Thomas Mayock, associate professor of real estate in Virginia Tech's Pamplin College of Business, has been appointed the Michael G. Miller Professor of Real Estate by the Virginia Tech Board of Visitors. The Michael G. Miller Professorship in Real Estate was established in 2023 to attract and retain talented faculty in the Blackwood School of Real Estate. The professorship is named in honor of the Virginia Tech alumnus who, with his wife, Rene, founded Michael G. Miller & Associates, which later became the largest independent appraisal firm in the United States and the largest in the state of Virginia. Mr.…
Author: Private Lending Agent
If the surge in redemption requests to Starwood Real Estate Investment Trust continues, the real estate fund could run out of credit and cash by the end of the year.Barry Sternlicht's SREIT has drawn down more than $1.3 billion from its unsecured credit lines since the beginning of last year, according to the Financial Times, which reviewed the real estate fund's most recent public filings. The fund, managed by Starwood Capital, has just $225 million remaining in its unsecured lines, even though it had never used them before last year.Unless SREIT borrows more or sells some of its assets, it…
Sign up for our free weekly newsletter The U.S. commercial real estate lending market slowed in the first quarter of 2024 due to high interest rates and limited credit availability, but narrowing credit spreads point to signs of stabilization, according to new data from CBRE. The CBRE Lending Momentum Index, which tracks the pace of commercial loan closings by CBRE in the United States, declined 11% from the fourth quarter of 2023. The index showed a 32.7% decrease compared to strong lending volume in the first quarter of 2023. The index ended the first quarter of 2024 at a value…
The Custom Concepts Body Works building at 525 Cumberland St. is one example of the program's success. Funds can be used for painting, window work, new storefront signage and other exterior improvements. Photo courtesy of Fayetteville Economic & Community Development.The City of Fayetteville’s Economic and Community Development department is making a financial effort to improve the look and feel of the city. The Commercial Corridor Exterior Grant Program, offered by the City of Fayetteville, is a matching grant program that provides small businesses, or commercial property owners who rent to small businesses, with funds to improve the exterior of their…
Renowned South Florida real estate giants CMC Group, led by Ugo Colombo, and Fort Partners, led by Nadim Aci, in collaboration with acclaimed hospitality brand Four Seasons, have unveiled the highly anticipated Private Residences at Four Seasons Coconut Grove. A groundbreaking step in Florida's residential industry, the venture marks the debut of Four Seasons' freestanding homes in the Sunshine State, nestled in the iconic Coconut Grove neighborhood. A new era of luxury Raising the bar for luxury and elegance, Four Seasons Private Residences Coconut Grove will soar 20 stories and offer 70 luxury residences. Spearheaded by CMC Group and Fort…
Goldman Sachs Alternatives has closed its latest real estate credit fund, West Street Real Estate Credit Partners IV. The fund, along with its related vehicles, will have more than $7 billion in lending capacity, including leverage. The fund exceeded its target and is the firm's largest in the series to date, according to PERE data. Richard Spencer, chief investment officer of real estate credit at Goldman Sachs Alternatives, said the fund comes at a time when there is a big imbalance between supply and demand for real estate credit. “We believe this creates attractive opportunities for alternative sources of lending…
Federal Reserve Chairman Jerome Powell made the following remarks at a press conference following the Federal Open Market Committee (FOMC) meeting: [+] The Federal Open Market Committee (FOMC) meeting in Washington, DC, US, Wednesday, May 1, 2024. The Federal Reserve signaled renewed concern about inflation, reaffirming that it needs more evidence that price growth is slowing before lowering interest rates, which are at 20-year highs. Photo by Al Drago/Bloomberg© 2024 BloombergFinance LP The Federal Open Market Committee has not cut interest rates, despite expectations that rates will fall in 2024. The market is currently expecting one or two rate cuts…
Los Angeles' office sector continues to be in the news for all the wrong reasons. An $87.5 million commercial mortgage-backed securities (CMBS) loan secured by Jamison Properties' Equitable Plaza, a prominent 34-story office building on Wilshire Boulevard, has been placed into special administration due to an imminent default on the maturity debt, according to a Trepp report. See also: EGC Real Estate Group secures $22M bridge loan for Los Angeles Koreatown apartments The special servicer for the loan reported that the borrower told lenders it wouldn't be able to repay the loan by its scheduled maturity date in June 2024.…
McKenzie Companies, a Mid-Atlantic commercial real estate services firm, is establishing a foothold in the Central Virginia market with the opening of a new regional office just outside Charlottesville.The office, located in the Boar's Head Professional Center just west of the city, will be the company's first office in Virginia. The company, which has five brokerage offices in Maryland and operates primarily in the Washington, D.C., Maryland and Northern Virginia areas, will be able to expand into Southwestern and Eastern Virginia by moving south.”We see Charlottesville as a gateway for our overall expansion across Virginia, including target areas such…
Loans and other types of financing available to consumers generally fall into two main categories: secured and unsecured debt. The main difference between the two is the presence or absence of collateral to protect the lender if the borrower defaults. Key Takeaways Secured debt is debt in which the borrower provides some asset as collateral for the loan. Secured loans reduce the risk for the lender. Unsecured debt has no collateral. Lenders issue funds in unsecured loans based solely on the borrower's creditworthiness and promise to repay. Because secured debt is less risky for lenders, its interest rates are generally…