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Developers hoping for lower construction prices have been foiled again. Though a handful of materials are cheaper than last year, overall prices keep rising faster than inflation for all types of apartment construction and are likely to continue doing so for the foreseeable future.
FULL ARTICLE From Boston to Dallas, good workers and materials are hard to find. Still, savvy strategies are keeping smart developers in the black. FULL ARTICLE
Freddie Mac has changed its early rate lock program to speed up deal cycle time and reduce the amount of money a developer has to put up in advance.
Additionally, the government-sponsored enterprise (GSE) has rolled out changes to its standard interest-only (IO) product, while introducing a new product for acquisitions and more yield maintenance flexibility to the IO program.
FULL ARTICLE
Silicon Valley real estate mogul Carl Berg just reported that the $1.8 billion deal to sell his portfolio of buildings has fallen apart, a victim of the credit crisis rocking the financial world.
In a tangible sign that the crisis crippling the housing market is spreading to commercial real estate, Berg said the buyer, whom he refused to identify, simply could not obtain a loan to buy Berg's 6.9 million-square-foot portfolio.
FULL ARTICLE Wall Street financial firms, saddled with hundreds of billions of dollars in debt commitments that fueled this year’s explosion of private-equity buyouts, got a major wakeup call this week when apartment REIT Archstone-Smith Trust (NYSE: ASN) announced a delay in its $15.2 billion sale to a joint venture of Tishman Speyer Properties and Lehman Brothers Holdings Inc.
The keenly watched deal is the second-largest real estate buyout in history, eclipsed only by the $39 billion acquisition of EOP by The Blackstone Group.
FULL ARTICLE
Mortgage finance giants Fannie Mae and Freddie Mac will not be allowed to take on more debt, the government announced, denying requests to relax the companies' investment caps as a way to pump cash into the struggling mortgage market. FULL ARTICLE American Home Mortgage Investment Corp. filed for bankruptcy protection last week and two other mortgage lenders said they were not accepting new applications, signs that the worst housing crunch in decades could be widening. FULL ARTICLE |
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