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Cohen Commercial News CCN
Lehman Brothers has gone belly up. Merrill Lynch is
history. AIG, Freddie Mac, all government owned. Credit
tight everywhere. Major Banks closing. The capital
markets are in turmoil. Financial Armageddon, Right?
Well, sort of. Everywhere but at Cohen Commercial Equity LLC, where
your stocks, Bank Guarantee, Standby Letter of Credit are still your ticket
to a fast cash, nonrecourse, no-margin-call loan from the only private
equity stock-secured loan company with a track record of compliance,
performance, and customer service. That's cash in pocket while you still
remain "in the market" with your portfolio to ride out the storm.
Shouldn't you be looking into this? You've got cash if:
You or your client own stock, BGL, SLC and need additional
downpayment cash for a conventional residential or commercial loan;
You or your client own Stock, Bonds, 401k and want to
catch up on back payments on an existing mortgage
You or your client want to refinance an entire mortgage into an
interest-only, nonrecourse loan
You or your client do not own stock, but have a family member or other
person willing to pledge stock for a nonrecourse, no-margin-call (or
limited call) loan
Then give us a call today at 1-800-928-6154 X 102 or
write newloans@cohencommercialequity.com
Commercial RE Firm Delisted
November 10, 2008
The New York Stock Exchange has permanently suspended trading in the common stock of
CBRE Realty Finance Inc., Hartford, Conn., as of the close of market on Nov. 7. The delisting is
the result of the fact that the company has fallen below the NYSE continued listing standard
regarding average global market capitalization over a consecutive 30 trading day period of at
least $25 million. As of Nov. 10, 2008, CBRE's common stock will trade over-the-counter under
the ticker symbol CRTYZ. CBRE Realty Finance is a commercial real estate specialty finance
company focused on originating, acquiring, investing in, financing and managing a diversified
portfolio of commercial real estate-related loans and securities. The company's website is
located at http://www.cbrerealtyfinance.com/.
Commercial REIT Closing
November 7, 2008
American Mortgage Acceptance Corp., New York, a commercial and multifamily real estate
investment trust, is closing its doors, saying its liabilities have exceed the value of its
remaining assets. Among other things, the REIT invested in mezzanine, construction and first
mortgage loans, subordinated interests in firsts, bridge loans, subordinate commercial
mortgage-backed securities, and other real estate assets.
Survey Says Worldwide CRE Demand Still Growing
October 29, 2008
The mandate for investing in commercial real estate is on the rise, according to a recent
survey released by J.E. Robert Companies. According to the survey, 60% of respondents
indicated their mandate for real estate is growing. When asked to rank their top choice of
regions to invest in commercial real estate, 44% of respondents chose North America, 30%
selected Asia and 18% named Europe. Other findings indicate that senior management,
overall performance and history/reputation are the most important attributes investors
consider when selecting a particular commercial real estate investment firm. Of the survey
respondents, 45% indicated that senior management is the most important criteria in
selecting an investing partner, followed by performance at 34% and history/reputation at 17%.
CRE Lending 'at Virtual Standstill'
October 29, 2008
The commercial real estate sector is at a virtual standstill, with lenders on one sideline and
borrowers on the other, each waiting for the right investment opportunity, specialists said at
the Urban Land Institute's annual fall meeting in Miami Beach. They also agreed that the credit
markets are, in the words of Randy Reiff, senior managing director at JP Morgan, New York, in
a period of "protracted restructuring." Last year at this time, Mr. Reiff was at Bears Stearns and
had $28 billion to invest. Now, at JP Morgan, he has only $5 billion to $7 billion at his disposal.
"I definitely don't think the credit crisis is a blip," he said on a panel with other capital market
experts. "It's gone far past a blip. As far as the pendulum has swung one ways, that's how far
back it's swung back now." John Kukral, president of Northwood Investors, Greenwich, Conn.,
took a more optimistic view. "My feeling is that we're back to normal after being abnormal for
the last five years," he said. But Mark Gibson, executive managing director of Holiday Fenoglio
Fowler, Dallas, said commercial real estate specialists aren't facing a liquidity issue. "Capital
is available," he commented. "We just don't like the price." About 6,100 real estate
professionals are attending the three-day conference. That's down from 7,000 last year when
ULI met in Las Vegas. But the sessions on capital markets were all standing room only.
