Author Archive
Harvard, Yale, Stanford Make Big Bets on Exchange-Traded Funds
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ETFs in high-yield, emerging markets were popular buys, sells
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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…
U.K. Government Sells Final Stake in Lloyds Banking Group
Posted by: | CommentsLONDON — 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
CBRE Snaps Up South Florida Firm
Posted by: | CommentsCommercial real estate services giant CBRE Group Inc., just keeps growing in size, and its latest expansion endeavor strengthens its foothold in South Florida. CBRE recently acquired the business of Brenner Real Estate Group, a full-service commercial real estate services firm based in Fort Lauderdale…
Banks Tighten Auto Lending as More Borrowers Fall Into Default
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Growing share of car loans 90 days late or more, N.Y. Fed says
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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.
Belkin Burden Wenig & Goldman Appoints New Associate
Posted by: | CommentsKrista 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.
Caves Valley, Greenberg Gibbons Team Up in Maryland
Posted by: | CommentsTowson 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…
Tech Stocks Surge as Hedge Funds Bail Out
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As the trio rallied, they missed almost $600 million in profit
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The misfortune may add pressure on manager performance
The rally in America’s biggest technology companies is making the smart money look dumb.
In a quarter when Apple Inc., Amazon.com Inc. and Alphabet Inc. rose three times as fast as the market, regulatory filings show hedge funds were net sellers of a combined 7.5 million shares. On paper, that’s $600 million of lost upside since March 31, since each stock has kept rising…
Tech Stocks Surge as Hedge Funds Bail Out
Marcus & Millichap Arranges Sale of Columbus Retail Center
Posted by: | CommentsNorthland Plaza, located just 11 miles north of downtown Columbus and The Ohio State University, sold for $4.5 million to a private buyer, after less than one week of bidding offers.
The Patton | Wiles | Fuller Group of Marcus & Millichap, announced the sale of a 210,036-square-foot retail shopping center in Columbus, Ohio. Northland Plaza traded for $4.5 million, or nearly $21 per square foot.
Erin Patton, Scott Wiles and Craig Fuller, senior vice presidents & directors with Marcus & Millichap’s National Retail Group, had exclusivity in marketing the property on behalf of the seller. After less than one week of bidding offers, the selling team procured the buyer, a local investor…
Buyers With Excellent Credit Are Getting the Lion’s Share of U.S. Mortgages
Posted by: | CommentsHigh 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.
Britons’ Falling Real Wages Show Challenging Times Have Arrived
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Average earnings adjusted for inflation decline by 0.2%
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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…
Enel Kicks Off Construction of $435M Wind Farm
Posted by: | CommentsThe 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.
Saudi Wealth Fund Starts Defense Company to Meet Military Needs
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Saudi Arabian Military Industries is wholly government-owned
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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…
Goldman Sachs Sees Big Potential for Fintech in Brazil
Posted by: | CommentsRIO 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
On Succession, ValueAct Hedge Fund Practices What It Preaches
Posted by: | CommentsJeffrey W. Ubben has long been a different kind of activist investor. Mr. Ubben, a founder of ValueAct Capital, largely avoids the limelight and mostly works with companies behind the scenes to improve performance, often focusing heavily on corporate governance.
Now Mr. Ubben is practicing what he preaches by putting into effect his own orderly succession.
In passing control of the firm’s $16 billion portfolio to his longtime deputy, Mason Morfit, Mr. Ubben is promoting a degree of continuity that is rare in the hedge fund world. Mr. Morfit was one of his first hires after ValueAct’s founding in 2000, and he has played a major role in some of its most prominent investments, including holding board seats at Microsoft and Valeant Pharmaceuticals International…
Hedge Fund Managers Don’t Always Beat the Market, but They Still Make Billions
Posted by: | CommentsGood performance, mediocre results or even downright ugly returns. When it comes to hedge funds, it scarcely matters. Even as some investors begin to sour on these high-priced stock pickers, the top fund managers still haul in enormous paychecks.
The 25 best-paid hedge fund managers earned a collective $11 billion in 2016, according to an annual ranking published on Tuesday by Institutional Investor’s Alpha magazine.
