Mortgage Observer

Commercial Real Estate Lenders Reaching, or Exceeding, 2013 Expectations

InDepth

December is typically a time when real estate leaders, especially the bankers who provide financing for commercial real estate transactions, allocate many evenings to attend year-end holiday parties.

One of the questions on the minds of many in attendance at these elaborate events this year will no doubt be whether the financial institutions have reached or exceeded their goals in providing funding for real estate transactions. One thing is certain: CMBS investment bankers have exceeded last year’s output, yet it is not certain if the Wall Street shops will reach a $100 billion in gross lending. There are also the traditional savings and commercial banks, mortgage REITs, private equity funds and insurance companies, as well as new players in town who joined and/or increased their volume of financing this year.

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Mortgage Observer

NYCB Provides $85 Million Refinancing for Long Island Shopping Center

NYCB

New York Community Bank has provided an $85 million loan for Roosevelt Raceway Center, a 428,395-square-foot shopping center in Westbury, Long Island, Mortgage Observer has exclusively learned.

HFF arranged the 12-year loan on behalf of the property’s owners, a joint venture between the Mattone Group and Gartenstein Properties, to refinance an existing first mortgage also provided by NYCB. The new loan, which closed on Oct. 30, carries a fixed “market rate of interest” for the first seven years, according to an NYCB spokesperson. “NYCB is pleased with the asset, its location and the sponsor,” the spokesperson said. “It’s a major power center in our market.” Read More

Mortgage Observer

Many Lenders Offering Low Rates for Multifamily

indepth

It seems like the perfect storm: investors are paying record prices to acquire residential rental apartments in metropolitan areas. And at the same time, financial institutions—especially regional and local commercial and savings banks—are offering the lowest rates for long-term financing for this asset class. Ramping up the competition, Fannie Mae, Freddie Mac, insurance companies, CMBS and conduits are all offering borrowers low rates, with terms we have not experienced in decades. Read More

Mortgage Observer

Competition Hot in Multifamily

indepth_web

Record-low mortgage rates have helped to fuel the nation’s refinancing activity for residential homes. In July, the number of mortgage applications filed hit a three-year high. Freddie Mac also reported that 30-year, fixed-rate mortgages averaged 3.49 percent for the week ending July 26.

Likewise, attractive rates are fueling financing in the multifamily market, where financing for low-leveraged rental buildings has reached its lowest levels in decades. The result? Fierce competition among lenders looking to provide financing for the asset class, particularly in the Big Apple. Read More

Mortgage Beat

Investors Bank’s Joseph Orefice on Growth, Recent Financings

Joseph Orefice.

Investors Bank said recently that it had closed six real estate transactions in the first quarter of 2012—deals whose combined value hit nearly $100 million. Joseph Orefice, senior vice president and head of Commercial Real Estate Lending at the bank, told The Mortgage Observer that some of the deals were for repeat customers with a solid track record, a theme that has echoed throughout the lending community even as the market improves. Read More

Sales Beat

Williamsburg Development Trades For $25M

Bob Knakal

A partnership between real estate investors Joe Chetrit and David Bistricer closed on a $25 million acquisition of a Williamsburg development parcel today. The land, located along the neighborhood’s lucrative waterfront at 77 Commercial Street, can accommodate up to 270,000 square feet of development. It is likely that Mr. Chetrit and Mr. Bistricer will build residential space on the site, sources told The Commercial Observer. Read More