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Volume 3 - Number 20 | October 23, 2006
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TOP STORY: Debate Continues About Off-Market Deals
By Erika Morphy
Buyers of commercial real estate in New York City, Washington, DC, San Francisco, Boston and other cities are finding good deals scarcer and scarcer as assets trade at ever higher levels. In this environment, acquiring a property off-market in a private transaction is a potential plum opportunity for a buyer because, the thinking goes, the seller leaves money on the table because it did not market the asset. The question to consider is whether off-market transactions are really good deals for buyers.
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Behind the Deal: Relocating Investor Gets Creative
By Alex Finkelstein
When Detroit investor Paul Mashni of PEM Investments Real Estate Group relocated his company to Arizona, he wanted to continue to buy multifamily properties in the $15 million to $35 million range. To finance the acquisitions, Mashni turned to his longtime mortgage banker, iCap Realty Advisors-Michigan, an affiliate of iCap Realty Advisors LLC of Woodlands, TX.
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Hamister, HSBC Capital Close $40M Hotel Portfolio Deal
By Alex Finkelstein
Two-year-old Hamister Hospitality Group LLC partnered with New York City-based HSBC Capital (USA) Inc. to buy a four-hotel, 456-room portfolio in the Pittsburgh area for $40 million or about $87,720 per room. The acquisition doubled Hamister’s hotel room count to 825 and increased the hospitality portfolio of a company rooted in home health care to nine properties.
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Debt Rules as Mortgage Spreads Stay Flat
By Alex Finkelstein
As the final quarter gets under way, lenders continue to compete on projects in almost every category, the Real Estate Capital Institute reports. “There has been an insatiable demand for all types of debt, including first, mezzanine and participating loans while commercial real estate markets continue growth and expansion,” notes RECI research director Nat Zvislo. The commercial activity is compensating for the slowdown in housing markets, he says.
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