The sale is the latest in a series of moves McKillen Jr. has made over the past two years to dispose of his interests in hotels, hospitality properties and development sites.The Oakmount subsidiary had received planning permission to develop 50 apartments on the Union site, including two four-storey buildings and a three-storey commercial building of 1,164sq m, plus 2,985sq m of underground car parking.The buyer will also be able to acquire Union's beverage license as an additional option.Today's News in 90 Seconds – July 10, 2024Ollie Lyons of JLL said that although planning permission has expired, it could “allow for…
Author: Private Lending Agent
Space to lease in New York City's Penn 2 building in May 2024. Vornado Realty Trust last year paused part of a massive redevelopment plan to renovate Penn Station after high interest rates and a shift to working from home sparked a crisis in the commercial real estate market.Stephanie Keith/Bloomberg Strong bank underwriting of office loans has largely contained credit problems for now, but some lenders may need to boost reserves for possible loan defaults, according to a recent analysis by Moody's Investors Service.A loan-by-loan analysis of 41 unnamed banks' commercial real estate portfolios paints a picture of the various…
Atom, a UK app-based bank, has been approved by the British Business Bank as a lending institution under the new Growth Guarantee Scheme. The GGS is the successor to the Recovery Loan Scheme, which was designed to help UK small businesses access finance. The GGS was launched in July this year and will run until 31 March 2026. It will be administered by the British Business Bank and is expected to support around 11,000 businesses, offering lenders a 70% government-backed guarantee on loans of up to £2 million. Atom is one of the largest lenders through the…
What first got you interested in real estate? My dad thought I'd be good at being a real estate agent, so I gave up kinesiology and started my real estate career in Ontario in 1978. In 1982 I moved to Whistler, took my BC exam and started again. What do you like most about working as a Realtor? Long-term customers become best friends. What is your favorite activity in Whistler/Pemberton? Ski Blackcomb MT on a nice day and enjoy lunch at Christine's. Or cross country ski in the sun and have a picnic. Or get in an early morning workout…
When couples move in together, it's important to set expectations with each other, including who will pay for what. In today's story, the boyfriend and girlfriend did it, but now the girlfriend is not happy with the arrangement that was agreed upon. Let's look at the causes of the conflict… I own my own home and she moved in 7 months ago. We agreed that it was unfair for her to contribute to my mortgage because I was building assets and she wasn't. Our agreement was that I would cover all the costs of the home (mortgage, HOA dues, taxes,…
Real estate investment trust Cherry Hill Mortgage Investment Corp. said Tuesday it has chosen not to sell parts of its business, instead bringing operations in-house.Three months ago, the company had been considering several “strategic alternatives” to maximize shareholder value in light of the slowdown in lending activity. These options included a merger, a sale of all or part of the company's assets or “internalizing the company's management.”With the assistance of an appointed committee, the REIT decided to terminate its agreement with Cherry Hill Mortgage Management, owned by Freedom Mortgage CEO Stanley Middleman, and “take all steps necessary to operate the…
WASHINGTON (NEXSTAR) – Federal Reserve Chairman Jerome Powell did not offer a timeline for cutting interest rates during a Senate Banking Committee hearing on Tuesday. “I'm not going to send any signals today about timing. We need to see better inflation data,” Powell said. Powell has said he wants inflation to fall to 2%. The Bureau of Labor Statistics is due to release its latest data on inflation on Thursday. During a committee hearing on Tuesday, lawmakers pressed Powell on affordable housing. According to data from Bankrate, the average monthly mortgage payment increased from $1,525 to $2,268 between 2021 and…
WASHINGTON (NEXSTAR) – Federal Reserve Chairman Jerome Powell did not offer a timeline for cutting interest rates during a Senate Banking Committee hearing on Tuesday. “I'm not going to send any signals today about timing. We need to see better inflation data,” Powell said. Powell has said he wants inflation to fall to 2%. The Bureau of Labor Statistics is due to release its latest data on inflation on Thursday. During a committee hearing on Tuesday, lawmakers pressed Powell on affordable housing. According to data from Bankrate, the average monthly mortgage payment increased from $1,525 to $2,268 between 2021 and…
Federal Reserve Chairman Jerome Powell will continue his second day of testimony before the Senate on Wednesday, July 10, reporting on the state of the U.S. economy and the Federal Reserve's intention to cut interest rates. Additionally, comments are expected from Chicago Fed President Austen Goolsbee and Federal Reserve Board members Michelle Bowman and Lisa Cook. Mortgage applications data for the previous week is also due to be released tomorrow.”Asking for a Trend” host Josh Lipton predicts tomorrow's top news stories and economic data.For more expert insights and the latest market trends, click here to watch the full episode of…
Modern Monetary Theory has gained traction in recent years by offering an alternative view of fiscal policy constraints. The basic takeaway is that the size of the deficit is not a problem in itself. It is the actual resource constraint that matters, and that too much money can collide with a shortage of supply and cause inflation if government spending becomes excessive or is used in an unproductive way. Another argument made by some MMT proponents is that the traditional way of fighting inflation (raising interest rates by the Federal Reserve) can actually cause inflation. This is because coupon payments…