10 Must Reads for the CRE Industry Today (July 31, 2015)

10 Must Reads for the CRE Industry Today (July 31, 2015)

 

  1. Wells Fargo to Exit Loan Referral Deals with Builders, Agents “Wells Fargo & Co., the largest U.S. mortgage lender, is ending some marketing arrangements with real estate firms and home builders over concerns about regulatory scrutiny. The decision, effective Aug. 1, ends the practice of providing payments or services to agents and builders that refer home buyers to the San Francisco-based bank.” (Bloomberg)
  2. Shadow Lenders Push Deeper into Risky Commercial Real Estate “Seven years after the financial crisis, private funds in the U.S. are extending their push into traditional banking. So-called shadow lenders — asset managers that operate outside the banking industry’s regulatory oversight — have been making an increasing number of leveraged loans to midsize businesses.” (The Seattle Times)
  3. The Healthiest Housing Market “Boston has the healthiest housing market in the U.S., when compared to 25 of the largest metropolitan areas, according to a new ranking by WalletHub. The website ranked cities across 10 key metrics, including down payment percentage, mortgage costs, first-time home-buyer assistance and access to financing.” (Wealthmanagement.com)
  4. Intercontinental Denies Report of Starwood Merger Talks “InterContinental Hotels Group Plc said it isn’t in merger talks with Starwood Hotels & Resorts Worldwide Inc. after the Financial Times reported that negotiations had taken place. InterContinental, based in Denham, England, was up 4.6 percent at 2,743 pence at the close of trading in London, giving the company a market value of 6.5 billion pounds ($10.1 billion).” (Bloomberg)
  5. Greenberger Has Never Seen a Real Estate Boom Like This One “Alan Greenberger sees a positive future in development for the city, one that’s been paved by a solid foundation laid in recent years. During a Q&A session between Greenberger and the Business Journal’s real estate reporter, Greenberger looked back at his tenure with the Nutter administration. With five months left, Greenberger had a vital role in overseeing more than $8 billion in real estate projects through development concepts.” (Philadelphia Business Journal)
  6. Midwest Economic Activity is Heating Up “The Chicago PMI, an indicator of economic activity in the midwest, was much stronger than expected. In July, the headline index jumped to 54.7 from 49.4 in June. Economists were looking for a reading of 50.8.” (Business Insider)
  7. Xenia Hotels Buys in 3s “Xenia Hotels & Resorts, Inc. means business when it comes to purchasing hotels. In one swoop, the Orlando-based lodging arm for Inland American Real Estate Investment Trust, a non-traded REIT, has acquired the fee simple interests in three high-quality lifestyle boutique hotels and for no small change either—a whopping $245 million.” (Commercial Property Executive)
  8. Saks Fifth Avenue to Open First Freestanding Shoe Store Fall of 2016 “Saks Fifth Avenue has unveiled plans to up the shoe ante across the luxury department store circuit. The high end department store announced plans to open a freestanding shoe store in Greenwich, Conn., on East Elm St. The 14,000-square-foot space in Greenwich is right around the corner from an existing Saks Fifth Avenue store that carries women's apparel, accessories and beauty exclusively.” (Fashion Times)
  9. Yet Another Co-Working Space Will Open in Brooklyn—This Time in Sunset Park “First, the co-working-office craze hit the Brooklyn Navy Yard, and now it has reached Industry City. Milk Studios co-founders Mazdack Rassi and Erez Shternlicht are launching a co-working business and have signed on for 60,000 square feet at the former industrial complex in Sunset Park, Brooklyn.” (Crain’s New York Business)
  10. Mix and Mingle: Shares Services for Seniors, Market-Rate Renters Prove a Success “Pettit’s Pillar Properties built The Corydon in Seattle’s University District adjacent to a seniors property built by Merrill Gardens, Pillar's parent company. The two properties share a courtyard, and residents mix and mingle without any prompting from the managers. Additionally, the Merrill Gardens property has a dining room space that The Corydon’s residents can use.” (Multifamily Executive)
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