Wall Street Journal, July 8, 2019–Ryan Dezember (subscription)A California startup is hoping investors will buy portions of houses as well. Roofstock, which operates a website where investors buy and sell occupied rental properties without disturbing tenants, has launched a marketplace where investors can buy stakes as low as 10 percent in single-family rental homes.
Category: Top National News
New York Condo Conversions Near the End, a Casualty of Rent Reform
Wall Street Journal, July 8, 2019–Josh Barbanel, Will Parker (subscription)A longtime New York City practice that promoted homeownership, transformed neighborhoods and enriched thousands of middle-class renters is effectively over. It ended on June 14, when a New York state law to strengthen tenant protections went into effect.
Foreign Investors Slow Down U.S. Hotel Acquisitions
National Real Estate Investor, July 9, 2019–Sebastion ObandoForeign investors reduced buying activity in the U.S. hotel sector so far this year, according to industry experts.
CMBS Delinquency Rate Continues to Plunge
National Mortgage Professional, June 5, 2019–Phil HallThe commercial mortgage-backed securities delinquency rate published by Trepp LLC hit another post-financial cross low in May, falling 16 basis points to 2.66 percent.
Obsolete Office Buildings Offer Investors a Myriad of Opportunities for Adaptive Re-Use
National Real Estate Investor, June 28, 2019–Patricia KirkLandlords with older office buildings struggling with low occupancy may want to consider converting them to uses with higher demand for the location, including housing, hotels, schools, retail, start-up incubators or industrial facilities.
Situs and AMC Complete Merger
National Mortgage Professional, June 28, 2019–Phil HallThe combined business will operate as SitusAMC and have more than $175 billion of commercial assets under management and provide fair value assessment on more than $290 billion of commercial real estate assets quarterly.
JLL’s $2 Billion Acquisition of HFF to Close on July 1
HousingWire, June 28, 2019–Ben LaneUnder the terms of the deal, which was originally announced in March, JLL will acquire all the outstanding shares of HFF in a cash and stock transaction that carries an equity value of $2 billion.
Commercial Property Joins Tech Revolution as Spending Soars
Wall Street Journal, July 2, 2019–Peter Grant, Konrad Putzier (subscription)For years, real estate technology startups watched from the fringes as big banks and venture capital firms lavished attention on financial technology firms. Now “proptech” has joined the party.
FASB to Consider Delaying CECL Deadlines for Smaller Firms
American Banker, June 27, 2019–John Heltman, John Reosti (subscription)The Financial Accounting Standards Board is considering whether to consolidate or delay the deadlines for smaller firms to comply with a contentious new credit loss accounting standard, according to the association’s chairman.
New York Landlords in a Financial Bind From New Rent Law
Wall Street Journal, June 24, 2019–Will Parker; Konrad Putzier (subscription)Property investors have spent billions of dollars on apartment buildings for what has been one of the most reliably profitable bets in New York City real estate: converting rent-regulated apartments to market-rate units. But New York’s new rent law may cause financial stress for the companies that own these buildings.