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Volume 2 - Number 17 | September 13, 2005
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TOP STORY: Special Report—Extent of Katrina's Impact on CMBS Still Unclear
By Erika Morphy and Benjamin Mark Cole
Hurricane Katrina swept through almost three weeks ago, but the country is still coping—and will be for months, if not years—with its immense destruction. And while the loss of life is expected to be significant, property losses, meanwhile, are already known to be in the billions of dollars. CMBS deals will not escape unscathed. What remains to be determined, however, is the extent of Katrina's impact in this sector.
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INSIDER: Pantheon Properties' Jim Runsdorf
By John McCloud
Earlier this year, New York City-based industrial development and investment company Pantheon Properties created an affiliate company, Pantheon Financial, to provide real estate investment opportunities both for its own capital and for capital raised from outside investors. To head the new enterprise, Pantheon executives selected an industry veteran, Jim Runsdorf, who boasts more than 20 years of experience in acquisition, development and financing of industrial, residential, retail and office properties.
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Apartment REIT Boost Ahead, Says Report
By Benjamin Mark Cole
Rising interest rates, which might be expected to nick REIT investors, will play well for investors in apartment REITs, according to a recently released report from securities brokerage Friedman Billings Ramsey. As interest rates continue to head up, says the Arlington, VA-based brokerage, with the Fed funds rate up possibly by 100 basis points by first quarter 2006, that will stymie homebuyers—good news for apartment REITs.
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Part II: Mezzanine Finance Focus—Do Innovations Outweigh the Risks?
By Erika Morphy
Earlier this summer, Gramercy Capital Corp. closed Gramercy Real Estate CDO 2005-1, a $1-billion commercial real estate whose assets included bridge first mortgage loans, subordinate participation interests in first mortgage loans, as well as mezzanine loans. Besides its size, another key differentiator of this particular CDO was the fact that Gramercy originated most of the debt investments that were contributed to the CDO. The structure underscores the evolving nature of mezzanine finance.
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