Asia-beating gains on mainland bids
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Bocom, Fidelity see small equities continuing to underperform
Hong Kong stocks may be Asia’s star performers this year, but it hasn’t done much to revive the fortunes of the market’s perennial underdogs: small-cap shares.
A peek under the hood of the Hang Seng Index’s 25 percent surge shows it’s being dominated by larger equities, with smaller companies trading at their biggest price discount to the big caps since 2009. That’s despite expectations a trading link between Hong Kong and Shenzhen set up in December would lure mainland money into the former British colony’s smaller shares…
duETS Product Invites New Players to Real Estate Field
Posted by: | CommentsCanadian Kids Live Longer With Mom and Dad as Home Costs Soar
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Almost one in two Toronto young adults reside with parent
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Statistics Canada releases census data on family formation
The rising cost of housing in Canada is having at least one major impact on the make-up of families: fewer kids are leaving home.
The share of Canadians aged 20 to 34 who were living with a parent has increased to 34.7 percent, according to census data released by Statistics Canada on Wednesday. That’s up from 33.3 percent in the last census five years earlier and from 30.6 percent in 2001.
Home2 Suites by Hilton Azusa Opens
Posted by: | CommentsHome2 Suites by Hilton opened its newest property in Azusa, Calif. Fine Hospitality manages the 110-key property owned by Amazing Investment LLC. With 47.3 million visitors in 2016, the tourism industry in Los Angeles County has registered 4 percent year-over-year growth.
Located at 229 S. Azusa Ave., Home2 Suites by Hilton Azusa offers all-suite accommodations with fully equipped kitchens and customizable modular furniture. Hotel amenities include a combined laundry and fitness area and an outdoor saline pool and grill area…
NYC’s 55 Hudson Yards Attracts 130 KSF Tenant
Posted by: | CommentsNames continue to pile up on the 55 Hudson Yards tenant roster, a state-of-the-art Manhattan office tower taking shape at the $20 billion Hudson Yards mixed-use project under development by Related Cos. and Oxford Properties Group. Law firm Cooley LLP will relocate its New York headquarters to the 1.3 million-square-foot office building on Midtown’s Far West Side, having just signed a pre-lease for 130,000 square feet of space with Related, Oxford and Mitsui Fudosan America, majority owner of 55 Hudson.
Home Capital Is Clawing Back After Near-Collapse
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More money comes into Guaranteed Investment Certificates
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Mortgage lender reports first quarterly loss since 1999
Home Capital Group Inc., the Canadian mortgage lender trying to rebuild itself with the help of Warren Buffett, is clawing back after near-collapse.
The Toronto-based company reported second-quarter results that showed a growing funding base, according to a statement late Wednesday. With its capital position improving, the lender said that uncertainty about its ability to continue as a going concern is resolved…
Home Capital Is Clawing Back After Near-Collapse
Wells Fargo Insurance Scandal Draws New York Subpoenas
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Department of Financial Services says it subpoenaed bank units
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New York’s attorney general is also said to inquire over issue
Two New York regulators sent subpoenas related to practices in the auto lending unit of Wells Fargo & Co., the bank struggling with multiple consumer scandals.
The New York Department of Financial Services sent subpoenas to a pair of Wells Fargo units, according to an email Wednesday from the agency. Attorney General Eric Schneiderman also has issued subpoenas to bank consultant Oliver Wyman relating to the unnecessary sales of collateral protection insurance, according to a person briefed on the matter, who asked not to be identified because the information wasn’t public…
Lehman Bankruptcy Ruling Shows Risk of Deferred Compensation
Posted by: | CommentsJudge Shelley C. Chapman of the Federal Bankruptcy Court in Manhattan has issued an opinion that provides an important reminder for employees throughout the United States who participate in deferred-compensation plans.
The opinion is from the long-running Lehman Brothers bankruptcy, but it applies to employees of all sorts of companies.
