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Volume 3 - Number 18 | September 25, 2006
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TOP STORY: Lenders, Investors Love Shopping Centers
By Alex Finkelstein
Shopping centers, especially those anchored by quality grocery stores, continue to be at the top of most investors’ shopping lists and are also the product of choice for many lenders, according to a random survey of lenders, brokers and owners conducted by Debt & Equity Journal. New trends are also surfacing in retail development, including a shift from enclosed mall development to lifestyle and community and neighborhood centers, says Nat Zvislo, research director at the Chicago-based Real Estate Capital Institute.
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New Financing Tools Include CDOs, Flexible Fixed Rate Programs
By Alex Finkelstein
New trends in commercial real estate financing are evolving quickly as borrowers use the Internet to educate themselves on the industry’s often esoteric language, a panel of national lenders told real estate professionals at the Real Estate Investment Advisory Council’s southeast region meeting here. The panel was comprised of John Cannon, executive vice president at Capmark Finance Inc. and head of branch loan originations; Edward Coco, senior managing director and national sales director of GE Real Estate; Tom Butsch, executive vice president for commercial real estate at Birmingham, AL-based Regions Bank and Mark Wilsmann, managing director and head of commercial mortgage investing at MetLife Inc. Lance Patterson, president of Barry Real Estate Cos. in Atlanta, moderated the event at the Westin Buckhead Hotel earlier this month.
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Private Funds Valuing Assets Higher Than Public Markets
By Alex Finkelstein
Gilbert G. Menna, a partner in Goodwin Procter LLP and chair of his firm’s real estate capital markets practice group, says there are several reasons why unprecedented amounts of private real estate equity continues to flow. “Institutional and even retail investors do not see the benefit of investing in the broader stock or bond market on a risk-adjusted basis,” Menna explains. “In other words, relative to yield expectations on other asset classes, real estate is very attractive.”
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IRS Private Letter Ruling Expands Defeasance Options
By Erika Morphy
A private letter ruling from the Internal Revenue Service to Wachovia Securities gives a green light to defeasance providers that may want, in certain circumstances, to expand the time in which securities can be utilized in the defeasance process. In some cases, this will result in a lower cost portfolio, executives at the financial institution say.
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