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Volume 17 | Issue 22 | Thursday, May 30, 2019

The Lede


Multifamily Rents Growing--Slowly

U.S. multifamily rents increased slightly in April as the occupancy rate continued to inch upward.


Top National News

Stock Investors Sound Alarm About New York's Office Market

Wall Street Journal, May 28, 2019--Konrad Putzier (subscription)
Property investors around the globe have been bidding up the price of Manhattan office towers for years. Now, the stock market is signaling they have pushed up values too far.

Builders Less Confident in Multifamily Market

National Mortgage Professional, May 24, 2019--Phil Hall
Builder confidence in the market for new multifamily housing frayed during the first quarter, according to the latest Multifamily Market Survey released by the National Association of Home Builders.

Rise of New Hotel Brands Irks Some Property Owners

Wall Street Journal, May 28, 2019--Aisha Al-Muslim (subscription)
Major hotel companies are introducing new brands at a rapid pace, a strategy that can boost revenue but one that risks confusing guests and alienating hotel owners.

Private Equity Real Estate Fund Managers Face Growing Pressure on Yields

National Real Estate Investor, May 28, 2019--Beth Mattson-Teig
Private equity real estate funds have enjoyed robust fundraising in recent years, resulting in record high levels of assets under management. Yet fund managers are bracing for more challenges ahead that could cause them to lower target yields.

Dealmaker of the Week

JLL Income Property Trust Pays $82M for Seattle-Area Apartments

JLL Income Property Trust, Chicago, acquired Stonemeadow Farms, a 280-unit apartment community in Bothell, Wash., for $81.8 million.

People in the News

Bellwether Enterprise Real Estate Capital Hires Lynn to Lead New Senior Housing Group

Bellwether Enterprise Real Estate Capital LLC, Cleveland, hired Richard Lynn as Senior Vice President to lead its new senior housing group in the Chicago office.

News and Trends

MBA Chart of the Week: New Issue CMBS Spreads to Swaps

In search for yield and a vote of confidence in the assets, investors have pulled commercial mortgage-backed securities credit spreads lower in recent years.

Low Unemployment Translates to Strong Single-Family Rent Growth

Rent prices in single-family rental properties increased 2.9 percent year-over-year in March, in part due to strong employment figures, reported CoreLogic, Irvine, Calif.

'Adverse Selection' Drives Higher Losses for Legacy CMBS

Adverse selection in the commercial mortgage-backed securities 1.0 universe of pre-2009 loans drove loss severities higher last year, reported Fitch Ratings, New York.

'Stagnant' Retail Space Demand, But Investors Have Not Given Up

The U.S. retail market is flat as shifts in consumer spending result in a high and stagnant retail vacancy rate, said Ten-X, Irvine, Calif.

Real Estate Columnist Kenneth Harney Passes Away

Kenneth R. Harney, whose syndicated column "The Nation's Housing" served as a source of news and information for consumers and real estate finance professionals alike, died May 23 from acute myeloid leukemia. He was 75.

Commercial/Multifamily Briefs

Morningstar has agreed to acquire fellow credit rating agency DBRS. The firms expect the transaction to close early in the third quarter.

MBA News

Opportunity Zone Webinar June 19: A Guide to Evolving Program Rules

The U.S. Treasury issued Qualified Opportunity Zone program regulations on April 17. Join members of Ballard Spahr's Qualified Opportunity Zone team for an overview of the QOZ program and dive into how this new set of regulations will impact investments in real estate and operating businesses located in QOZs.

CREF Market Intelligence Symposium in New York July 10-11

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.

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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