Los Angeles Market Watch June 17, 2009
Guarded Optimism for TALF
Globest.com
July 14, 2009
NEW YORK CITY-Despite initial tepidity, experts and Commercial Real Estate Players still express guarded optimism that the Treasury Department’s February expansion of the $1-trillion TALF program into the CMBS market might meet with success. This past June, TALF was further expanded to include CMBS legacy securities, i.e. those issued before Jan. 1, 2009. The next round of issuance will be July 16.
Read more
Hotel, Retail Defaults Spike
Globest.com
July 13, 2009
NEW YORK CITY-Five loan defaults of $100 million or more, including two sponsored by General Growth Properties, helped propel a record $2.2 billion increase in new CMBS delinquencies last month, Fitch Ratings said on Monday. Led by retail and hotel defaults, late-pays rose 48 basis points in June to 2.55% of CMBS loans, according to the ratings agency.
Unemployment rate will exceed 10% this year
Philadelphia Business Journal
July 16, 2009
The Federal Reserve expects the nation’s unemployment rate to top 10 percent this year, but the economy is sinking at a slower pace than previously anticipated.
Watchlists for CMBS grows
Commercial Real Estate Direct
July 10, 2009
One-fifth of all CMBS loans, by balance, are on master servicer watchlists, according to a tally by Bloomberg. And, not surprisingly, the bulk of those are from 2006 and 2007. In total, 12,853 loans with a balance of $158.6 billion are on watchlists. They were placed there for various reasons, chief among them is that they failed certain objective financial tests, namely those for debt-service coverage levels.
Delinquency Rate for CMBS at 5-6% by year-end 2009
Commercial Real Estate Direct
July 14, 2009
The delinquency rate for securitized commercial mortgages tracked by Moody's Investors Service increased 40 basis points in June to 2.67 percent and the ratings agency expects it to reach up to 6 percent by the end of the year.
California vulnerable to crippling credit downgrade
The Los Angeles Times
July 16, 2009
State Treasurer Bill Lockyer warned today that state leaders' failure to reach a budget deal has put California at risk of a credit downgrade that would cut off access to funds needed for building schools, roads and other public works projects.
UC panel approves furlough days
The Los Angeles Times
July 16, 2009
A University of California Regents panel approved an emergency plan Wednesday for most faculty and staff to take 11 to 26 unpaid furlough days next school year to offset deep cuts in state funding.
Westcore Buys Portfolio
Globest.com
July 16, 2009
CITY OF COMMERCE, CA-Westcore Properties affiliates and Dune Real Estate Fund II have acquired a seven-building portfolio of industrial buildings totaling more than 760,000 square feet here and in Buena Park, according to Westcore.
Two Buildings Acquired
Globest.com
July 14, 2009
CULVER CITY, CA-An office building here and a former hospital in Lincoln Heights have traded in deals that will convert both to education-oriented uses. In the Culver City deal, ICDC College has acquired a 24,000-square-foot office building at 5995 S. Sepulveda Blvd. for $7.9 million.
55-Unit Family Project Debuts
Globest.com
July 13, 2009
PANORAMA CITY, CA-Affordable housing developer Amcal Multi-Housing Inc. of Agoura Hills has unveiled its new 55-unit Villas Las Americas apartment complex in the San Fernando Valley, a project that is designed to accommodate families earning between 30% and 60% of the area median income.
Tenants Renew 115,000 SF of Office Space
Globest.com
July 12, 2009
WESTLAKE VILLAGE, CA-ValueClick Inc. has renewed its lease for 35,000 square feet of office space at its headquarters in Westlake Village here in one of three office lease renewals in the L.A. region. Carlo Brignardello of CresaPartners in Los Angeles reports that ValueClick renewed for the space at 30699 Russell Ranch Rd. after an extensive review of options. ValueClick, a publicly traded online marketing firm, decided on an early lease renewal four years after moving into its corporate headquarters, which is part of a two-building complex.