Even managers who had a tough year were able to cash in. Nearly half of the top-25 earners made single-digit returns for their investors, a lackluster sum in a year when the Standard & Poor’s 500-stock index was up 12 percent, accounting for reinvested dividends…
Carter Validus Grabs Largest Data Center in Connecticut
Posted by: | CommentsIn addition to the data center, the REIT bought four health care facilities in Illinois and Texas, the purchase price for all five properties being over $141 million.
Carter Validus Mission Critical REIT II Inc. acquired five properties for an aggregate purchase price of $141.5 million. The assets include four health care facilities and the Norwalk Data Center, the largest data center in the state of Connecticut. The acquisitions add up to approximately 362,000 leased square feet.
Following the deal, the REIT entered into two term loans: a $34.2 million loan with Bank of America and a $39.9 million loan with Capital One…
Granite REIT Proposes Directors Amid FrontFour Activist Push
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Investors urged to vote against slate backed by dissidents
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FrontFour, Sandpiper own 6.2 percent of REIT’s shares
Granite Real Estate Investment Trust, Canada’s largest industrial real estate landlord, plans to nominate two new board members amid a push for change by activist investor FrontFour Capital Group and its partner, Vancouver-based Sandpiper Group.
Granite, in a regulatory filing Tuesday, cast the changes as part of a board renewal process that began last year. The Toronto-based company urged its investors to vote against a slate backed by the dissident shareholders that it was told privately would include FrontFour co-founder Zachary George and Sandpiper Chief Executive Officer Samir Manji…
Nassau County Office Building Sells for $76M
Posted by: | CommentsCBRE brokered the sale of the 217,226 square-foot asset, which is fully occupied through 2036 by the county’s Department of Health and Human Services.
JOSS Realty Partners has sold 60 Charles Lindbergh Blvd., in Uniondale, N.Y. for a reported $75.5 million. The building is fully occupied through 2036 by Nassau County’s Department of Health and Human Services. CBRE Vice Chairman Jeffrey Dunne, Senior Vice President David Gavin, Travis Langer, Vice President Philip Heilpern and Senior Vice President Martin Lomazow acted on behalf of the owner. Vice President Will Bradley represented the buyer, Salus Federal Properties, a company specializing in the acquisition and management of properties leased to federal agencies. The asset last traded for $62 million in 2007, according to public records. Through the disposition of the building, JOSS Realty Partners paid off a $54.5 million CMBS loan that matured this February, PropertyShark data shows…
Huron Consulting Leases 32 KSF in Manhattan
Posted by: | CommentsHuron Consulting Group Inc., has signed a 32,509-square-foot lease at 1166 Ave. of the Americas, a Class A office building in New York City, with the building’s owner, Edward J. Minskoff Equities Inc.
JLL is the exclusive leasing agent for the property. The JLL team of Paul Glickman, vice chairman, Cynthia Wasserberger, managing director, Jonathan Fanuzzi, executive vice president, and Diana Biasotti, senior vice president, represented Minskoff Equities in the transaction…
Brevan Howard’s Hedge Fund Suffered $1 Billion Outflows in April
Posted by: | CommentsBrevan Howard Asset Management’s flagship hedge fund suffered about $1 billion in outflows in April as investors continued to pull money, according to a Bloomberg News calculation based on the fund’s letters to investors.
Assets managed by Brevan Howard Master Fund, which lost 0.7 percent last month, dropped to $8.7 billion at the end of April, from almost $10 billion a month ago, the letters show. The calculation doesn’t take into account currency fluctuations.
Assets have roughly halved in the past year after investors asked for their money back following poor performance. A spokesman for the investment firm run by billionaire Alan Howard declined to comment…
NGKF Scores $59M Refi for Greenwich Village Assets
Posted by: | CommentsOwners 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…
New Way to Short Home Loans May Give a Boost to Mortgage-Bond Market
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Investors divided on whether timing is right for new product
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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…
Hedge Fund Makes a Fortune on a $440 Billion Danish Obsession
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Nykredit hedge fund has delivered 11% on average since 2008
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Strategy involves spotting mispriced call options on bonds
The Danes invented handball and they are mad about football. But their real national sport is deciding when to refinance their mortgages.
