Finance
Economy Watch: Fannie Mae Hits Up Uncle Sam Because of 2Q Loss
Fannie Mae returned to the U.S. Treasury on Thursday, hat in hand, asking for $1.5 billion in the wake of its net loss of $3.1 billion, or 55 cents a share, during the second quarter. Essentially, it was asking for its latest dividend back.
Senate Approves Increase in FHA Apartment Loans
The U.S. Senate last night passed H.R. 5872, which increases the Federal Housing Administration’s commitment authority for its multi-family insurance programs by $5 billion at a time when applications are at an unprecedented level.
Economy Watch: Firing Level Low, but Hiring Level Not High
Jobs, jobs, jobs. On Tuesday, Chicago-based Challenger, Gray & Christmas Inc. said that job-cut announcements in July rose 6 percent from June. It was the third month in a row that planned firings went up. The heaviest cutters these days are public and nonprofit entities, not private employers.
HFF Secures $160M in Acquisition Financing for DC’s Washington Harbour
HFF senior managing director Bill Asbill and Bob Donhauser as well as managing director Cary Abod secured the five-year, fixed-rate loan with MetLife Real Estate Investments. They worked exclusively on behalf of Rockpoint Group and MRP Realty.
FIRPTA Reform Clears House
The United States House of Representatatives has voted by a landslide to pass legislation modifying and updating the Foreign Investment in Real Property Tax of 1980. The bill cleared the House by a vote of 402 to 11.
LNR Completes Recapitalization as Vornado Takes 26.2 Percent Stake for $116M in Cash
With the participation of Vornado and others, Miami Beach-headquartered LNR, a diversified real estate company and special servicer of commercial mortgage loans and CMBS, has achieved a comprehensive recapitalization of its balance sheet.
Fitch Says CMBS Cumulative Defaults Up to 9.5 Percent
According to Fitch, the 133-basis-point climb from the first quarter is consistent with the firm’s expectation of an 11 percent cumulative default rate by the end of the year.
Grubb & Ellis Healthcare REIT Nails Down $25M BofA Credit Facility
The credit facility, which matures on July 19, 2012, may be extended at the option of Grubb & Ellis for an additional year upon certain conditions. It bears interest at a rate equal to LIBOR plus 3.75 percent or 5 percent, whichever is greater.
Pembrook Provides $47M Recapitalization Loan for NYC Condos
The condominiums have been completed and 26 of 54 units sold. The loan was closed within three weeks from the date the owners signed the loan application.
Trump Entertainment Puts Bankruptcy–and $1.3B in Debt–in the Past
The newly reorganized Atlantic City, N.J.-based casino resort owner even gets to keep the Trump name on its Atlantic City casinos.