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Alessia Pirolo

Mortgage Beat

Union Bank to Acquire $3.7 B. CRE Portfolio from PB Capital with a 3 Percent Premium

Masashi Oka

Union Bank, a wholly-owned subsidiary of The Bank of Tokyo-Mitsubishi UFJ, has reached an agreement with Deutsche Bank to acquire PB Capital Corporation’s institutional commercial real estate lending portfolio and platform. It will pay a 3 percent premium above the over $3.7 billion face amount of PB’s commercial mortgage portfolio, sources told The Mortgage Observer.

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Mortgage Observer

Fannie Mae Multifamily Head, Agency Vet Jeffery Hayward

Jeffery Hayward.

When on the road, Jeffery Hayward often carries a personally customized guide, with the addresses of all the multifamily buildings that Fannie Mae has financed in the area. Then the head of the government-sponsored enterprise’s Multifamily Mortgage Business drives from building to building.

“I want to see what we are financing,” Mr. Hayward told The Mortgage Observer recently, during a series of meetings in his Washington, D.C. office. “I have actually walked a lot of the properties that we financed—I know what they look like, I have seen the tenants.” Read More

MBA 2013

Commercial and Multifamily Mortgage Originations Up 49 Percent in 4Q12

Jamie Woodwell

Commercial and multifamily mortgage originations hit their highest levels since 2007 in the fourth quarter 2012, and are expected to increase up to $254 billion in 2013, according to research by the Mortgage Bankers Association released on Monday at its annual CREF/Multifamily Housing Convention & Expo in San Diego. In the fourth quarter 2012 originations were up 49 percent from the quarter previous. They were also up 49 percent from the same quarter in 2011. Overall, originations for the full year of 2012 increased 24 percent compared to 2011. Read More

Mortgage Observer

Lenders Fairly Satisfied with 2012 Results

As the final hours and minutes of 2012 ticked down, a number of the leading bankers who provide real estate financing were taking stock of 2012’s results. A majority of those reached for comment conceded that they had reached or exceeded their expectations. Nevertheless, they said, with the year coming to a close, they must once again prepare to start from zero to reach new goals. Read More

Mortgage Observer

Making Waves: European Banks Exit, Asian Banks Sail On

Zach_Montoya_Eurocrisis2012

Last fall, a group of lenders—including debt funds, insurance companies and international banks—competed for the $80 million assignment to refinance Lehman Brothers HoldingsOn The Ave Hotel on New York City’s Upper West Side.

Ultimately, the borrower tapped Singapore-based United Overseas Bank, which in the last two years has been behind several large office loans in New York and hotel loans on the West Coast, but which was essentially a newcomer to the city’s hotel lending scene. UOB inked the deal during the same late November week when Bank of China closed a $465.9 million loan on the iconic Plaza Hotel, after having refinanced the Mandarin Oriental Hotel for $170 million earlier in 2012. Read More