Winthrop Takes Stake in Lexington Realty
October 28, 2008
Winthrop Realty Trust, Boston, has acquired 3.5 million shares of the common stock of
Lexington Realty Trust for $5.60 per share in a privately-negotiated transaction. The seller of
the shares has provided Winthrop with non-recourse financing equal to 50% of the purchase
price, with a term of three years at an interest rate set at LIBOR plus 250 basis points. Michael
Ashner, chairman and CEO of Winthrop, said his company's view is that Lexington's shares
"have been significantly oversold by the market." He said the view reflects Winthrop's focus on
pursuing "deep value and distressed investments."
FFNI Marketing FDIC Portfolio
October 28, 2008
First Financial Network, Inc., Oklahoma City, Okla., is marketing a $500 million loan portfolio
on behalf of the Federal Deposit Insurance Corp. It includes loans from the recently failed First
National Bank of Nevada, Reno, Nev. and First Heritage Bank, NA, Newport Beach, Calif. There
are approximately 585 performing and non-performing commercial real estate, commercial
and industrial, gaming, Small Business Administration 504, residential and consumer loans
to bid on Dec. 16. The majority of the collateralized properties are located in Arizona (44%),
Nevada (35%) and California (15%). The portfolio will be stratified into pools based on
performance, collateral type and geographic location. Investor due diligence materials will be
available online at http://www.firstfinancialnet.com/ beginning Nov. 3. Bliss Morris, president
and CEO of First Financial Network, said, "First Financial Network anticipates continued strong
secondary market interest for this diverse portfolio comprised predominantly of CRE and C&I
loans. We continue to see high demand for both performing and non-performing loans in all
asset classes as evidenced by the successful closing of several major transactions
conducted by First Financial Network in the third quarter."
____
MBS Downgrades Persist
The methodology for rating collateralized debt obligations has been modified by
one agency to reflect the magnitude of the deteriorating performance of subprime
loans backing mortgage securitizations. Commercial deals continued to be among
the few bright spots in this latest edition of ratings activity on mortgage-backed
securities.
Commercial Activity Tumbles
Led by a big decline in hotel financing, quarterly commercial mortgage
originations were off by nearly a third. Funding through securitizations were also
way down. But a growing number of baby boomers apparently sent health care
property deals soaring.
International Losses Mount from U.S. Subprime
International firms continue to be plagued by billions of dollars in charges from
U.S. subprime mortgages, and more charges are expected. Meanwhile, Vestin
Realty Mortgage II Inc. disclosed it is considering an acquisition of Vestin Realty
Mortgage I Inc.
Volatility Ahead for CMBS
While commercial mortgage-backed securities continued to see upgrades, one
agency warned volatility in the sector could rise. On nonprime deals, the
downgrades continued.
Countrywide Improves
Countrywide Financial Corp. reported an increase in monthly production and a
decrease in its foreclosure rate. Commercial mortgage volume also climbed from
the prior month.
Multifamily Deals Dominate Activity
Multifamily property deals accounted for half of the latest commercial loan
transactions tracked by MortgageDaily.com, though they accounted for nearly 90
percent of the dollar volume.
RMBS Ratings Suffer as CMBS Shine
Billions of dollars in residential securities continued to be impacted from an
ongoing wave of ratings downgrades. But a wave of commercial upgrades also
continued.
Wholesaling Updates
Mortgage brokers are likely to be impacted from a number of updates announced
by Freddie Mac. Other wholesale program activity included the launch of a jumbo
lender and the promotion of a commercial mortgage training program.
2nds, Subprime Downgraded
Poor second lien performance has led to a wave of downgrades on residential
mortgage-backed securities. Subprime ratings continued to be hammered though
there were several upgrades to commercial transactions.
News Source from MortgageDaily.com