The $440 billion Danish mortgage bond market is more than 200 years old, and legend has it there’s never been a single default. When Denmark, the country, went bust during the Napoleonic wars, its notoriously efficient mortgage-bond market chugged along without investors taking a hit…
Hedge Fund Makes a Fortune on a $440 Billion Danish Obsession
HCP Appoints Scott Brinker as New CIO
Posted by: | CommentsBrinker joins the firm from Welltower, where he was CIO since 2014. He also held various investment and portfolio management-related roles at Welltower since July 2001.
HCP Inc. has appointed Scott Brinker to the role of executive vice president and chief investment officer, effective Jan. 4, 2018. Brinker will report to the company’s CEO, Tom Herzog, who took over as CEO in January 2017.
Brinker joins the firm from senior housing REIT Welltower Inc., where he held a CIO role from July 2014 to January 2017, and an executive vice president of investments role from January 2012 to July 2014. Prior to that, Brinker served in various investment and portfolio management-related capacities with the same company starting July 2001…
Here’s Where Hedge Funds Invested in the First Quarter
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Facebook tops list of stocks getting the most new investments
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Many of the hedge fund darlings have been involved with deals
The favorite new bets by hedge funds ranged from the predictable Facebook Inc. to the less known VCA Inc., a pet-service provider.
Many companies attracting the most hedge fund money in the first quarter have either agreed to deals or closed them. Dow Chemical’s $78 billion merger with DuPont Co. is expected to close in August. Liberty Media Corp. purchased Formula 1 in January, Mead Johnson Nutrition Co. agreed to buy Reckitt Benckiser Group during the first quarter, and T-Mobile US Inc. has been in preliminary talks to merge with Sprint Corp…
25 Million Americans Could Find Mortgage Tax Break Useless Under Trump’s Plan
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Only the wealthiest homeowners would benefit from itemizing
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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.
Avison Young Promotes Veteran to OC Brokerage Director
Posted by: | CommentsKeith Kropfl, a 25-year commercial real estate industry veteran specializing in the sale and leasing of retail properties throughout Southern California, will oversee the firm’s Irvine office.
Avison Young has promoted 25-year commercial real estate industry veteran and company Principal Keith Kropfl to director of brokerage services for the Orange County area. In his expanded role, Kropfl will manage the firm’s Irvine office, lead Orange County recruiting efforts and assist with the implementation of company initiatives. Kropfl and his team will continue with their expansion of the local and national retail leasing and sales practice.
Goldman Builds China Financial-Stress Index – and It’s Risen
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Equity market showing less strain than other components
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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…
Peer-to-Peer Lending Startup Earnest Said to Look for a Buyer
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Company said to struggle to raise funds as market matures
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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
Silicon Valley R&D Campus to Open in September
Posted by: | CommentsTrimble-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…
Ivanhoé Cambridge JV Buys Chicago Office Tower
Posted by: | CommentsAdding to their bevy of Windy City properties, Ivanhoé Cambridge and its partner Callahan Capital Properties, of Chicago, have acquired 125 S. Wacker Drive in downtown Chicago, for about $145 million, the two companies announced late last week…
Toronto Home Price Rally Triggers Rush of Listings in April
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Benchmark home price in Canada’s biggest city up 5% on month
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New listings increase 36% in Toronto to new record levels
Toronto home prices continued surging in April, prompting a rush of new listings that hints the rally could soon be poised to slow.
Toronto’s benchmark home price index rose 5 percent last month, the second highest gain in data going back to 2005, a report Monday from the Canadian Real Estate Association showed. The record gain was a 6.2 percent advance in March, bringing year over year price increases to 32 percent.
THG Opens Hyatt House Anchorage
Posted by: | CommentsThis hotel marks the company’s first Hyatt House property and the first for Alaska. The pet-friendly location offers amenities such as a pool, restaurant, meeting space and a free airport shuttle.
The Hotel Group opened Hyatt House Anchorage, the company’s first Hyatt House property in its portfolio and the first for Alaska.
