“European banks enthusiastically increased their U.S. commercial real estate lending during the boom,” said Ben Thypin, an analyst at RCA in New York. “Many of these banks are now being forced to dispose of non-core assets, and those loans would probably fall into that category.”
Read More: http://www.bloomberg.com/news/2010-08-25/snowmass-ski-resort-foreclosure-crystalizes-hypo-s-u-s-real-estate-woes.html
Ben Thypin, senior market analyst at Real Capital Analytics, said the 510 Madison acquisition is a big win for both Zuckerman and Macklowe, as it not only gives Zuckerman's Boston Properties a potential trophy property and saves what's left of Harry Macklowe's remaining business empire.
"Not only does Macklowe free up capital to stabilize or expand its portfolio, but they receive something on the back end of this deal as well," Thypin said.
Read More: http://therealdeal.com/newyork/articles/boston-properties-snaps-up-macklowe-s-510-madison-for-281m
Ben Thypin, senior market analyst at Real Capital Analytics, said lenders generally invoke lockbox provisions in troubled loan situations." adding that "They don't want the borrower taking money out of the property that might be needed to service the debt later."
Read More: http://www.crainsnewyork.com/article/20100816/REAL_ESTATE/100819873
“Despite the turbulence surrounding this property in recent years,” Ben Thypin, a senior analyst at Real Capital Analytics, said, “Stuyvesant Town remains an irreplaceable asset that many deep-pocketed players will be interested in.”
Read More: http://www.nytimes.com/2010/08/10/nyregion/10stuytown.html
Lagging visitor demand has curtailed investors’ interest in buying hotels outside major cities, said Ben Thypin, a senior market analyst at Real Capital Analytics Inc. in New York.
Lenders have almost $3.8 billion worth of foreclosed hotels on their balance sheets, according to Real Capital data. Of those hotels, 84 percent are in smaller markets, Thypin said.
“The overwhelming share of foreclosed hotels in secondary and tertiary markets is rooted in the weaker outlook for demand for lodging in those markets,” he said. “This leaves the properties to languish on balance sheets with few parties interested in purchasing them from the bank.”
....“Secondary and tertiary markets are much more linked to consumer spending and business travel, whereas primary ones get international, leisure and business travel,” said Thypin of Real Capital. “Vacationers don’t go to Columbus, Ohio, but they go to New York City.”
Read More: http://www.bloomberg.com/news/2010-08-06/small-town-demand-trailing-new-york-drags-on-rebound-in-u-s-hotel-market.html
Commercial property deals have increased in the first half of 2010 as investors look to take advantage of lower prices for office, apartment buildings and hotels. U.S. commercial property prices are down 39 percent from 2007 peaks, according to Moody's Investors Service, creating a potential investment opportunity in major markets such as New York and San Francisco, Bloomberg's Monica Bertran reports.
Watch Here: http://www.washingtonpost.com/wp-dyn/content/video/2010/08/06/VI2010080604491.html
“If Colony hands over the keys, that would indicate the firm doesn’t think Xanadu is most productive use of their resources despite the significant amount of capital they’ve already committed,” said Ben Thypin, an analyst at Real Capital Analytics Inc. in New York. “That shows it’s uncertain as to when Xanadu will produce income, much less become profitable.”
Read More: http://www.bloomberg.com/news/2010-08-05/barrack-s-colony-capital-may-lose-control-over-xanadu-mall-in-new-jersey.html
Ben Thypin joins his Real Capital Analytics colleagues Dr Sam Chandan and Andrew Florio in discussing the thawing of the distressed market with the New York Observer.
Read More: http://www.observer.com/2010/commercial-observer/distress-market-thaws
LNR Partners, the special servicer that holds the mortgage on the properties, has refused city requests to identify the buyer but has notified the city the buyer will take on responsibility for the entire $35 million owed, said Brendan Cheney, a City Council policy analyst.
Under those terms, it's unlikely the buyer would invest upward of $10 million to bring the properties up to code, said Ben Carlos Thypin, a senior market analyst for research and consulting firm Real Capital Analytics, after looking at profit projections that the city said were provided by LNR.
The company, which must approve any deal before it wins a judge's OK, would not confirm the city's account and declined to comment. Court approval could occur as early as Wednesday.
Across the country, multifamily mortgages covering 401,000 apartment units and worth an estimated $35.6 billion were delinquent or in foreclosure as of this week, Thypin said. More than one-quarter fell into that status this year.
Read More: http://www.post-journal.com/page/content.detail/id/114876.html?isap=1&nav=5027
Ben Thypin, senior market analyst at Real Capital Analytics, said the company cannot continue to go down the same road, and he expects iStar to push more deals like the sale of the corporate net-lease properties.
"I would expect them to do more asset sales to free up capital," said Thypin. "If they can sell some of those non-performing loans they can redeploy that capital into something more productive."
Read More: http://therealdeal.com/newyork/articles/istar-narrows-losses-but-still-struggles-with-portfolio
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.