Commercial and multifamily mortgage loan originations decreased 13 percent in the third quarter from a year ago, according to the Mortgage Bankers Association’s Quarterly Survey of Commercial/Multifamily Mortgage Bankers Originations.
Category: News and Trends
Hotel Profitability Improves, Labor Costs Rise
U.S. hotel gross operating profit per available room improved in September and now exceeds the pre-pandemic comparable, said STR, Hendersonville, Tenn.
Adaptive Reuse Apartments Up 25% from Pre-Pandemic Numbers
Adaptive reuse apartments–other property types converted into apartments–have jumped 25% compared to pre-pandemic levels, reported RentCafe, Santa Barbara, Calif.
Dealmaker: iBorrow Provides $25M Bridge Loan in Atlanta
iBorrow, Los Angeles, provided a $24.9 million bridge loan to refinance a 173-key Holiday Inn Express & Suites asset in downtown Atlanta, Ga.
The Office Sector Paradox
Office-using employment increased this year, but office absorption remains negative, reported Cushman & Wakefield, Chicago.
MISMO Announces Standards Governance Committee Election Results
MISMO Members elected the following individuals to join the Residential and Commercial Standards Governance Committees for the 2023-2024 term.
MBA Chart of the Week: Mortgage Payment to Rent Ratio
MBA recently released its September Purchase Applications Payment Index data, which revealed that homebuyer affordability took a large hit in September, with the 75-basis-point jump in mortgage rates leading to the typical homebuyer’s monthly payment rising $102 to $1,941.
MBA CREF Policy Update Nov. 10, 2022
Commercial and multifamily developments and activities from MBA relevant to your business and our industry.
Commercial and Multifamily People in the News Nov. 10, 2022
Personnel News from Merchants Bank, Greystone and Transwestern Investment Group.
Quote
“After a strong first half of the year, rising interest and capitalization rates began to affect deal volume during the third quarter. Increasing yields across investment alternatives–including the 10-Year Treasury yield more than doubling during the first nine months of the year–have shifted property financing and values, and it will take time for the market to fully absorb these changes. Volatility has been equally impactful, making the sizing of transactions extremely difficult. The result has been the first of what may be many quarters of depressed borrowing and lending activity.”
—-Jamie Woodwell, MBA Head of Commercial Real Estate Research.