Located at 5141 Business Park Blvd. in Anchorage, Ala., the 144-key hotel will offer guestrooms with fully equipped kitchens, free breakfast, its signature H Bar restaurant and a 24-hour H market. Other accommodations include laundry and dry-cleaning services, pet-friendly services, communal seating areas with free Wi-Fi, a heated indoor pool, a fitness center, 650 square feet of meeting and event space, a business center and a complimentary shuttle to and from Ted Stevens Anchorage International Airport…
Singapore Home Sales in April More Than Double From Year Ago
Posted by: | CommentsSingapore 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.
Concord Hospitality Brings Hyatt Place to Jacksonville
Posted by: | CommentsThe property will be located at The Strand at St. Johns Town Center, a 45-acre, mixed-use development comprising residential, retail, restaurant and hotel space.
Concord Hospitality began construction on Hyatt Place Jacksonville, a 160-key hotel scheduled to open in late 2018.
The five-story property will feature the Gallery, which will offer 3,000 square feet of meeting space, an outdoor pool, a fitness center and an outdoor deck for events. The asset will be part of The Strand at St. Johns Town Center, a 45-acre, mixed-use development comprising residential, retail, restaurant and hotel space…
Concord Hospitality Brings Hyatt Place to Jacksonville
Home Capital Is Talking to Banks to Replace Its Costly Lifeline
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Firm seeks debt-like financing with those supporting deposits
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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.”…
JPMorgan Buying $137 Million Dublin Office for 1,000 Staff
Posted by: | CommentsJPMorgan 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…
Metro DC Office Park on the Market Again
Posted by: | CommentsAvison Young was tapped once more to market the sale of Calverton Office Park in Beltsville, Md. The 313,810-square-foot complex comprises three office buildings and a daycare center.
Just two months after ACS Edmonston Investment LLC acquired the four-building Calverton Office Park in Beltsville, Md. from Brandywine Realty Trust, the owner again selected Avison Young to market its sale. The complex encompasses three office buildings and a daycare center. A team fronted by Principals Chip Ryan, Jim Kornick and Niel Beggy already arranged the disposition of Calverton III, while Calverton I and IV are under contract…
Singapore’s Property Comeback Fueled by Land-Hungry Developers
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Sales surge adds to sign of renewed vigor in housing market
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Singapore, Hong Kong have grappled with property overheating
Developers’ hunger for Singapore land is adding to signs that the city’s housing market is making a comeback after three years of price declines.
As new home sales surge after an easing of property restrictions in mid-March, developers are becoming more aggressive in bidding at land auctions. On average, they’ve paid a 29 percent premium, the highest level in at least five years, according to broker Cushman & Wakefield Inc., which makes comparisons with the past prices of similar properties…
Anheuser-Busch Will Invest $2 Billion in U.S. to Push Beyond Bud
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Spending will support efforts outside of beer, such as tea
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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…
National Asset Services Adds 6 Properties to Retail, MOB Portfolio
Posted by: | CommentsThe company has been appointed property and asset manager of six properties in four states: a retail center and five medical office buildings operated by Fresenius Medical Care.
National Asset Services has been appointed property and asset manager of six health care and retail properties in four states. Properties include Sherwood Village shopping center in San Angelo, Texas, and five newly built medical office buildings in Texas, Pennsylvania, Ohio and Massachusetts. With the latest additions, the company’s portfolio now includes more than 70 properties nationwide…
National Asset Services Adds 6 Properties to Retail, MOB Portfolio
New Zealand Housing Market Most at Risk of Bust, Goldman Says
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G-10 house-price report finds New Zealand’s most over-valued
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Goldman sees 40% chance of prices dropping in next two years
New Zealand’s housing market is the most over-valued among the so-called G-10 economies and the most at risk of a correction, according to Goldman Sachs.
In research published this week, the investment bank said there is about a 40 percent chance of a housing “bust” in New Zealand over the next two years, which it defines as house prices falling five percent or more after adjustment for inflation.
Snap’s Rebound Accelerates After Big-Name Funds Disclose Positions
Posted by: | CommentsSnap 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
Real Estate’s New Normal: Homeowners Staying Put
Posted by: | CommentsFor much of last year, Greg Rubin was looking to buy a bigger house. He has been in the same two-bedroom home for 17 years and hoped to upgrade to a place with a guest room, a home office and a workshop for his guitars, radio-controlled planes and gardening equipment.