In short, the tax benefits you get from a deferred-compensation plan are not “free,” and by deferring compensation, you are taking on the credit risk of your employer…
Lehman Bankruptcy Ruling Shows Risk of Deferred Compensation
PAC Lands SC Shopping Center
Posted by: | CommentsPreferred Apartment Communities Inc. (PAC) purchased Irmo Station, an approximately 99,384-square-foot shopping center in the Columbia, S.C., MSA and anchored by a 56,942-square foot Kroger grocery store. PAC acquired this asset through its wholly owned subsidiary, New Market Properties LLC. The company financed the acquisition utilizing a non-recourse first mortgage loan from Nationwide Mutual Insurance Co. The first mortgage loan is approximately $10.7 million, bears interest at fixed rate of 3.94 percent per annum and matures in 2030. There are no loan guarantees provided by PAC or its operating partnership.
1MDB Misses $603 Million Payment to Abu Dhabi Sovereign Wealth Fund
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Amount part of $1.2 billion settlement with Abu Dhabi’s IPIC
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1MDB, IPIC have been in debt tussle for more than a year
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1Malaysia Development Bhd., the embattled state investment company, said it failed to make a $603 million payment to Abu Dhabi’s sovereign wealth fund because of a delay it faced in receiving the money.
Payments to International Petroleum Investment Co. would have been made from proceeds of a 1MDB rationalization plan, and funds that were expected to arrive last month have been delayed till August, it said in an emailed statement. The holdup was due to the need for additional regulatory approvals, it said…
Spavia Will Open Third Ohio Location
Posted by: | CommentsSpavia Day Spa enters the Greater Columbus market. The retailer chose Bridge Park in Dublin, Ohio, to be the future home of its third center in the state and plans to move into the 3,176-square-foot space in October 2017.
“We chose Bridge Park for our first Spavia in the Columbus Metropolitan Area because it is the most dynamic area with Dublin and its surrounding communities. Our guests will find this location to be accessible and enjoyable with its close proximity to the AC Hotel by Marriott and The Exchange by Cameron Mitchell Premier Events,” said Spavia Bridge Park Co-Owner Craig Andrew…
Bloomfield Capital Funds Retail Loan
Posted by: | CommentsBloomfield Capital closed a $3.2 million senior bridge loan for the refinance and renovation of a 30,000-square-foot retail center in Nashville, Tenn. The sponsor is a local real estate development firm that purchased the former single-tenant asset as REO from a bank. The company converted the asset into a multi-tenant retail property. Bloomfield’s loan proceeds refinanced a prior lender and provided the tenant improvement funds necessary to finish the interior build-out.
This $6 Million Compound in Colorado Is a Fly Fisher’s Paradise
Posted by: | CommentsLincoln Negotiates Leases at Atlanta’s Live Oak Square
Posted by: | CommentsLincoln Property Co. Southeast negotiated a new lease, a lease expansion and a lease renewal at Live Oak Square, a Class A, 200,000-square-foot office building in Atlanta. The asset recently underwent an extensive renovation program that included an exterior refurbishment and interior modernization.
TIG Names Charles Hazen President
Posted by: | CommentsTranswestern Investment Group, the independent investment management affiliate of Transwestern, has appointed Charles Hazen as president.
“My immediate plan is to get to know the team and begin focusing the entire organization on maximizing the performance of our existing portfolios as well as identifying new initiatives and strategies for growth,” Hazen told Commercial Property Executive. “For instance, we think there’s an opportunity in the multifamily sector to bring more product online that is modest in pricing. Much of the new product built over the last several years has been high-end, and certain markets are in need of rental housing that is geared toward the workforce.”
Paul Tudor Jones Clients Pull 15% From Main Hedge Fund
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BVI client assets sink to $3.6 billion, half value of year ago
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Billionaire macro manager’s fund is down 1.9 percent
Paul Tudor Jones’ investors are increasingly deserting him.
The billionaire macro manager who helped give rise to the hedge fund industry saw clients pull about 15 percent of their assets from his main fund in the second quarter, according to investors who asked not to be identified discussing private information. That’s left client assets at about $3.6 billion, almost half the value a year ago.