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Volume 15 | Issue 37 | Thursday, September 07, 2017

The Lede


Hurricane Harvey Brings Uncertainty to Texas CRE

Texas commercial real estate will feel Hurricane Harvey's effects for a long time to come, analysts say.


Top National News

Massive Coalition of Housing Groups Push Senate to Confirm Pam Patenaude as HUD Deputy Secretary

HousingWire, Sept. 5, 2017--Ben Lane
Last week, Mortgage Bankers Association President and CEO David Stevens sent a letter to Senate leadership, calling for approval of Pam Patenaude as deputy secretary of HUD. As it turns out, Stevens' call to confirm Patenaude has more than a little support from within the housing industry.

Affordability in Question: The National Flood Insurance Program Needs $1.4 Billion More to Function

HousingWire, Sept. 5, 2017--Brena Swanson
As the expiration date of the National Flood Insurance Program draws nearer, the Congressional Budget Office, a nonpartisan analysis for the U.S. Congress, calculated that the program has an expected one-year shortfall of $1.4 billion.

High-End Manhattan Apartment Sales Are Soft

Wall Street Journal, Sept. 6, 2017--Josh Barbanel (subscription)
Stribling Private Brokerage said contracts signed on Manhattan listings of $5 million or more have been sliding since May compared with recent years, after showing signs of recovery earlier this year.

Harvey Makes Trump Rethink Draining Swamp at HUD

National Mortgage News, Sept. 5, 2017 (subscription)
The long-term recovery for thousands of Texans whose homes were decimated by Hurricane Harvey rests with a Trump administration government outsider who wants his agency's budget cut by billions of dollars.

Mortgage-Backed Securities Market Heats Up

Wall Street Journal, Sept. 5, 2017--Peter Grant (subscription)
Banks and other underwriters of commercial mortgage-backed securities are on track to issue more notes in September than any other month this year.

Real Estate Firm Says Malls Need a New Business Model

Wall Street Journal, Sept. 5, 2017--Esther Fung (subscription)
Malls need to shift emphasis away from department stores and toward retailers that are less susceptible to competition from e-commerce, according to a report from real estate services firm CBRE Research.

Multifamily REITs Pour Money into New Development

National Real Estate Investor, Sept. 5, 2017--Bendix Anderson
Multifamily real estate investment trusts keep building new apartments and the analysts who track the companies are getting worried.

Before Harvey, Houston Had a Glut of Rentals. Not Any More

Wall Street Journal, Sept. 3, 2017--Laura Kusisto, Valerie Bauerlein (subscription)
Not even two weeks ago, this city had one of the weakest apartment markets in the country with tens of thousands of vacant units. Now landlords say prospective renters are lining up outside their doors and some have almost no units left.

CMBS Delinquency Sinks, Industrial Leads Drop

Mortgage Daily, Sept. 1, 2017
Past due payments on securitized commercial real estate loans turned lower as the wall of maturities subsided. The improvement was led by industrial loans, said Morningstar Credit Ratings LLC.

Billions in Commercial Mortgage-Backed Securities at Risk Due to Harvey

Barron's, Aug. 30, 2017--Amey Stone
Major flooding in Texas is putting at risk about $19.4 billion in properties financed by commercial mortgage-backed securities, according to Morningstar Credit Ratings.

CMBS Delinquency Down 2nd Consecutive Month

Mortgage Daily, Aug. 30, 2017
For the second month in a row, the performance of securitized commercial real estate loans improved. Industrial loans led the decline in late payments, said Trepp LLC.

News and Trends

MBA, Trade Groups Lead Push to Approve HUD Nominees

Back from its August recess, Congress has a lot on its plate: flood insurance; debt ceilings; Hurricane Harvey relief; and tax reform, to name a few. The Mortgage Bankers Association and nearly 60 other industry and consumer trade groups want the Senate to make sure a key component of housing policy--HUD leadership--stays on the front burner, too.

CRE Prices Advance in July

Commercial real estate asset prices grew in July, Real Capital Analytics, Green Street Advisors and CoStar said in separate reports.

CBRE: Asian CRE Investment Gains Momentum

Asian outbound commercial real estate investment posted significant year-on-year gains in first-half 2017, reported CBRE, Los Angeles.

Construction Delays Supporting Multifamily Rents

Average multifamily monthly rents were largely flat in August amid slowing new property completions, said YardiMatrix, Santa Barbara, Calif.

Commercial/Multifamily Briefs

Online real estate marketplace Ten-X Commercial partnered with CRE direct lender Money360 to offer financing for properties available for sale.

People in the News

Greystone Hires Klobetanz

Greystone, New York, hired Kelley Klobetanz as a Managing Director on its FHA team.

Dealmaker of the Week

HFF Secures $276M for Office, Mixed-Use Properties

Holliday Fenoglio Fowler, Houston, secured $276 million for office and mixed-use assets in California and Florida.

MBA News

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 Dallas Nov. 8-9

MBA Education presents its popular Multifamily Property Inspection Workshop in Dallas November 8 and 9.

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

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Publisher: Marcia Davies, Chief Operating Officer

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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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