This year, Mr. Rubin has a new plan. He stopped looking and embarked on an ambitious renovation project that will begin with a new kitchen and end with a workshop for all the man toys…
Real Estate’s New Normal: Homeowners Staying Put
CBRE Secures $152M Bay Area Office Refi
Posted by: | CommentsThe owner has repositioned and modernized Rosewood Commons, taking it from 10 percent leased at purchase to 95 percent leased now.
Nearly three years after it acquired the five-building, 863,000-square-foot, Class A office complex in Pleasanton, Calif., Swift Real Estate Partners has refinanced Rosewood Commons with a $152 million loan from a domestic bank secured by the CBRE Capital Markets’ Debt & Structured Finance team.
Formerly known as California Center, Swift has repositioned and modernized the East Bay property taking it from about 10 percent leased at purchase to approximately 95 percent leased now…
CBRE Secures $152M Bay Area Office Refi
Mubadala Plans to Invest Up to $15 Billion in SoftBank Fund
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Fund’s first close expected to be wrapped up in 2-3 weeks
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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…
Strapped Pension Funds, and the Hefty Investment Fees They Pay
Posted by: | CommentsWhere are the pensioners’ yachts?
That riff on Fred Schwed Jr.’s famous Wall Street tell-all book — which explains why bankers and brokers own yachts, but the customers who take their advice do not — came to mind recently. I was reading a new report detailing how outsize money management fees are crippling the nation’s public pensions.
We’re talking about the fees charged by hedge funds and private equity firms to invest pension fund money — fees that enrich the wealthy but imperil workers, retirees and taxpayers…
Strapped Pension Funds, and the Hefty Investment Fees They Pay
AHT Plans $400M Revamp of Nashville Convention Center
Posted by: | CommentsPlans 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…
Hedge Funds Vie With Puerto Rico Workers Over Getting Paid First
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Commonwealth’s pension systems set to go broke this year
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Island’s $123 billion bankruptcy biggest in municipal history
The message in Puerto Rico is blunt: pay us, not Wall Street.
Anger over the biggest municipal bankruptcy in U.S. history has centered on the urgent question of public pensions. Puerto Rico has promised its workers and retirees $49 billion in benefits, but it’s guaranteed bondholders even more.
The pension system is scheduled to run out of money as soon as July, and many on the island fear, with benefit cuts already under discussion, that the hedge funds who own one-third of the commonwealth’s bonds will wrangle a better deal than ordinary Puerto Ricans…
Fort Worth Office Park Changes Hands
Posted by: | CommentsJLL brokered the sale of a 45,111-square-foot office park in Fort Worth, Texas, as well as the 2.6 acres on which it is situated, to 3700 Hulen LLC, on behalf of Chemical Management Co. Inc. The property once served as the headquarters for a mineral and lime producing company.
JLL, on behalf of Chemical Management Co. Inc., completed the sale of a five-building, 45,111-square-foot office park in Fort Worth’s West/Southwest submarket. The buyer, 3700 Hulen LLC, also bought the 2.6 acres on which the property is situated. JLL Managing Director Pat McDowell and Vice President Matt Montague led the sales team…
HFZ Bags $1B Loan for Mammoth NYC Project
Posted by: | CommentsDesigned 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.
MacKenzie Markets 100 KSF Baltimore MOB
Posted by: | CommentsThe Class A property is situated on the campus of University of Maryland St. Joseph Medical Center and offers medical office spaces ranging from 1,000 to 6,200 square feet.
MacKenzie Commercial Real Estate Services LLC is spearheading leasing efforts for The O’Dea Medical Arts Building, a Class A medical office building, situated on the campus of University of Maryland St. Joseph Medical Center (UM SJMC) in Towson, Md. MacKenzie’s Joe Bradley, Matt Mueller, Meghan Roy and Henson Ford will represent the owner in securing tenants.
Home Capital’s Unique Troubles Are Contained, BOC’s Poloz Says
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Central bank governor echos finance minister’s reassurances
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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…
What Analysts Are Saying About Home Capital’s Warning Shot
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Embattled lender includes ‘going concern’ reference in report
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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…
Full House at Boston Landing’s 20 Guest St.