Globest.com
July 14, 2009
NEW YORK CITY-Despite initial tepidity, experts and Commercial Real Estate Players still express guarded optimism that the Treasury Department’s February expansion of the $1-trillion TALF program into the CMBS market might meet with success. This past June, TALF was further expanded to include CMBS legacy securities, i.e. those issued before Jan. 1, 2009. The next round of issuance will be July 16.
Read more
Hotel, Retail Defaults Spike
Globest.com
July 13, 2009
NEW YORK CITY-Five loan defaults of $100 million or more, including two sponsored by General Growth Properties, helped propel a record $2.2 billion increase in new CMBS delinquencies last month, Fitch Ratings said on Monday. Led by retail and hotel defaults, late-pays rose 48 basis points in June to 2.55% of CMBS loans, according to the ratings agency.
Unemployment rate will exceed 10% this year
Philadelphia Business Journal
July 16, 2009
The Federal Reserve expects the nation’s unemployment rate to top 10 percent this year, but the economy is sinking at a slower pace than previously anticipated.
Watchlists for CMBS grows
Commercial Real Estate Direct
July 10, 2009
One-fifth of all CMBS loans, by balance, are on master servicer watchlists, according to a tally by Bloomberg. And, not surprisingly, the bulk of those are from 2006 and 2007. In total, 12,853 loans with a balance of $158.6 billion are on watchlists. They were placed there for various reasons, chief among them is that they failed certain objective financial tests, namely those for debt-service coverage levels.
Delinquency Rate for CMBS at 5-6% by year-end 2009
Commercial Real Estate Direct
July 14, 2009
The delinquency rate for securitized commercial mortgages tracked by Moody's Investors Service increased 40 basis points in June to 2.67 percent and the ratings agency expects it to reach up to 6 percent by the end of the year.
California vulnerable to crippling credit downgrade
The Los Angeles Times
July 16, 2009
State Treasurer Bill Lockyer warned today that state leaders' failure to reach a budget deal has put California at risk of a credit downgrade that would cut off access to funds needed for building schools, roads and other public works projects.
UC panel approves furlough days
The Los Angeles Times
July 16, 2009
A University of California Regents panel approved an emergency plan Wednesday for most faculty and staff to take 11 to 26 unpaid furlough days next school year to offset deep cuts in state funding.
Westcore Buys Portfolio
Globest.com
July 16, 2009
CITY OF COMMERCE, CA-Westcore Properties affiliates and Dune Real Estate Fund II have acquired a seven-building portfolio of industrial buildings totaling more than 760,000 square feet here and in Buena Park, according to Westcore.
Two Buildings Acquired
Globest.com
July 14, 2009
CULVER CITY, CA-An office building here and a former hospital in Lincoln Heights have traded in deals that will convert both to education-oriented uses. In the Culver City deal, ICDC College has acquired a 24,000-square-foot office building at 5995 S. Sepulveda Blvd. for $7.9 million.
55-Unit Family Project Debuts
Globest.com
July 13, 2009
PANORAMA CITY, CA-Affordable housing developer Amcal Multi-Housing Inc. of Agoura Hills has unveiled its new 55-unit Villas Las Americas apartment complex in the San Fernando Valley, a project that is designed to accommodate families earning between 30% and 60% of the area median income.
Tenants Renew 115,000 SF of Office Space
Globest.com
July 12, 2009
WESTLAKE VILLAGE, CA-ValueClick Inc. has renewed its lease for 35,000 square feet of office space at its headquarters in Westlake Village here in one of three office lease renewals in the L.A. region. Carlo Brignardello of CresaPartners in Los Angeles reports that ValueClick renewed for the space at 30699 Russell Ranch Rd. after an extensive review of options. ValueClick, a publicly traded online marketing firm, decided on an early lease renewal four years after moving into its corporate headquarters, which is part of a two-building complex.
Labels: Amcal Multi-Housing Inc, Bill Lockyer, CA Credit downgrade, Carlo Brignardello, ICDI College, University of California furlough, USC, ValueClick Inc, Westcore Properties
posted by David Bramante at
6:33 PM
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