Slump Hits Howard Hughes’s Heirs
October 23rd, 2009Howard Hughes’s heirs hoping for a last, big payday may be disappointed, as the housing bust has decimated the late mogul’s holdings.
Opus Parent Closing
October 22nd, 2009After 56 years, Opus Corp. will shut its doors and Chairman/CEO Mark Rauenhorst will move into a new position.
The Minnetonka, MN-based development company is restructuring after three of its five subsidiaries, Opus West, Opus South and Opus East…
Citi Cancels Renovation
October 21st, 2009Citi canceled a $4.5 million renovation of its Brazilian headquarters, underscoring the sensitivity of its spending since its rescue.
Hotels: Don’t Buy Them Now, But Start Looking
October 21st, 2009While it might seem paradoxical to talk about hotel acquisitions at this point when the industry is in the tank and sinking, that’s just what the major hotel chains are doing. Not only are they talking about it, at least two in the past week have filed…
CMBS Loan Losses Expected To Rise Dramatically
October 21st, 2009With U.S. CMBS servicers needing more time to resolve delinquent loans combined with market value declines, loss severities are expected to rise markedly for U.S. CMBS next year and well into 2010, according to Fitch Ratings in its latest annual U.S….
Bank Watch: Regulators Close San Joaquin Bank
October 21st, 2009The California Department of Financial Institutions closed San Joaquin Bank in Bakersfield, CA, and appointed the Federal Deposit Insurance Corp. (FDIC) as Receiver.
The FDIC then agreed to sell most of its assets to Citizens Business Bank, which also…
Real Money: Capital Raisings, Property Financings
October 21st, 2009Developers Diversified Realty Corp. obtained new first mortgage financing from Goldman Sachs Commercial Mortgage Capital. The $400 million, five-year loan is secured by a portfolio of 28 stabilized shopping centers. The company and Goldman Sachs are continuing…
Morgan and Waning Crescent
October 21st, 2009Morgan Stanley may decide to take its final lumps on its unsuccessful $6.5 billion acquisition of Crescent Real Estate, the latest setback for the firm.
Commercial Market Gains Footing
October 21st, 2009The increase in European commercial-property sales is picking up steam. But the market still has a long way to go before it reaches a semblance of normalcy.
Vornado Targets Ailing Retailers, But Faces Hurdles
October 21st, 2009Vornado Realty Trust’s penchant for acquiring strapped retailers for their real-estate portfolios may be stymied by its own financial pressures.
