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Geithner?s $1 Trillion Plan May Not Save Commercial Real Estate
Feb. 12 (Bloomberg) -- Treasury Secretary Timothy Geithner?s financial stability plan may come too late to rescue the commercial property market, which is following housing into a slump.
Lending has dried up as $171 billion of commercial mortgages come due this year, according to the Mortgage Bankers Association. Issuance of commercial mortgage-backed securities, which supply cash for bankers to make more loans, fell 95 percent in 2008, JPMorgan Chase & Co. reports. Geithner wants to expand an existing federal lending program to buy the securities and spark loan-making.
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Bankruptcies by office, retail and apartment owners occurred in some of the same states hit by residential foreclosures in the fourth quarter, according to data compiled for Bloomberg by commercial broker Marcus & Millichap Co.?s Special Assets Group and research firm RealtyTrac Inc.
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"The weakness in housing is bleeding into the commercial real estate market," said Michelle Meyer, an economist with Barclays Capital Inc. in New York. "If the distress in the real estate market was contained to housing, particularly to subprime, which a lot of people thought, the argument that it wouldn?t bleed into the commercial market would be true. But it?s not contained."
Geithner may expand the Term Asset-Backed Securities Loan Facility, or TALF, a $200 billion Federal Reserve fund now set up to purchase school, car, credit card and small business loans, to $1 trillion and use it to buy the highest-rated commercial and residential mortgage-backed securities.
"There?s not a lot of the highest-rated stuff out there," said Rich Moore, a real estate analyst for RBC Capital Markets in Solon, Ohio. "You wonder how much he will find. But the mere appearance of government support will be helpful."
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Sales of commercial mortgage-backed bonds fell to $12.2 billion last year, compared with a record $237 billion in 2007, according to JPMorgan Chase data. The last sale of a fixed-rate, non-government-supported commercial mortgage-backed bond was June 19, 2008, Bloomberg data shows.
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The Moody?s/REAL National CPPI Office Price Index dipped 8.7 percent in the third quarter from its high in June 2007.
Mvh, /Leif
Santander Seeks Block on Redemptions at Property Fund
Feb. 16 (Bloomberg) -- Banco Santander SA requested a two- year block on redemptions from Spain?s biggest property fund after investors sought to redeem 80 percent of its assets ahead of a new valuation.
It will seek to suspend redemptions from the Santander Banif Inmobiliario FII fund until Feb. 28, 2011, because it doesn?t have enough money immediately available to meet redemption orders of 2.62 billion euros ($3.4 billion), the lender?s real estate unit said in a filing to market regulators.
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Banco Bilbao Vizcaya Argentaria SA, Spain?s second-biggest lender, spent 1.66 billion euros on its real estate fund to avoid selling assets after investors withdrew their money, a spokesman for the bank said, confirming a story published by Expansion newspaper on Feb. 14. BBVA now owns 95 percent of the fund after the number of investors dropped to 3,000 from 46,800, he added.
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Mvh, /Leif
Trump Entertainment, Affiliates File for Bankruptcy
Feb. 17 (Bloomberg) -- Trump Entertainment Resorts Inc., the casino company founded by Donald Trump, filed for bankruptcy after annual gambling revenue in Atlantic City, New Jersey, plunged the most on record.
The petition for Chapter 11 bankruptcy, filed four years after its predecessor company failed, listed less than $50 million in assets and less than $500 million in debt, according to a petition filed today in U.S. Bankruptcy Court in Camden, New Jersey.
Nine affiliates including Trump Plaza Associates, Trump Marina Associates and Trump Taj Mahal Associates also sought protection. An exhibit attached to the petition said the companies had consolidated assets of $2.1 billion and debt of $1.7 billion as of Dec. 31.
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Mvh, /Leif
General Growth Seeks Chapter 11 Bankruptcy Protection
April 16 (Bloomberg) -- General Growth Properties Inc., the second-largest U.S. shopping-mall owner, filed for bankruptcy after failing to refinance its debt.
General Growth, which owns more than 200 shopping malls throughout the U.S., sought Chapter 11 protection in U.S. Bankruptcy Court in New York. The company listed $29.5 billion in total assets and debts of about $27.3 billion, making it one of the largest bankruptcies in U.S. history.
General Growth, which has said repeatedly it may have to file for bankruptcy, said on March 30 that a deadline for bondholders to agree to new terms for $2.25 billion in debt expired without the minimum number of holders accepting the agreement. The Chicago-based company said on March 30 it?s continuing to talk with creditors.
The bankruptcy filing lists Eurohypo AG, a unit of Commerzbank AG, as General Growth?s largest unsecured creditor, with claims totaling $2.6 billion under two loans. The filing said noteholders are owed about $4 billion in total.
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Mvh, /Leif
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#0 Vakansgraden stiger nog sakta i takt med att lågkonjunkturen slår igenom ännu mer. Dock svårt att säga hur räntesänkningarna motverkar eftersom det bara är kostnaden för kortfristiga lån som påverkas. Dessutom kommer stödpaket och arbetslöshet att öka budgetunderskotten ytterligare, vilket borde påverka räntorna. Antingen därför att ökad efterfrågan på kapital driver upp priset på kapital. Eller därför att man delvis löser problemet via sedelpressarna, vilket också tenderar att driva upp räntorna.