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[21 Aug 2014 | No Comment | ]
Good news, bad news  as cash buyers retreat

All-cash sales accounted for 37.9 percent of all sales of single family homes and condos nationwide in the second quarter, according to Data firm RealtyTrac’s Q2 2014 U.S. Institutional Investor & Cash Sales Report.

This share is down from a three-year high of 42.0 percent in the previous quarter but still up from 35.7 percent in a year ago.

“The flurry of purchases by institutional investors and other cash buyers that kicked off two years ago when U.S. home prices hit bottom is finally showing signs of subsiding,” said Daren Blomquist, RealtyTrac vice president, noting that median home prices bottomed out in March 2012.

Finance & Accounting »

[20 Aug 2014 | No Comment | ]

National Cooperative Bank (NCB), a lender to cooperative housing throughout the Tri-State area, originated $41.2 million in new loans during July for 23 New York area properties.
Manhattan continued to be the area with the most activity, with the bank arranging $26.8 million in financing for 14 co-ops.
Edward Howe III, managing director of the NCB New York office, commented, “The Bank continued to experience a steady stream of financing during July, especially in Manhattan, where the majority of the deals were completed.
“Many cooperatives are taking advantage of the still-low interest rates …

Finance & Accounting »

[20 Aug 2014 | No Comment | ]

Arbor Commercial Funding announced the funding of eight loans totaling $35,565,600 under a variety of financing products, including the Fannie Mae Delegated Underwriting & Servicing Loan, Fannie Mae DUS Small Loan, and Arbor Realty Trust Bridge product lines.
All of the loans were originated by Michael Zysman, director in Arbor’s New York City office.
“Multifamily investment activity is strong across the country, from tertiary to primary markets, and Arbor is uniquely positioned to provide superior financing for its borrowers through our nationwide lending platform,” Zysman said.
“Certainty of execution, competitive terms and a …

Finance & Accounting »

[20 Aug 2014 | No Comment | ]

Procida Funding & Advisors, LLC has announced that it has received unanimous approval and consent to convert its previously close-ended investment vehicle, the 100 Mile Fund, to an open-ended fund, among other amendments.
The 100 Mile Fund — which concentrates on real estate, particularly distressed and half-built construction, in the 100-mile vicinity of New York City — was scheduled to expire actively investing on December 31, 2014 and then begin liquidation.
The fund has totaled $170 million in transactions since its 2011 founding, $50 million of which has already been monetized.
Founder Billy …

Brokers Weekly, Construction & Design, Featured, Finance & Accounting »

[14 Aug 2014 | No Comment | ]
NorthMarq arranges loan for new Tamarkin High Line building

NorthMarq Capital has arranged $27 million in loans for two apartment properties, including a tony High Line building by developer Cary Tamarkin.

Tamarkin is gearing up to open 508 West 24th Street, his second apartment building on the High Line, that he told the New York Post this week is already sold out. He opened 456 West 19th Street in 2010.

Featured, Finance & Accounting »

[11 Aug 2014 | No Comment | ]
Mortgage REITs beginning to regain their strength

By Susan Persin,
senior director research, Trepp
Earnings season got underway this week, with the first mortgage REITs (mREITs) reporting second quarter performance.
Early results indicate that, following a weak 2013, the sector’s turnaround is becoming more sustained.
CYS Investments (CYS), a residential mREIT with market cap of about $1.5 billion, reported a notable 6.5% increase in book value during the second quarter.
It was the second consecutive quarter of rising book value for the company. The higher book value makes it more likely that CYS will be able to maintain or grow its dividend …

Construction & Design, Finance & Accounting »

[7 Aug 2014 | No Comment | ]

Mayor Bill de Blasio and Comptroller Scott M. Stringer announced a partnership to establish a $350 million fund to support the administration’s plan to create and preserve 200,000 units of affordable housing.
The new funding will allow the Community Preservation Corporation (CPC), a not-for-profit affordable housing lender, to provide lending capital to housing developers for the acquisition, construction, rehabilitation and preservation of affordable housing.
Leveraging more private financing to increase the supply of affordable housing is a pillar of the administration’s Housing New York plan.
The investment is expected to finance the creation …

Finance & Accounting »

[6 Aug 2014 | No Comment | ]

Mack-Cali Realty Corporation reported its results for the second quarter 2014.
Funds from operations for the quarter amounted to $50.3 million, or $0.50 per diluted share.
Net income was $51.1 million, or $0.58 per diluted share.
Mitchell E. Hersh, president and chief executive officer, said the company remains focused on providing “a superior work environment for the 2,000 tenants that have chosen our premier office properties to house their businesses. We are disciplined in continually assessing the most efficient and effective ways to improve our portfolio, including, for example, renovating lobbies and upgrading …

Finance & Accounting »

[6 Aug 2014 | No Comment | ]

‘Alternative’ non bank financial institutions continue to take up a more significant share of an increasingly diversified mix of active lenders in Europe, whilst the drive into ‘non-core’ markets including Spain, Portugal and Italy gathered pace during H1 2014; according to Cushman & Wakefield’s European Real Estate Lending Update, published today.
Cushman & Wakefield’s Corporate Finance team analysed the activity of 182 European lenders of which, Alternative lenders, including insurance companies, property companies, private equity and debt funds now account for 40% of the total.(16% in Q1 2012).
Cushman & Wakefield’s Corporate …

Finance & Accounting »

[6 Aug 2014 | No Comment | ]

Madison Realty Capital (MRC), an institutionally-backed real estate private equity firm focused on real estate equity and debt investments in the middle markets, announced the first closing for Madison Realty Capital Debt Fund III LP.
Launched in 2014, MRC Fund III is the firm’s third real estate debt investment fund. Adam Tantleff, managing principal of MRC, made the announcement.
The discretionary private equity fund raised a total of $145.4 million of capital commitments from a diverse group of investors, including public pension funds, corporate pension funds, university endowments, family offices, and wealth …

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