Single-family rental property fundamentals remain healthy, but there could be trouble on the horizon.
Category: News and Trends
RIHA Study: More than 6 Million Renters and Homeowners and 26 Million Student Debt Borrowers Missed September Payment
More than six million households did not make their rent or mortgage payments, and 26 million individuals missed their student loan payment in September, according to third quarter research released by the Mortgage Bankers Association’s Research Institute for Housing America.
Commercial/Multifamily Briefs Oct. 22, 2020
CBRE Group, Los Angeles, pledged to spend $1 billion with diverse suppliers in 2021 and to grow this spending to $3 billion in five years.
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“It has been my great privilege to serve you this past year. This job was a challenge that I gladly accepted. But of course, I had no idea just how challenging it would be.”
–Brian Stoffers, CMB
Dealmaker: Electra Capital Provides $92M Bridge Loan
Electra Capital, West Palm Beach, Fla., closed a $92 million bridge loan for Four West Las Olas, Elevate Partners’ new apartment tower in downtown Fort Lauderdale, Fla.
George Smith Partners Secures $59M For Multifamily, Office Assets
George Smith Partners, Los Angeles, secured $58.6 million for multifamily and office assets in southern California.
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“Buyers and sellers remain apart on many asset types, especially value-add where the bid-ask spread remains wide. Uncertainty about how to underwrite net operating income will remain until the pandemic is under control.”
–CBRE Global President of Capital Markets Chris Ludeman.
Apartment Leasing Rebounds
Apartment leasing proved strong in the third quarter, bouncing back from the limited demand seen earlier this year, reported RealPage, Richardson, Texas.
National Association of Insurance Commissioners Adopts MBA/ACLI Proposals
A National Association of Insurance Commissioners working group adopted risk-based capital guidance and reporting instructions to implement the Mortgage Bankers Association/American Council of Life Insurers-proposed Risk-Based Capital reporting of 2020 Net Operating Income.
MBA Urges FHFA to Extend Current GSE Affordable Housing Goals
The Mortgage Bankers Association, in a letter this week to the Federal Housing Finance Agency, said FHFA should extend current affordable housing goals for Fannie Mae and Freddie Mac, given current economic uncertainty.