Finance
Economy Watch: Most Industries Create Few Jobs in June, but Retail Vacancies Drop, Rail Shipments Mixed
June’s weak employment numbers capped a weak quarter overall for U.S. job growth. The Association of American Railroads measured the number of U.S. rail carloads originated in June 2012 at about 1.14 million, down 1.3 percent, but the intermodal volume at just over 996,000 containers and trailers, up 5.2 percent. And Reis Inc. reported the vacancy rate for regional U.S. malls dropped to 8.9 percent in the second quarter.
American Realty Capital Closes $235M Secured Loan
Lenders are looking favorably on some real estate companies, and American Realty Capital Trust Inc. is one of them. The company recently closed a $235 million senior secured loan through Wells Fargo Securities L.L.C.
Maturing 2007 Loans Drive CMBS Delinquency to Record 10.16%, According to Trepp
Only 28 percent of the loans originated in 2007 that were due to mature in 2012 have managed to pay off in full, according to Trepp.
EverBank Financial to Buy GE’s Business Property Lending Unit for $2.51B
No debt will be assumed as part of the transaction, which includes approximately $2.44 billion of commercial loans, the origination and servicing platforms, 108 employees, and servicing rights on $3.1 billion of loans securitized by GE Capital. The transaction is expected to close in the fourth quarter.
Starwood Capital Closes $1B Purchase of Seven Westfield Malls
Starwood Capital Group is now 6.6 million square feet larger. The global private investment firm recently wrapped up its acquisition of a 90 percent stake in seven shopping centers from Sydney, Australia’s Westfield Group in a transaction valued at just over $1 billion. DDR’s Scott Wolstein will spearhead the new division.
Red Capital Taps Industry Expert to Lead Healthcare, Seniors Housing Expansion
Growth in demand for healthcare and seniors housing financing has prompted Red Capital Group L.L.C. to expand its seniors housing and healthcare platforms, and it has tapped industry veteran Kathryn Burton Gray to lead the charge.
Lowe Enterprises Buys Houston's Hotel Derek
The Hotel Derek, a 314-room independent boutique hotel in Houston’s Galleria area, has been acquired by Lowe Enterprises Investors on behalf of a national hotel investment venture it formed last year with Guardian Life Insurance Co. of America and a subsidiary of Allstate Insurance Co.
Economy Watch: Euro Summit Gladdens Investors for Now; Foreclosures More Extreme at State Level
Word from the negotiating nabobs in Europe on Friday seemed to be positive, though as usual the details of the agreement remained a little elusive. CoreLogic reported a slight uptick in foreclosures at the federal level, but more significant changes–both positive and negative–among a number of states.
Kearny Buys $89M Loan Portfolio
With the acquisition of an $89 million loan portfolio, Kearny Real Estate Co. and Morgan Stanley Real Estate Investing are more than halfway to their goal of purchasing $1 billion in loans.
The Winners: CPE’s 2012 Distinguished Achievement Awards
CPE is pleased to announce the winners of the second-annual Distinguished Achievement Awards, recognized for their ability to complete deals and projects in the face of last year’s recovering economy.