Reis reported that the apartment vacancy rate of 4.1% was unchanged in the second quarter of 2014. In the second quarter of 2013 (a year ago) the vacancy rate was 4.3%. And the rate peaked at 8.0% at the end of 2009. Vacancy was unchanged during the second quarter at 4.1%, a slight worsening from … [Read more...] about 9.21.14: Update on Apartment Vacancy Rates
Archives for 2014
9.19.14: It’s a Split Decision for CMBS
In an interesting twist to the structure of CMBS conduit offerings, the junior AAA-rated class of some recent offerings has split ratings for the first time. The junior AAA-rated class is the second most senior class of CMBS, a notch below the AAA-rated super-senior class, which provides 30% … [Read more...] about 9.19.14: It’s a Split Decision for CMBS
9.15.14: Judge Rejects Lawsuit Motion in AAHOA Rift
A federal court judge has ruled against individuals seeking to remove the entire Asian-American Hotel Owners Association (AAHOA) Board of Directors. In a recent ruling, Judge Harold Murphy rejected the plaintiffs’ motion citing long-standing law the showed the plaintiffs had not met the legal … [Read more...] about 9.15.14: Judge Rejects Lawsuit Motion in AAHOA Rift
9.10.14: Watch Your Alignment!
We recently were delayed in closing a number of hotel loans due to a recurring issue. Often hoteliers, primarily those involved in the construction of smaller (less than $10 million) limited-service hotels, obtain their franchise agreement well in advance of property construction. This secures a … [Read more...] about 9.10.14: Watch Your Alignment!
9.5.14: CMBS Market Update and August Review
CMBS spreads are slowing declining after widening dramatically in August; however, the market did not see a new multi-borrower conduit deal price after mid-August, so dealers noted that the spread improvement was based on secondary market trades. The last new multi-borrower CMBS deal to price was … [Read more...] about 9.5.14: CMBS Market Update and August Review
9.2.14: Credit Union Lending Way Up
The “Wall Street Journal” recently reported that U.S. credit unions are stepping up lending aggressively, posting loan growth of 9.8% in the second quarter of 2014, according to data released by the National Credit Union Administration (NCUA). That easily surpassed the 4.9% increase in loans … [Read more...] about 9.2.14: Credit Union Lending Way Up
8.27.14: Atlantic City, N.J. Casinos Closing: What’s the Future?
Atlantic City officials, the State of New Jersey and its residents wonder about the fate of Atlantic City and the rest of its gambling palaces as the Revel Hotel and Casino closed its doors on Monday after the Showboat Casino closed on Sunday. Trump Plaza, which is connected to the famed Boardwalk … [Read more...] about 8.27.14: Atlantic City, N.J. Casinos Closing: What’s the Future?
8.22.14: Big September Pipeline to Test CMBS Spreads
Super-senior AAA-rated CMBS spreads retreated from recent highs of 90 basis points (bp) seen when a $1.2-billion offering by Cantor Commercial Real Estate, Deutsche Bank, Ladder Capital and Nataxis priced on August 13. Super-senior AAA-rated CMBS are currently trading in the 85 bp area. That said, … [Read more...] about 8.22.14: Big September Pipeline to Test CMBS Spreads
8.15.14: CMBS Delinquency Posts Small Decline in July
The CMBS delinquency rate for U.S. commercial real estate loans in CMBS declined a fraction in July, to 6.04%, barely extending a 14-month month-over-month decline, according to Trepp. Loan resolutions totaled just over $600 million, one of the lowest monthly totals in recent years. Removing these … [Read more...] about 8.15.14: CMBS Delinquency Posts Small Decline in July
8.12.14: CBRE Acquires PKF Consulting USA
Looking to become a dominant force within the lodging industry in both valuations and strategic advisory services, CBRE Group, Inc. recently acquired PKF Consulting USA, LLC (PKFC), a hotel advisory, consulting and research firm. Headquartered in San Francisco, California, PKFC was formed in 1999 to … [Read more...] about 8.12.14: CBRE Acquires PKF Consulting USA