Bloomberg, Oct. 19, 2018–Natalie Wong, Justina VasquezNew York developer Silverstein Properties Inc. built a $4 billion pipeline of real estate deals just weeks after starting. None of the money was for buildings it will own.
Category: Top National News
With Market Hot, Landlords Slam the Door on Section 8 Tenants
New York Times, Oct. 12, 2018–Glenn ThrushMany landlords are now refusing to accept vouchers when they can get higher rents, without the bureaucratic red tape, on the open market.
Big Lenders Make Push to Liquidate Sears
Wall Street Journal, Oct. 11, 2018–Suzanne Kapner, Lillian Rizzo (subscription)Some of Sears Holdings Corp.’s biggest lenders were pushing for it to liquidate rather than use bankruptcy protection to try to save an American legend whose stores and catalogs dominated retailing for generations.
Lenders Fear Worst from Rent Control Measure on California Ballot
National Mortgage News, Oct. 10, 2018–Hannah Lang (subscription)Mortgage lenders are anxiously following a ballot initiative fight over rent control in California that they say could be detrimental for the industry as a whole.
Sears, the Original Everything Store, Nears a Bankruptcy Filing
New York Times, Oct. 14, 2018–Michael CorkeryA decade ago, Sears employed 302,000. Today, there are about 68,000 people still working at Sears and Kmart and the retailer is preparing a Chapter 11 bankruptcy filing to cut its debts and keep operating at least through the holidays, according to two people briefed on the matter.
BofA Looks to Fill CRE Lending Void
American Banker, Oct. 15, 2018–Andy Peters (subscription)Commercial real estate lending has fallen out of favor with some lenders, but Bank of America increased its exposure to the segment in the third quarter.
Apartment Rentals Now Make Up a Larger Share of New Housing Units in the U.S. Than They Have in Decades
National Real Estate Investor, Oct. 17, 2018–Bendix Anderson Apartment rentals have been luring residents away from other kinds of housing since the housing crash, and that is not likely to change in the foreseeable future as new housing preferences and low ownership affordability drive greater demand for apartment rentals.
Sexual-Harassment Suit Naming Real-Estate CEO Goes to Arbitration
Wall Street Journal, Oct. 5, 2018–Esther Fung (subscription)The lawsuit, which also alleged wrongful termination and pay discrimination, was filed last year against Bruce Schanzer, CEO and president of Cedar Realty Trust Inc., a real-estate investment trust based in Port Washington, N.Y., that owns 61 shopping centers.
Bridge Loans Can Be an Attractive Financing Strategy for Value-Add Investments
National Real Estate Investor, Oct. 5, 2018–Shahin Yazdi Bridge loans may be the right financing strategy for value-add investors with a clear plan to increase property income.
Lennar Is in Advanced Talks to Sell Its Real-Estate Lending Unit, Rialto Capital
Wall Street Journal, Oct. 9, 2018–Craig Karmin, Laura Kusisto, Dana Mattioli (subscription)Lennar Corp. is in advanced talks to sell its real-estate lending unit, looking to offload the business at a time when the nation’s largest home builder and its peers are struggling alongside a stagnant housing market. The Miami-based company is in discussions with the private-equity firm Stone Point Capital LLC for the sale of Rialto Capital.