Posted by: | CommentsGlobal Atlantic Financial Group relocated its regional offices to mixed-use development Boston Landing, bringing one of its Class A office buildings to full occupancy.
Owner and developer NB Development Group LLC inked a 46,290-square-foot lease at 20 Guest St., within its 15-acre mixed-use development Boston Landing in Brighton, Mass. The tenant, Global Atlantic Financial Group, will occupy the entire ninth and tenth floors, moving out of its offices at 132 Turnpike Road in Southborough, Mass. Transwestern Consulting Group’s Steve Purpura, Eric Smith, Tim Lahey and Perry Beal acted on behalf of the owner, joining efforts with NB Development Group’s Jim Halliday and Erin Harvey…
China-Backed Fund Raises $500 Million for U.S. and EU Startups
Posted by: | CommentsA venture capital firm backed by the Chinese government is aiming to invest up to $500 million into U.S. and European technology startups.
Silk Ventures, which has offices in Silicon Valley, London, Shenzhen, and Beijing, will put a particular focus on fintech, artificial intelligence, medical technologies and startups specializing in related sciences.
“The mission is to connect technology companies from Europe and the United States, Israel as well, to the Chinese market,” said Silk Ventures Founding Partner Angelica Anton in an interview…
China-Backed Fund Raises $500 Million for U.S. and EU Startups
Kushner Real Estate Project Still Seeking First Chinese Investor
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Sunday information session in Guangzhou drew about 50 people
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Kushner Cos. apologized after presentation cited Trump links
A real-estate project linked to U.S. presidential adviser Jared Kushner’s family hasn’t attracted any early financial commitments after investor presentations in four different Chinese cities, an organizer said.
About 50 people attended a presentation Sunday at the Four Seasons Hotel in the southeastern city of Guangzhou that was sponsored by QWOS Group, an immigration consulting company focusing on special visa programs. Similar events in Beijing and Shanghai last week generated controversy after Kushner’s sister, Nicole Meyer, invoked his work for President Donald Trump, his father-in-law…
Tenants Announced for Miami Mixed-Use Development
Posted by: | CommentsAmazonica, The House of Findings and Wynwood Shades are the latest confirmed additions to Upper Buena Vista, a mixed-use development located north of Miami’s Design District and Buena Vista neighborhoods, which is slated to open this summer.
Upper Buena Vista, a mixed-use development north of Miami’s Design District and Buena Vista neighborhoods, has expanded its tenant roster by welcoming three new retailers. The confirmed additions are Amazonica, The House of Findings and Wynwood Shades…
Tenants Announced for Miami Mixed-Use Development
Douglas Elliman Moves Miami Flagship Office
Posted by: | CommentsThe company chose a new flagship location in the Brickell corridor, appointing Managing Broker Martha Pomares as office lead.
Douglas Elliman expanded its Florida presence by opening a new flagship office at 801 Brickell Ave., a 415,150-square-foot, Class A office tower in Miami’s Financial District. The company is relocating from its previous office at 1200 Brickell Bay Drive.
The firm’s new Brickell office will be led by Managing Broker Martha Pomares, a veteran real estate agent who joined Douglas Elliman in 2016. Additionally, the office will showcase area developments along with a portfolio of properties for sale throughout South Florida. Douglas Elliman marked its continued growth and recent expansions into Bay Harbor, Jupiter and Delray Beach with a grand opening celebration in April. The company employs nearly 1,000 agents throughout Florida…
Home Capital to Address Analysts as CIBC Funds Boost Stake
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CIBC Asset, Turtle Creek now top Home Capital shareholders
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CIBC buys shares after Mawer, QV sell stock following plunge
Home Capital Group Inc. received a vote of confidence from two money managers as the embattled mortgage lender prepares to report earnings and address analysts for the first time since a regulatory probe sent the stock reeling.
CIBC Asset Management and Turtle Creek Investment Management Inc. both lifted their stakes as of the end of April to become the top two shareholders of the Toronto-based mortgage company. Turtle Creek holds a 19 percent stake, while the money management unit of Canadian Imperial Bank of Commerce owns 15 percent, according to filings…