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Volume 15 | Issue 49 | Thursday, December 07, 2017

The Lede


Senate Passes Tax Bill--Without Damaging MSR Provision

Following marathon negotiations, substantial rewrites--and intense lobbying by the Mortgage Bankers Association--the Senate on early Saturday morning passed a sweeping $1.5 trillion tax reform bill.


Top National News

GOP's Late Changes to Tax Bill Buoy Key Industries

Wall Street Journal, Dec. 4, 2017--Kate Davidson, Joshua Jamerson (subscription)
Republican senators inserted last-minute changes into their tax overhaul bill early Saturday morning, including ones aimed at helping oil and gas companies, cruise-ship operators, auto dealers, universities and mortgage bankers.

Multifamily Deliveries Slow as Worker Scarcity Increases Construction Times

Multi-Housing News, Nov. 30, 2017--Paul Fiorilla
With more than 550,000 units under construction, U.S. multifamily deliveries were expected to reach a cycle peak in 2017. However, through three quarters new supply is running only slightly ahead of last year's 281,000 deliveries, and construction times from start to finish are taking much longer than historical norms.

New York City Council Halts Midtown Tower Construction

Wall Street Journal, Dec. 3, 2017--Josh Barbanel (subscription)
Work on an 800-foot-tall tower in East Midtown that has been under construction for six months was halted last week following a vote by the New York City Council to limit skyscrapers in the area, in a win for a grass-roots group that sought to block the project.

Short-Term Stores Now a Permanent Fixture in New York Retail

Wall Street Journal, Dec. 3, 2017--Keiko Morris (subscription)
Landlords are becoming more flexible as retail sector changes and vacancies rise.

The Surprising State With the Highest Hidden Flood Risk

Wall Street Journal, Nov. 30, 2017--Adam Bonislawski (subscription)
Which state has the highest hidden flood risk? Take a guess. Heck, take 49 guesses. You might not get it even then. (It's Arizona.)

Student Housing REITs See Growth Potential in Public-Private Partnerships

National Real Estate Investor, Dec. 4, 2017--John Egan
Publicly traded student housing real estate investment trusts are increasingly turning to public-private partnerships to boost growth.

Lawmakers Pressed to Save Flood Insurance Program

National Mortgage News, Nov. 30, 2017--Brian Collins (subscription)
Numerous business sectors are urging lawmakers to act quickly to extend the National Flood Insurance Program before a crucial deadline next week.

Fed Rate Hike is Expected Next Week and Three More Increases are Expected in 2018: Reuters Poll

CNBC, Dec. 4, 2017
The U.S. Federal Reserve is almost certain to raise interest rates later this month, a Reuters poll of economists reported. A majority of economists now expect three more rate increases next year compared with two when surveyed just weeks ago.

News and Trends

Managing 'Unconscious Bias' and Creating High-Functioning Teams

WASHINGTON--"If you have a brain," says Lissia Taylor Hundley, "you're biased."

Single-Family Rental Market Moves Toward the Middle

The rapidly maturing single-family rental market is "moving toward the middle," said ATTOM Data Solutions, Irvine, Calif.

CBRE: Shopping Centers To Reinvent Themselves As Simply 'Centers' By 2030

Future shopping centers will become simply 'centers' by reinventing themselves as mixed-use destinations and adding healthcare, educational and leisure uses, said CBRE, Los Angeles.

Steady Rise In Small-Balance Lending

Small-balance multifamily lending--between $1 million and $5 million--slipped during the third quarter but remains on a record-setting pace for the year, reported Arbor Realty Trust and Chandan Economics.

Moody's: CMBS Loss Severities Increase Slightly

Just more than 150 commercial mortgage-backed securities loans liquidated with a 42.8 percent weighted-average loss severity during the third quarter--up slightly from 42.5 percent in the quarter before--reported Moody's, New York.

Boulder Group: Single-Tenant Net Lease Medical Sector Healthy

The single-tenant net lease medical sector will likely remain active because investors like the long-term outlook for healthcare-related properties, said Boulder Group, Northbrook, Ill.

Commercial/Multifamily Briefs

Principal Financial Group, Des Moines, Iowa, will move its stock exchange listing to the Nasdaq Global Select Market after market close on December 15.

People in the News

Huebscher Elected to Freddie Mac Board of Directors

Freddie Mac, McLean, Va., announced that Grace Huebscher was elected as a director on the company's board of directors.

Dealmaker of the Week

Brookfield Asset Management Buys Houston Center for $875M

Brookfield Asset Management, Toronto, acquired the 4.2-million-square-foot Houston Center in downtown Houston for $875 million.

MBA News

CREF18 in San Diego Feb. 11-14

The Mortgage Bankers Association's Commercial Real Estate Finance/Multifamily Housing Convention & Expo 2018 returns to San Diego Feb. 11-14.

MBA Recognizes Premier Members

MBA is proud to recognize its Premier and Select Associate Members and to thank them for their continued support of MBA and the real estate finance industry.

MBA Recognizes Select Members

MBA recognizes its Premier and Select Associate Members and thanks them for their continued support of MBA and the real estate finance industry.

MBA Education Multifamily Property Inspection Workshop in Atlanta Mar. 21-22

MBA Education presents its popular Multifamily Property Inspection Workshop in Atlanta March 21 and 22, 2018.

MBA Education Webinar: Excel for Commercial Real Estate Professionals, Jan. 17

The MBA Education Excel for Commercial Real Estate Finance Professionals webinar will explore how to create a useful and powerful spreadsheet when analyzing commercial real estate.

About MBA Newslink

President and CEO: Robert Broeksmit, CMB

Publisher: Marcia Davies, Chief Operating Officer

Vice President of Public Affairs: John Mechem

Editor: Mike Sorohan 202/557-2855 

Editorial Director: Michael Tucker 202/557-2851 

Senior Editorial/Advertising Specialist: Lesley Hall 202/557-2856

Advertising Opportunities: Bill Farmakis 203/834-8832

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