Ben Thypin, senior market analyst at Real Capital Analytics, said it was unlikely that a major brokerage firm would put together a deal to rescue Grubb & Ellis, but said a niche firm or a firm not directly in the commercial real estate space might express interest in buying the firm.
Read More: http://therealdeal.com/newyork/articles/grubb-ellis-says-exclusive-colony-window-closes-but-daymark-realty-advisors-subsidiary-deal-still-on-table
Opportunities are out there, but investors have been a bit reluctant to make a play. Real Capital Analytics tracked $372 million in limited-service hotel sales in the first quarter, a 14 percent decline from a year earlier.
“Pricing hasn’t dropped enough to make some of these deals attractive,” said Ben Thypin, senior market analyst at Real Capital Analytics.
There are some lingering risks in the niche. Supply is mostly located in second-tier markets and demand is heavily reliant on the health of the business travel market, Thypin said.
Read More: http://www.washingtonpost.com/business/capitalbusiness/rlj-lodging-sets-sights-on-acquisitions/2011/05/24/AGduaGEH_story.html
Analysts said that the property is now only 70 percent leased. Listings on the CLK website show that leases are available at the complex starting at $26 a square foot up to $33.50 a square foot.
"The current owners don't want to fund the cost of tenant improvements to re-lease the space," said Ben Thypin, senior market analyst at Real Capital Analytics, a Manhattan-based research firm.
Read More: http://therealdeal.com/newyork/articles/lnr-files-to-foreclose-on-li-office-complex
Ben Thypin, senior market analyst at Real Capital Analytics, said the changes are just part of a trend launched before the financial crisis.
"If you're brokering a sale why should you not broker a loan?," Thypin said. "Presumably it would lead to a lower amount of fees overall."
Cushman and Wakefield announced plans earlier this month to partner with Walker & Dunlop to arrange multi-family financing.
Read More: http://therealdeal.com/newyork/articles/cw-financial-hires-ventras-holdings-ceo-others-to-grow-financial-services-line--2
If property values in weaker markets, such as Cincinnati or Indianapolis, don't improve before the loans come due, many borrowers will be forced to default. Community banks tend to have the biggest commercial property holdings as a percentage of overall assets, so mass defaults could cause scores of those lenders to fail.
"The problem that no one's really addressed is how many banks are in trouble." said Daniel Neidich, chief executive of Dune Real Estate Partners, which manages funds that target distressed and other underperforming properties. "Obviously, where a third of your assets are overvalued, what's that say about the bank?"
It's a race against time.
"There's no chance that property values will rise enough," said Ben Carlos Thypin, director of market analysis for Real Capital Analytics.
Read More: http://www.reuters.com/article/2011/05/13/us-usa-commercialproperty-idUSTRE74C6G120110513
Increasing availability of credit, including CMBS, is boosting demand in smaller markets. The amount of commercial and apartment-building mortgage origination volume surged 44 percent to $118.8 billion in 2010 from the previous year, according to an April 25 report by the Washington-based Mortgage Bankers Association.
Wall Street has sold $8.6 billion of bonds tied to property loans in 2011, compared with $11.5 billion in all of last year, according to data compiled by Bloomberg.
Helping Smaller Markets
“The return of the CMBS market certainly helps the secondary and tertiary markets,” Thypin said. “They can do larger loans too, which most local banks can’t do.”
Read More: http://www.bloomberg.com/news/2011-05-12/property-buyers-expand-their-view-as-rebound-spreads-from-denver-to-dallas.html
“The market is starting to heat up,” said Ben Thypin, an analyst at Real Capital Analytics, a commercial-property research company based in New York. “They want to be prepared for when it’s operating at full capacity.”...Lehman frequently partnered with UBS before the financial crisis, making its former employees a good fit for the Zurich- based bank, according to Thypin.
“They did a lot of loans and they did a lot of very large loans,” he said. “The most critical factor of the success of any CMBS operation is the amount of production.”
Read More: http://www.bloomberg.com/news/2011-05-11/ubs-said-to-hire-cohen-to-run-commercial-real-estate-finance.html?cmpid=msnmoney
“A hotel play is much safer than if he was planning a condo conversion,” Ben Thypin, director of market analysis for Real Capital Analytics, said of Mr. Hilfiger. “There’s a lot of development action around Madison Square.”
Read More: http://www.nytimes.com/2011/05/06/nyregion/hilfiger-plans-a-manhattan-hotel.html?_r=1
“The low additions to distress for the apartment sector in the first quarter are a reflection of how much progress has been made in the cycle,” says Ben Thypin, senior market analyst for RCA. “There are only so many apartment assets that can potentially fall into distress and barring a double-dip recession, the majority of the apartments to fall into distress during this cycle have already revealed themselves.”
Read More: http://multifamilyexecutive.com/distressed-assets/apartment-distress-falls-in-the-first-quarter.aspx
Ben Carlos Thypin
I am currently the co-founder of Quantierra, the world's first data driven real estate brokerage and investment manager. In my former life as Director of Market Analysis at Real Capital Analytics, I worked with press outlets large and small to provide them with great data and insightful commentary. Here are some of the results of this collaboration. For the rest, please check out the News Archive.