Business Specialties
America on Sale: Foreign Investors are Cashing In
Doomsday predictions in the U.S. commercial real estate market are becoming more prevalent on a daily basis and the potential for commercial mortgage defaults is said to reach $1 trillion by 2012.
Case Study: Becker + Becker Adaptive Reuse Project
With so many moving parts, adaptive reuse projects frequently take longer to get off the ground and they involve unforeseen challenges—but the results can be more interesting than those found in new construction. “We [also] think that redeveloping historic buildings is an inherently green strategy,” says Bruce Becker,AIA, AICP, President of Becker + Becker, whose Fairfield, Ct-based firm developed, designed and planned The Octagon, a high-profile adaptive reuse project in New York.
DEAL OF THE DAY: Franklin Street Brokers Sale of Distressed Notes on Section 8 Properties
Tampa‑Franklin Street Real Estate Services has arranged the sale of distressed notes on a four-property multifamily portfolio formerly subject to Section 8 contracts.
Three Affordable Housing Communities in San Francisco Get Solar Power
Sunwheel Energy Partners, which provides turnkey solar energy systems for urban and community partners, has commissioned solar photovoltaic (PV) systems at three affordable housing community sites in San Francisco’s Western Addition and Hayes Valley neighborhoods.
Low-Rise Condo Raises Brooklyn’s Green Profile
What’s black and white and green all over…? The Silhouette. And, if all goes according to plan, this four-unit eco-friendly condominium in South Park Slope, Brooklyn will soon be the first low-rise LEED Platinum project in New York City.
Carlton to Sell $257M of Non Performing, First Mortgage Loans Secured by Small Balance, Multifamily and Retail Commercial Properties
The Carlton Group has been retained by a major financial institution to sell $257 million in first mortgage loans secured by a variety of commercial properties including retail, multifamily and industrial assets.
DEAL OF THE DAY: Berkadia Commercial Mortgage Originates $18,664,000 for Altamont Summit Refinance
Portland, Ore.–Berkadia Commercial Mortgage LLC originated $18,664,000 in permanent, variable-rate debt through its Freddie Mac program to refinance Altamont Summit, a 439-unit multifamily community in Portland, Ore.
SPECIAL REPORT: Educational Sessions at MBA Conference Track Mortgage Bankers’ Concern with Problem Loans
Las Vegas—Master servicers are witnessing greater numbers of borrowers trying to force the transfer of their loans to special servicing, according to Kevin Donahue, senior vice president of PNC Real Estate/Midland Loan Services Inc. “Borrowers are becoming a little savvier” in pursuing their alternatives, said Donahue. They understand that the master servicer cannot perform “material modifications” on the loan, he said.
MBA Voices ‘Serious Concerns’ Over Consumer Financial Protection Bill
The Mortgage Bankers Association (MBA) said it has “serious concerns” with the legislation passed by the House Financial Services Committee that would create a consumer financial protection agency.
Building a Whole Community
In a room full of strangers, say, an event at a regional or national conference, the first question someone is likely to ask upon meeting someone new is, “Where are you from?”