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Volume 16 | Issue 11 | Thursday, March 15, 2018

The Lede


Senate Passes Reg Relief Bill

After weeks--make that months--of debate, negotiations, markups and amendments, the Senate yesterday passed a sweeping regulatory relief package.


Top National News

Toys R Us to Close All 800 of its U.S. Stores

Washington Post, Mar. 14, 2018--Abha Bhattarai
Toy store chain Toys R Us is planning to sell or close all 800 of its U.S. stores, affecting as many as 33,000 jobs as the company winds down its operations after six decades.

Is CMBS Underwriting Getting Loose?

National Real Estate Investor, Mar. 14, 2018--Mary Diduch
The spread between the cap rates used by Moody's Investors Services, Morningstar Credit Ratings and S&P Global Ratings on conduit loans and the market is widening.

Blackstone REIT Triples Industrial Holdings With $1.8 Billion Deal

Bloomberg, Mar. 12, 2018--Noah Buhayar
The Canyon Industrial Portfolio includes 146 warehouses and distribution centers concentrated in and around Chicago, Dallas, Baltimore, Washington, D.C., Los Angeles and South and Central Florida, according to a statement from Blackstone on Monday.

Claire's Bankruptcy Would Accompany a Shift Away From Malls

Bloomberg, Mar. 9, 2018--Lauren Coleman-Lochner, Eliza Ronalds-Hannon
Claire's Stores Inc., which is said to be preparing a bankruptcy to ease its crushing debt load, is simultaneously working on a second problem: its deep reliance on malls.

Is the Speculative Office Development Pipeline Going to Cause a Problem?

National Real Estate Investor, March 8, 2018--Mary Dudich
Speculative office construction as a percentage of supply underway is expected reach its highest level in years in 2018. But some experts say there is enough demand out there for new, quality space--even as the national office vacancy rate has not seen a significant drop since 2010.

CMBS Delinquency Rates Improve Except for Retail Property Loans

National Mortgage News, Mar. 12, 2018--Brad Finkelstein (subscription)
With the exception of the troubled retail sector, delinquency rates across property types supporting commercial mortgage-backed securities were mostly flat to declining in February compared with January, Fitch Ratings said.

Ten Years After the Bear Stearns Bailout, Nobody Thinks It Would Happen Again

Wall Street Journal, Mar. 13, 2018--Justin Baer, Ryan Tracy (subscription)
Ten years ago Wednesday, that was Bear Stearns Cos., a once-storied firm whose excessive leverage had helped put it on the brink. The Federal Reserve tried to limit the damage with extraordinary actions, first extending the firm credit before forcing it into a hasty weekend shotgun marriage to JPMorgan.

News and Trends

CREF Highlights

Commercial and multifamily developments and activities from MBA relevant to your business and our industry.

Why Multifamily Rents Are Decelerating

Year-over-year multifamily rent growth fell from 5.5 percent in 2016 to 2.3 percent in December, largely due to one thing: occupancy, reported Yardi Matrix, Santa Barbara, Calif.

JLL: Grocery Retailers Slow Expansions, Speed Up Technology Investment

Grocery-anchored retail centers remain attractive to investors, JLL reported. Investment into grocery-anchored centers increased more than 5 percent last year.

'Stable' CRE Property Values

Commercial real estate assets prices generally held steady in early 2018, sector analysts said.

Multifamily Permitting, Starts Bounce Back

A temporary multifamily construction slowdown reversed course in January--the annual rate for both permits and starts increased significantly from December, reported Axiometrics, Richardson, Texas.

Commercial/Multifamily Briefs

Marcus & Millichap expanded its southern California presence with a new office in El Segundo.

People in the News

JLL Expands Denver Multifamily Debt Team

JLL announced Jeff Ogden joined the company as Senior Vice President based in Denver.

Dealmaker of the Week

Dealmaker: M&T Realty Capital Provides $156M

M&T Realty Capital Corp., Baltimore, provided $155.8 million for multifamily and mixed-use properties in California, Texas, Washington and New York.

MBA News

MBA National Technology Solutions Conference Apr. 15-18

Tech 18, the Mortgage Bankers Association's National Technology Solutions Conference & Expo, takes place Apr. 15-18 in Detroit. This year's conference will feature programming geared specifically to commercial/multifamily real estate finance technology professionals, who will hear from experts, network and share best practices on cyber security, robotic processes and more.

MBA Commercial Loan Origination Sales Training Workshop in Chicago Mar. 29

MBA Education presents its Commercial Loan Origination Sales Training Workshop in Chicago Mar. 29.

MBA Commercial/Multifamily Servicing/Technology Conference in Miami May 20-23

The Mortgage Bankers Association's annual Commercial/Multifamily Servicing and Technology Conference takes place May 20-23 at the Intercontinental Miami.

CREF Market Intelligence Symposium July 11-12 in New York

The Mortgage Bankers Association CREF Market Intelligence Symposium cuts through the clutter to provide hard facts about the state of commercial real estate markets--what we do and don't know.

MBA Education Multifamily Property Inspection Workshop in Chicago July 11-12

MBA Education presents its popular Multifamily Property Inspection Workshop in Chicago July 11 and 12, 2018.

MBA Education Launches Commercial Insurance Webinar Series

MBA Education in collaboration with Insurance Advisors LLC and Fortress Risk Consultants LLC is offering 13 webinars over the next two years that will cover commercial insurance types, commercial insurance industry processes and commercial insurance compliance.

MBA Expands C/MF Mortgage Banking Licensing Law Resource

The Mortgage Bankers Association updated and expanded its state-by-state compilation of commercial/multifamily mortgage state licensing requirements.

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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