Finance Lending
First Financial Network Puts $75M Commercial Real Estate Loan Portfolio on Block
Aug 26, 2008
First Financial Network, Inc., has announced the offering of more than $75 million in non-performing commercial real estate loans. The portfolio is being marketed on behalf of a U.S. banking institution. According to Bliss Morris, President & CEO of First Financial Network, the firm is now marketing 4 portfolios totaling nearly $400 million. He added that the firm has over $1.3 billion in transactions slated over the next two quarters.
Recent Lending Headlines
Education Realty Nabs $222M
Jan. 06, 2009
Student housing REIT Education Realty Trust Inc. has closed a $222 million secured credit facility, courtesy of Fannie Mae DUS lender Red Mortgage Capital Inc., and is wasting precious little time making use of the proceeds.
Emeritus Closes Refi Deal, Extends $73M Debt
Jan. 05, 2009
Assisted living and Alzheimer's care facilities provider Emeritus Corp. capped the end of the year by ensuring there would be no material maturities hanging over its head in 2009. The company wrapped up the $36.3 million refinancing of seven properties through Freddie Mac, a move that allowed it to pay down and extend an existing debt with Capmark.
3Q GDP Down, 4Q Expected to Be Worse
Dec. 24, 2008
The quarterly report by the U.S. Department of Commerce on the national GDP is something of a lagging indicator. The fact that the U.S. economy contracted 0.5 percent in the third quarter--July to September--might be worrisome, but it only raises the further question of how much contraction will happen in the fourth quarter.
A Bailout for Commercial Real Estate?
Dec. 22, 2008
"Right now, we believe there is insufficient systemic capacity to refinance expiring, performing commercial real-estate loans," reads a letter from a dozen commercial real estate trade groups to Treasury Sec. Henry Paulson, according to the Wall Street Journal this morning. In other words, the commercial side of the business, long perceived as relatively healthy compared with the residential side, is warning of dire straits ahead unless refinancing money is available in the near future.
CMBS Delinquencies Speeding Up: Fitch
Dec. 22, 2008
Back in January 2008, long before the capital markets took their astonishing twists, Fitch Ratings made a sobering prediction: By the end of the year, its CMBS loan delinquency index would be double or triple the 0.28 percent recorded at the end of 2007. Fitch’s crystal ball turned out to be right on the money. On Friday the ratings agency reported that CMBS delinquency reached 0.64 percent for November. At this pace, Fitch projects that CMBS delinquencies could hit 2 percent by the end of 2009.
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