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Volume 3 - Number 17 | September 11, 2006
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TOP STORY: Gulf Coast Rebuilds Amid Reports About Mega Development
By Erika Morphy
Many of the incentives offered by the federal government to rebuild the Gulf Coast areas devastated by Hurricane Katrina more than a year ago are proving to be cumbersome in some cases and impractical in others. Developers have gravitated to other incentives, like the tax exempt financing provided under the bonding authority granted to Louisiana, Mississippi and Alabama. Now some speculate a $1 billion project is under consideration in Alabama.
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Trump Mortgage Expects to Top $3B First-Year Projection
By Alex Finkelstein
Trump Mortgage LLC, one of the newest players in the shrinking mortgage brokerage arena, expects to exceed significantly its first year projection of $3 billion in transactional volume. “We are very hopeful we will surpass that goal,” company president and CEO E.J. Ridings tells DEJ. Ridings projects Trump Mortgage will place between $4.5 billion and $10 billion by the time its first full 12-month operational period ends in November.
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Insider: Sonnenblick Goldman’s Robert Stiles
By Erika Morphy
Once renovations are complete, the Wyland Waikiki in Honolulu will be a very special property, says Robert B. Stiles, managing director and principal of Sonnenblick Goldman's San Francisco office. Stiles can be excused for the bias in his statement since Sonnenblick Goldman served as advisor to a joint venture between Westbrook Partners and Lodging Capital Partners LLC for the acquisition of the hotel and arranged the non-recourse, floating-rate, first-mortgage financing with Column Financial, a wholly-owned subsidiary of Credit Suisse.
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Behind the Deal: Beating Potential Deal Killers in Alabama Apartment Sale
By Alex Finkelstein
Brokers at Terranova Capital Markets realize at least one potential deal killer can emerge in any transaction. But when three major obstacles surfaced during negotiations involving a $6.35 million apartment sale, the Miami-based Terranova team needed creative solutions to salvage the deal. The sale of the 128-unit Lake Forest Apartments in Daphne, AL, a suburb of Mobile, took 14 months to complete.
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Intense Focus on Medical Offices Pays Off for Marcus & Millichap
By Erika Morphy
Earlier this year, Marcus & Millichap Real Estate Investment Brokerage Co. tweaked its internal organizational structure to intensify its focus on medical office space. Its efforts have already paid off. Alan L. Pontius, national director of the firm’s healthcare real estate group here, says year-to-date sales of medical office product nationwide equal about $218 million.
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