Continue Reading Add comment January 15th, 2009
Wachovia Securities signed a ten-year lease for 25,982 square feet at 1133 Westchester Avenue in White Plains, N.Y. The 600,000-square-foot office building is owned by RPW Group.
Continue Reading Add comment January 15th, 2009
Capmark Finance Inc. has originated a total of $62.4 million in permanent, fixed-rate debt through its Fannie Mae DUS program for the refinancing of two Connecticut multi-family properties.
Continue Reading Add comment January 15th, 2009
Silver linings are hard to find in today’s dismal Manhattan market outlook, but local leaders from CB Richard Ellis Inc. found a few to point out today.
Continue Reading Add comment January 15th, 2009
Lot’s of folks have been saying commercial real estate is the next shoe to drop, after residential property. Even it seems the trade association for commercial real estate developers, owners and related professionals. “We’re looking at $400 billion in loans maturing and unless we find a way to finance them it will take commercial down hard,” says Tom Bisacquino, president of the National Association of Industrial and Office Properties, now known simply as NAIOP.
Homeowners, car makers and banks have been asking for some of the Treasury Dept.’s $700 billion in bailout funds. Add commercial real estate investors to the list. Bisacquino says the association has been lobbying to secure $20 billion in loan guarantees from the Treasury. Perhaps another $200 billion more could come from the FDIC.
He points out though that this market is different from earlier busts such as the late 1980s when there was too much overbuilding of commercial property. Today its not a question of oversupply, just a lack of liquidity.
Biscaquino says the model is not all different from the terrorist risk insurance the government helped finance after 9/11. “The government could create this secondary market,” he says. “They’re not really writing a check.”
Bisacquino says the slump has impacted his association’s 18,000 members, who range from large publicly traded real estate trusts to small architectural firms. He says the number of companies that are members hasn’t changes but they are paying dues for fewer of their employees.
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