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Volume 15 | Issue 43 | Thursday, October 19, 2017

The Lede


MBA: 2016 Multifamily Lending Up 8%

Multifamily lending rose by 8 percent year over year in 2016, with nearly 3,000 different multifamily lenders providing a record $269.2 billion in new mortgages for apartment buildings with five or more units, the Mortgage Bankers Association reported this morning.


Top National News

MBA to Congress: We're Ready and Open to Working on Tax Reform

HousingWire, Oct. 17, 2017--Brena Swanson
As the debate around what tax reform looks like heightens, the Mortgage Bankers Association is jumping in on the conversation, saying that they support the opportunity for comprehensive tax reform.

MBA Behind 1031 Exchanges in Tax Reform

RESPA News, Oct. 16, 2017
The Mortgage Bankers Association signaled its support for work being done on comprehensive tax reform, writing to key lawmakers that this was a "once in a generation opportunity" to overhaul the tax code.

The Ten Zip Codes With the Most Valuable Land in the U.S.

Bloomberg, Oct. 17, 2017--Patrick Clark
Bounded by the Pacific Ocean and two of the Los Angeles area's most exclusive country clubs, the 90402 zip code would meet most definitions of prime real estate. In fact, according to a new study, it's the most exclusive address in the U.S.

How Some Malls Manage to Stay Alive Years After Losing Their Mojo

Wall Street Journal, Oct. 17, 2017--Esther Fung (subscription)
The U.S. has far too many malls scrambling to attract consumers at a time when online shopping is tightening its grip. That doesn't mean middling malls will die quickly, however.

What Sets Seattle's Apartment Market Apart from the Rest of the Country?

National Real Estate Investor, Oct. 17, 2017--Bendix Anderson
Thanks to affordability and strong job growth--including in Seattle's core--few new apartments are sitting vacant and rents continue to rise.

Global Investors Pour Billions Into Hudson Yards in Major Bull Market Bet

Wall Street Journal, Oct. 17, 2017--Peter Grant (subscription)
Much of the capital behind the mixed-use project on Manhattan's far west side is foreign.

Kushners' Control of Family's NYC Crown Jewel Is Now in Jeopardy

Bloomberg, Oct. 16, 2017--David Kocieniewski, Caleb Melby
An ambitious plan by Jared Kushner's family to recast its indebted Fifth Avenue office building as a luxury architectural trophy is collapsing, setting off a chain of events that may imperil the Kushners' ownership of a property central to their real estate empire.

Commercial Mortgages: Healthy Market is Producing Loans at a Pace Not Seen in Three Years

Richmond (Va.) Times-Dispatch, Oct. 16, 2017--Andrew Little
After taking a short breather earlier in the year, commercial real estate markets are growing again. Leading the resurgence is a stable and healthy conduit market producing loans at a pace not witnessed in three years.

What Is the True Number of Store Closings for 2017?

National Real Estate Investor, Oct. 13, 2017--Donna Mitchell
The two schools of thought on retail store closures seem very far apart.

News and Trends

MBA Urges 'Holistic' Approach to Tax Reform

Citing a "once in a generation opportunity," the Mortgage Bankers Association sent a letter this week to key policymakers on Capitol Hill and the Trump Administration, outlining ideas for comprehensive tax reform.

'Moderate' Economic, CRE Growth Forecast Through 2019

The U.S. economy and commercial real estate should both experience "moderate" growth through 2019, said the Urban Land Institute, Washington. D.C.

JLL: Foreign CRE Investment Remains Strong

U.S. commercial real estate remains popular among offshore investors, attracting nearly $20 billion in first-half 2017, said JLL, Chicago.

Strong New Issuance Offsets CMBS Delinquencies

Strong new issuance volume led to a decline in the U.S. commercial mortgage-backed securities delinquency rate last month, reported Fitch Ratings, New York.

Steady Rise in Small Balance Lending

Small balance multifamily lending--including acquisition and refinancing loans with original balances between $1 million and $5 million--is rising steadily and could set a record in 2017, said Chandan Economics and Arbor.

Office Vacancy Rate Declines Slightly, Led by Suburbs

Vacant office space declined by 10 basis points during the third quarter to 12.9 percent, reported CBRE, Los Angeles.

Strong Tech Sector, Robust Construction Pipeline Influence Office Fundamentals

A strong tech sector and a "robust" construction pipeline influenced U.S. office fundamentals during the third quarter, said Cushman & Wakefield, New York.

Renting vs. Buying: The Roommate Factor

Trulia, San Francisco, notes it's a better deal to buy than rent in America's largest housing markets--and for much of that time it hasn't been close. But does the equation change for renters who share their rent with a roommate? The answer: it depends a lot on where you live.

Commercial/Multifamily Briefs

Investment banking firm John B. Levy & Co., Richmond, Va., released a new version of its Giliberto-Levy Commercial Mortgage Performance Index.

People in the News

Boatwright, Goldstein and Yavinsky Join Avison Young

Avison Young hired commercial real estate finance specialists Wesley Boatwright, Jonathan Goldstein and Michael Yavinsky in its Washington, D.C. office.

Dealmaker of the Week

Hunt Mortgage Group Provides $30M for Multifamily Assets

Hunt Mortgage Group, New York, provided Fannie Mae and Freddie Mac loans totaling $29.6 million for six Florida multifamily properties.

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.

Enrollment Deadline Approaching: FHA Multifamily Underwriter Training

The MBA Education FHA Multifamily Underwriting Training Program--the most extensive and rigorous curriculum of its kind in the industry--starts Jan. 8. Open enrollment ends Oct. 31.

Now Taking Applications: MBA Education Commercial/Multifamily Future Leaders Program

MBA Education is taking applications for its Commercial/Multifamily Future Leaders Program, an executive leadership development program that delivers a comprehensive curriculum for selected managers who have shown leadership abilities.

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 Accounting/Financial Management Conference Nov. 13-15

The Mortgage Bankers Association's Accounting/Financial Management Conference 2017 takes place Nov. 13-15 at the Grand Hyatt San Antonio.

MBA Summit on Diversity and Inclusion Dec. 4-5

The Mortgage Bankers Association's annual Summit on Diversity & Inclusion takes place Dec. 4-5 at the Capital Hilton in Washington, D.C.

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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