Real Estate Market Update - October 13, 2011

Allen Matkins
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In This Issue:

Office:

Rudin and Eyal Ofer Sell St. Vincent Campus for $260M; Grubb & Ellis Healthcare REIT II Enters Agreement to Acquire $166.5M Skilled Nursing Facility Portfolio; CommonWealth REIT Buys New Orleans Office Tower for $102M; CommonWealth REIT Buys New Orleans Office Tower for $102M; Wells REIT Buys Houston Office Building for $70.3M; HSBC, Edge Buy 51% Balance of 1540 Broadway; Tishman Speyer Venture Sells Chicago Office Tower for $217.5M; Health Care Realty Trust Acquires Medical Office Property in $173.5M Deal; Cupertino City Center Sold for Reported $120M; Ivy Realty Buys Wells Fargo Tower in Fort Lauderdale; Lehman Brothers Completes Sale of 1107 Broadway for $191M; Savanna Acquires Penn Station Building for $130M; Manhattan Developer Teams with Crown Acquisitions to Buy Fifth Avenue Tower; KBS Affiliate Acquires Phoenix Office Plaza for $137M; Laurus Corporation Completes Acquisition of San Francisco Office Building; TIAA-CREF Buys Boston Office Property from AREA Capital; Washington REIT Acquires Braddock Place for $101M; Brookfield Office Properties Acquires Suburban DC Office Building for $150.1M; CBRE Sells Morris Corporate Center for $110M; Hudson Pacific Properties Acquires Two San Francisco Office Properties; HFF Closes $390 Million Sale of 600 West Chicago Avenue in Chicago; Lowe Enterprises Acquires Maryland Office Building; Irvine Co. to Buy 50% Stake in UBS Tower; Tishman Speyer Adds Live Nation Entertainment HQ to Portfolio; Equity One Sells Downtown Los Angeles Office Tower for $50M; L&B Realty Acquire Two Plano Office Buildings; Hines Closes Deal on $349M Chicago Office Property; and Spear Street Buys Suburban D.C. Office Building for $64.4M.

Retail:

Karlin Acquires Two Scottsdale Retail Centers for $50M; DDR Corp Buys 2 Charlotte Retail Centers for $85M; Two NorCal Shopping Centers Sold for $56M; Blackstone Acquires Retail Centers for $473M; Saul Centers Acquires Three Shopping Centers for $168M; SL Green, Sutton Acquire 10-Building Portfolio for $400M; Atlanta's Englewood Retail District Sells for $82M; SL Green, Wharton Realty Purchase Times Square Building for $136M; and SL Green, Wharton Realty Purchase Times Square Building for $136M.

Industrial:

Washington REIT Completes Sale of Industrial Portfolio for $235.8M.

Resort/Hotel:

LaSalle Hotel Properties Acquires the Villa Florence in San Francisco; 170 Broadway Sold for More than $60M; Los Angeles Hotel and Retail Center Refinances for $73M; and American Acquires Napa Valley Marriott for $72M.

Residential:

Equity One Sells 2 California Assets for $124.9M; Trade Street Capital Sells Nashville Multi-Family Property for $71M; SL Green Teams with Stonehenge Partners to Acquire NYC Retail/Residential portfolio; Vornado Buys New York Rental Building for $170M; Behringer Harvard Acquires Luxury Multi Family Community in San Francisco's East Bay; Essex Spends $165.1M for Two Seattle Apartment Properties; Fifteen Group Acquires Miami, LA Properties; AREA Property Acquires San Francisco Multi-Family Portfolio for $59.6M; Stone Street Properties Acquires Manhattan Residential Portfolio for $90M; Equity LifeStyle to Acquire 75 Manufactured Home Communities for $1.4B; UDR Inc. Acquires DC Residential Community for $84M; Chicago Apartment Complex to Sell for About $160M; and UDR Inc. Closes on 21 Chelsea Acquisition.

Equity & Debt Updates:

Invesco, Square Mile Capital, Canyon Combine to Acquire $880 Million Loan Portfolio; MetLife Closes on $550M in Loans on 2 Buildings; CMBS Market Splits as Investors Avoid Taking on Risk; Prudential Mortgage Capital Company Arranges $77M FHA Loan for College Park Apartments; AREA Properties Partners JV Acquires $215M in Defaulted Multi- Family Debt; Downgrades of BofA, Wells Fargo and Citigroup Leave CRE in Limbo; Sabal Financial Acquires $158M FDIC Loan Portfolio; Redwood Trust Set to Launch $375M Private RMBS; JPMorgan Chase Brings $1B CMBS to Market; Miami Airport Corporate Center Secures $79M Refinance; $93M Refinancing for Mixed-Use D.C. Apartments; Vornado Realty Trust Completes $600M Refinancing of San Francisco Office Building; BSC Group Arranges $75M in Funding for Sovran Portfolio Acquisition; Prudential, MetLife, NY Life Complete $200M Financing for 601 Lexington Avenue; Gramercy Capital Settles $549.7M in Mezzanine Loans; Hertz Investment Group Gains $42M Refinance Loan for LA Office Building; HFF Announces $268M in New Retail Financings; and Wells Fargo, JPMorgan, Loan Star Win Anglo Irish Loans.

Government Action & Analysis Updates:

Massachusetts Prepares to Sue Banks over Foreclosures; California Pulls out of Talks on Foreclosure Abuses; Industry Reacts to FHFA Proposal on Mortgage Servicing Fees; FHFA Releases Paper on Changing MSR Fees, Wants more Input; 20 Percent Down Payment Rule has Stiff Opposition; SEC Determines Future for Profitable Mortgage REITs; Freddie Mac Finalizes New Modification Option; Fannie and Freddie Regulator Mulls Obama's Mortgage Program; CBO Casts Doubt over Federal Refinancing Plan; FHFA Says Estimates on Damages From 17 Banks Are Premature; The SEC May Change the Game for Mortgage REITs; KBW Analysts Believe Fed Would Support Streamlined Refinancing Plan; SEC Considers Changing Exemption Status for Some REITs; Bi-Partisan Group of House Members Urges SEC to Include Credit Scores in Dodd-Frank Risk Retention Regulations; Fannie Mae Creates Program for Borrowers to Refinance, with Little or No Equity; FDIC Objects to BofA's $8.5B Mortgage-Bond Settlement; and Ending GSEs Would Reset Mortgage Finance: Aite Group.

Special Features:

U.S. Bank Loan Workouts Help U.S. Avoid Global CRE Funding; U.S. Real Estate Deals Hindered by Financing, Investors Say; Eastdil President Says Capital to Continue Flowing into Real Estate; Banks May Fight Banks as Mortgage Securities Investors Try for Class Suits; Banks Overwhelmed by Mortgage Refinancing After Job Cuts; and Bank of America May Sell or Shut a Mortgage Unit.

Please see full update below for more information.

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Written by:

Allen Matkins
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