Zoe Hughes
Despite a temporary rise in payoff levels in the third quarter, the percentage of US CMBS loans not being repaid in full on their balloon date fell to 18.7% in November.
The US REIT, which filed for bankruptcy protection in April, has reached agreement to extend loans covering $9.7bn of its secured debt. Confirmation of the plan is scheduled for 15 December.
Ladder Capital postponed plans for a partial blind-pool REIT after institutional investor appetite waned in September. CEO Brian Harris tells Zoe Hughes the firm will look to the public markets again as Ladder plans to take advantage of a ‘permanent change’ in the US lending community. PERE Magazine December 2009- January 2010
There has been little clarity to the US real estate markets in the past year, however things have started to change. At the recent Urban Land Institute conference in San Francisco, PERE assembled a cross-section of industry professionals to gauge their thoughts on the state of the market and the future for private equity real estate. PERE magazine December 2009-January 2010 issue.
Marathon Asset Management recently held a first close reportedly on $400m for PPIP, leaving Oaktree as the last firm to reach the benchmark.
The $400m sale of commercial mortgage bonds by US mall owner Developers Diversified Realty was secured by 28 assets. The REIT says it will continue to access ‘long-term capital to retire short-term debt’.
The California Public Employees' Retirement System is reportedly weighing its future relationship with asset manager BlackRock following its investment in the New York Stuyvesant Town deal.
Amid speculation the US government could extend the life of one of its bailout programmes, TARP, real estate economist Sam Chandan argues at the PERE Forum that rebuilding the securitisation market would have more impact on the challenges facing the industry.
Sentinel Capital Funding will provide financing for US developers. Oaktree has partnered with Integral Communities principals Eugene Rosenfeld and Craig Manchester.
As transaction volumes start to slowly pick up in the US, real estate professionals at the ULI conference argue that investors need to “get real” over return expectations.