Lou Sickelman According to two recent reports, repo man jobs are on the rise in commercial real estate. Commercial real estate foreclosures increased 6% this year in March and are up 117% from March 2023, according to ATTOM data. Similarly, while 97% of all real estate loans were not delinquent or were less than 30 days late, the percentage of loans that were 90 days or more late increased to 2.5% in the three months ended March 31 from 2.3% in the fourth quarter of last year, according to data released by the Mortgage Bankers Association. If these properties continue…
Author: Private Lending Agent
Tuesday, April 23, 2024 GoLocalProv Business Team View larger + Providence Place Photo: GoLocal, Will Morgan The nation's leading real estate data firm is reporting that the loan supporting Providence Place Mall is in jeopardy. According to Trepp, “A Rhode Island shopping mall loan has been sent into special administration. The $254.9 million #CMBS loan defaulted and was transferred due to approaching maturity. The collateral includes 980,711 square feet of retail space at the mall in Providence, Rhode Island.” CMBS loans are “commercial mortgage-backed securities.” GET THE LATEST BREAKING NEWS HERE – SIGN UP FOR GOLOCAL'S FREE DAILY EBLAST In…
As interest rates peak and a clearer picture forms on valuation and future financial performance, the emerging green shoots signal a readiness among investors to get back to business. By most measures, 2023 was a year to forget for real estate investors and dealmakers. To get a read of what will drive and affect sector activity in the year ahead, White & Case has conducted its second annual survey of industry participants, with more than 260 senior decision-makers sharing their thoughts. Our findings show that after a volatile 24 months, the industry is looking ahead with more optimism as interest…
As many banks scale back commercial real estate lending in the wake of rising interest rates and the regional banking crisis that erupted in early 2023, many alternative lenders stepped up to lead the way.Following the collapse of Silicon Valley Bank and Signature Bank in March, the role of private lenders has become even more important for much of 2023. Community banks, which had filled much of the lending void in 2022 as interest rates soared and big banks began scaling back on lending, suddenly found themselves on the sidelines, leaving borrowers with even fewer financing options.See also: First Foundation…
Share WASHINGTON, DC (April 23, 2024) — Total commercial real estate (CRE) mortgage borrowing and lending is estimated to reach $429 billion in 2023, down 47% from the $816 billion in 2022 and down 52% from the all-time high of $891 billion in 2021. This is according to the Mortgage Bankers Association's (MBA) 2023 Commercial Real Estate/Multifamily Finance Annual Loan Total.Excluding the activity of small and mid-size depository institutions, which are not directly captured, the MBA study projects that commercial mortgage-only banks closed $306 billion in loans in 2023. This is 49% lower than the $595 billion reported in 2022.”Rising…
***This article was originally written in 2022, but has been updated for 2024 to reflect new solution providers*** The growth in the PropTech industry, short for “property technology,” is nowhere better demonstrated than by the growth in application programming interfaces (APIs). These interfaces serve real estate professionals, marketers, investors, and anyone seeking real estate and property information. Real estate APIs are the gateway to extensive data and reports. They use artificial intelligence to streamline property searches, predict market trends, and drive investment decisions. They provide previously unimaginable information such as neighborhood data, crime statistics, geo-based climate risk predictions, and noise…
Veteran business grants offer free funding that can help you launch or grow your business, as opposed to small-business loans or other types of debt-based financing that you have to repay.Applying for small-business grants can be competitive and time-consuming, but the payoff can be worth it if you secure the funds. Here are our suggestions for where veteran business owners can look for small-business grants — plus additional financing options and free resources for running your company.We’ll start with a brief questionnaire to better understand the unique needs of your business.Once we uncover your personalized matches, our team will consult…
On Tuesday, Asheville City Council members will spend an hour listening to the public on whether to create a new business improvement district (BID) downtown.The BID, proposed by the Asheville Area Chamber of Commerce and the Asheville Downtown Association, would raise an estimated $1.25 million in additional tax revenue for beautification, cleanup and public safety initiatives, which would be funded by a new property tax of $0.0919 per $100 of taxable value on properties in the downtown district.The plan also includes a group of eight to 16 “ambassadors,” uniformed in polo shirts, who will clean up downtown areas and interact…
Boston Mayor Michelle Wu on Monday passionately defended her plan to temporarily increase the city's commercial property tax rate, arguing that healthy growth in Boston means a thriving local economy.”In the short term, this is a necessary legislative mechanism,” the Democratic mayor said during an appearance on WBUR's “Radio Boston.” “In the long term, it's about attracting more businesses to Boston, [provide] More housing opportunities.Wu's plan, which must be approved by the Boston City Council and the state Legislature and signed by Democratic Gov. Marla Healey, has faced pushback from commercial property owners, some of whom say they feel like…
In late March, the region’s top commercial real estate leaders gathered at the Frontiers of Flight Museum to recognize the finalists and winners of D CEO’s Commercial Real Estate Awards for 2024. This special event recognized outstanding projects, transactions, dealmakers and leaders from across the region. Jack Matthews, president of Matthews Southwest, received this year's Pioneer Award, and Michael Wyatt was the posthumous recipient of the first Industry Impact Award. Guests were greeted with opening remarks by Noel Leveaux, Publisher of D Magazine Partners. D CEO Editor Christine Perez presented the awards along with Bill Shaddock, Owner and CEO of…