10 Must Reads for the CRE Industry Today (December 5, 2016)

10 Must Reads for the CRE Industry Today (December 5, 2016)

 

  1. Trump to nominate Carson to lead U.S. housing, urban policy “A review of some of Carson’s political commentary on housing policy reveals his views to be at odds with some of the anti-segregation policies championed by minority groups, including the NAACP. On at least one occasion, he criticized efforts by the Obama administration to use its regulatory powers to improve racial integration in housing.” (The New York Times)
  2. Mega-Development Gets Under Way on Long Island “The project known as Garvies Point will include 1,100 apartments and condominiums along with parkland and waterfront access. It will be built on a Superfund site where a factory produced munitions decades ago. A cleanup that began in the 1990s is nearly done.” (The Wall Street Journal)
  3. How Will a December Rate Hike Affect REITs? “The instinctual reaction to an anticipated hike might be apprehension because rising rates commonly hurt investments dependent on debt financing. However, the long-term performance of REITs correlates more with the economic well-being of the country than with rate increases, as shown by previous rate hike cycles.” (Urban Land)
  4. Related Midwest provides $240 million of financing for 70-story luxury residential tower in Chicago “Related Midwest has closed a $240 million construction loan and completed the tower crane installation at One Bennett Park, a 70-story ultra-luxury residential tower located at 451 E. Grand Ave. in Chicago’s Streeterville neighborhood. Designed by internationally renowned architecture firm Robert A.M. Stern Architects, the Art Deco-style building will offer 69 condominiums and 279 apartments adjacent to a new park by Michael Van Valkenburgh Associates Inc. When complete in 2019, it will be the tallest all-residential tower in Chicago, topping out at 836 feet.” (REJounrals.com)
  5. Trump’s Win Gives Stocks in Private Prison Companies a Reprieve “Mr. Trump’s surprise victory represented a radical change in fortunes for them — a boon for investors and a potential nightmare for critics. ‘It’s an extreme case of politics affecting the stock market,’ said Ryan Meliker, a senior analyst with Canaccord Genuity. ‘Politics drove down the shares of the companies over the summer — and now the situation is reversed.’” (The New York Times)
  6. Lenders Growing Wary of Multifamily Construction Loans “Following the financial crisis, the multifamily and hotel sectors were the first to recover. But there are growing concerns that the multifamily sector might be topping out despite strong fundamentals.” (National Mortgage News)
  7. SBE Closes Purchase of Morgans Hotel Group “Hoy Enterprise, has completed the acquisition of Morgans Hotel Group, SBE announced late last week. The transaction more than doubles the number of hotels in SBE’s portfolio.” (Commercial Property Executive)
  8. Food-stamp cuts contribute to Dollar General’s woes in Q3 “Vasos said the chain was challenged by average unit retail price deflation and reductions in SNAP (Supplemental Nutrition Assistance Program) benefits in the third quarter as compared to the same period last year. Among the states that implemented SNAP changes this year were Florida, Georgia, Alabama and Tennessee, all of which have a high concentration of Dollar General stores.” (Chain Store Age)
  9. Las Vegas real estate developer Fred Nassiri offering another possible NFL stadium site option “The newly selected Stadium Authority Board will hold its first meeting Monday and will be headed by Steve Hill, director of the Governor’s Office of Economic Development. At the meeting, Nassiri hopes to make a case for his land being the perfect future home of the Raiders, UNLV football and other major events. The location, further south down Las Vegas Boulevard than other options, is not only clear of all Federal Aviation Administration concerns but also has direct access to Interstate 15, the 215 Beltway and Blue Diamond Road.” (The Las Vegas Sun)
  10. Commercial real estate and QR codes: Do they work? QR codes are an amazing way to communicate! I believe QR codes are very misunderstood and more importantly misused in the commercial real estate industry. I will attempt to explain why and share with you the ways using QR codes (or MS Tags) do work. (The Orange County Register)
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