Daniel Mudd will challenge a ‘Wells notice’ served by the Securities and Exchange Commission, as the federal agency investigates the conduct of Fannie Mae and Freddie Mac in the run-up to the financial crisis.
The 28-property Highland Hospitality portfolio was purchased for $1.28bn by US REIT Ashford Hospitality Trust and Prudential Real Estate Investors. Around $200m of equity from JER was wiped out in the deal.
After hitting an all-time low of just $2.7bn of new CMBS issuance in 2009, the securitisation market is expected to originate up to $15bn per quarter in new deals, with large portfolio refinancings pushing the figure up to $65bn.
The firm expects to hit the fundraising trail this year targeting a similar amount to its $10.9bn opportunity fund, BREP VI, which is 70% invested. President Tony James said Blackstone invested $5bn of equity in real estate in 2010.
The multifamily sector is leading the recovery for US real estate with rising rents and occupancy levels. However, as increasing amounts of equity start to target the sector, is multifamily in danger of becoming yet another bubble? PERE magazine February 2011 issuE
The San Ramon, California-based multifamily operating partner has secured an equity investment from 29th Street Capital, a recent platform that invests high-net-worth capital. The firms are targeting a $60m fundraise as they source JV equity for deals in the western US.
The real estate investment arm of the insurance giant is launching an industrial development vehicle focused on Brazil and retail development fund targeting China. The funds could be limited to a small number of large LPs.