Property Types Retail
Prospect Proceeds in Buying IndyMac Mortgage Branches
July 22, 2008
By: Dees Stribling, Midwest Correspondent

Prospect Mortgage has decided to proceed with its acquisition of most of IndyMac's retail mortgage branches in a deal scheduled to close early next month.

All together, Northbrook, Ill.-based Prospect will buy about 80 Indymac loan offices nationwide. The deal is going to proceed as scheduled, and under the original terms, according to Prospect, despite the seizure of Indymac by the Office of Thrift Supervision earlier this month and the current conservatorship of Indymac by the Federal Deposit Insurance Corp.

John Johnston and Ron Bergum of Indymac will remain leaders of the retail branch group following the closing, and some 750 other Indymac personnel will move to Prospect. The deal was originally stuck not long before a run on the bank caused IndyMac to implode. In the first week of July, IndyMac said it was selling most of its retail mortgage branches in part to address regulators' concern that it was not well-capitalized.

Earlier this month, Prospect was reportedly in negotiations to buy Dallas-based homebuilder Centex's network of mortgage retail offices, but that deal apparently fell through.

Though relatively new--it was established in 2006--Prospect Mortgage is a sizable mortgage lender, focused on residential loans. Prospect is backed by Sterling Partners, a private equity fund based in Chicago and Baltimore.

Blog Story Here

 
Recent Retail Headlines
Bankrupt Filene's Basement Assets Snapped Up by Men's Wearhouse in $67M Auction
June 09, 2009
Clothing retailer Men's Wearhouse has emerged victorious from a feverish nine-hour auction of assets belonging to off-price chain Filene's Basement, which fell victim to the retail market's downward spiral and filed for Chapter 11 bankruptcy protection in early May, just two weeks after its purchase by Buxbaum Group affiliate FB Acquisition II. Acting through its affiliate, K&G Acquisition Corp., Men's Wearhouse put forth the winning bid of $67 million for 17 to 20 of Filene's store leases, as well as the leases on the company's Massachusetts corporate headquarters and distribution center, its Maryland storage facility and-- possibly most important--the Filene's Basement trade name.
Economic Update - Starwood Eyes Distressed Sector with $500M Fund
June 08, 2009
Yet another deep-pocketed real estate entity has jumped into the grave-dancing game—only please, don’t call it that, but rather strategic investment in distressed properties. The player is a newly formed investment company called Starwood Property Trust Inc., a creation of Starwood mogul Barry Sternlicht, which filed with the Securities and Exchange Commission late last week for a public offering that aims to raise half a billion dollars to do the distressed-property boogie. It will invest in not only physical properties, but mortgages and mortgage-backed securities.
Economic Update - Retailers See May Malaise
June 05, 2009
May comparable-store sales numbers are filtering down from various retailers, and the results aren't inspiring confidence in the prospects for recovered consumer spending. Actually, most analysts expected average retail same-store sales to decline in May 2009 when compared with May 2008, but the trouble was they declined more than expected.
 
Select Coverage By City:

?CPN Executive Outlook? A roundtable discussion on market strategies with John C. Cushman III, Chairman of Cushman & Wakefield, Inc., Gordon DuGan, President and CEO of W. P. Carey & Co., and Mark Rauenhorst, Chairman and CEO of Opus Group.; CPN; Cushman & Wakefield; Gordon DuGan; John C. Cushman III; Mark Rauenhorst; Opus Group; W. P. Carey & Co.; Eugene Gilligan, Senior Editor for Commercial Property News interviews Bob Bach, National Director, Market Analysis Grubb & Ellis Company at Multi Housing World.; Bob Bach; Commercial Property News; Eugene Gilligan; MHN; Multi housing news; multi housing world; hompage