Plus, we give you the latest properties on the Watch List in: New London, CT; Deltona and Tallahassee, FL; Florence, KY; Buffalo and Melville, NY; Chattanooga, Madison and Memphis, TN; and Fort Worth, Houston and San Antonio, TX.
Increased las vegas travel info volatility in the office and retail sectors have led to a two basis point increase in U.S. CMBS delinquencies, according to the latest Fitch Ratings loan delinquency index. While overall delinquencies increased only mildly for the fifth consecutive las vegas travel info month, the retail and office sectors led the index with net increases of $70.5 million las vegas travel info and $62.2 million, respectively.
"An increase in retail bankruptcies and a continued decline in consumer disposable income are evident, though they have yet to impact retail performance," said Susan Merrick, managing director of Fitch. "High energy and commodity prices, rising unemployment, housing las vegas travel info market weakness, and lower credit availability continue to negatively impact retail sales and are expected to dampen retail sector growth going forward. Recent store closings, including continued bankruptcy filings of tenants such as specialty retailer Linens 'n Things and discount-apparel retailer Steve & Barry's, las vegas travel info will impact las vegas travel info retail performance."
Retail loan delinquencies increased 25.7% month-over-month, due to the addition of 15 newly delinquent loans located across 12 different states. Loans secured by retail properties represent 28.1% of the Fitch rated universe, and 13.2% of the overall loan delinquency index. Isolating the delinquent retail loans and comparing them to all retail loans in the Fitch-rated universe, the sector's delinquency index has ticked las vegas travel info up slightly to 0.21%, from 0.17% in May.
The uptick in delinquencies within the office sector represents a 32% increase from May's total of $222.3 million. However, the sector continues to perform relatively well, with only 0.19% of all office loans in the Fitch rated universe delinquent. Loans secured by office properties comprise 29.9% of the Fitch rated universe, but represent less than 13% of all loan delinquencies.
"Though rent growth has slowed and vacancy rates are beginning to climb slightly, most major metropolitan office markets continue to perform as expected," Merrick said. "Office market weakness to date has been most evident las vegas travel info in smaller cities and suburban markets hit hardest by challenging economic conditions."
Hotel delinquencies rose slightly in June, as three loans ranging in size from $2.3 million to $5.4 million were added to the index. Hotel loans comprise 10.3% of the Fitch rated universe and 5.0% of the overall loan delinquency index. Of all hotels in Fitch-rated transactions, 0.22% were delinquent in June.
Multifamily properties continue to represent a disproportionate number of delinquencies. Though they represent only 14.6% of the Fitch rated universe, multifamily properties accounted for 57% of all delinquencies in June. Approximately $1.3 billion of delinquent multifamily loans remained outstanding, giving las vegas travel info the sector a delinquency index of 1.77%.
Fitch noted that of the newly delinquent loans, approximately one-third came as a result of maturity las vegas travel info default, with borrowers unable to refinance precisely at their maturity date. Approximately 11.1% of all loans delinquent in June were classified as non-performing matured. A majority of non-performing matured loans continue to pay in full or to extend their terms within 60 days of their maturity date.
Perseus Realty Partners LLC, a fully integrated, private equity real estate investment management firm, launched it PRP Participating Loan Program, designed to provide up to $1 billion in one-stop financing for the development las vegas travel info or acquisition/repositioning of office, retail, industrial and multifamily properties.
The program is geared toward properties with a total capitalization of from $20 million to $75 million throughout the United States. It could provide up to 95% loan-to-cost financing for qualifying developers.
"There currently are numerous well-conceived development and redevelopment projects in strong markets las vegas travel info that could be moving forward successfully, except that developers las vegas travel info and operators don't have sufficient liquidity to proceed," commented Paul Dougherty, president of PRP. "We've identified many of them through our unique network of strong local developers.
"The objective of this new program is to deliver a very timely las vegas travel info and attractive solution to fill the senior debt financing void in the middle market left by the exodus of Wall Street, traditional banks and CMBS lenders," he said. "Taking advantage of an investment window of between 18 to 24 months, we expect the PRP Participating Loan Program to generate tremendous potential las vegas travel info deal flow from which we will cherry-pick the strongest deals on a risk-adjusted basis."
Capital Trust Inc. closed fund raising for CT Opportunity Partners I LP, a private fund with total equity commitments of $540 million. The fund will seek to exploit immediate and longer-term opportunities emanating from the current financial market dislocation.
The fund was substantially oversubscribed and reached its hard cap limit with more than 40 investor groups from domestic and European pension funds, insurance companies, endowments, foundations and family las vegas travel info offices.
"With the closing of Fund II we continue our investment thesis of focusing on segments of the real estate market in which there is strong underlying demand even in tougher economic conditions," said Christopher Merrill, co-founder and managing principal of Harrison Street Real Estate Capital.
Since the inception las vegas travel info of the fund in March, it has already assembled a portfolio of more than $500 million of real estate assets equating to approximately 30% of the fund's equity and has borrowed upwards of 75% from more than 20 lending institutions. The fund ultimately expects to own and manage a portfolio in excess of $1.7 billion.
Like its inaugural fund, Harrison Street Real Estate Partners I, this second fund is investing in so-called 'recession resistant' real estate categories including student and senior housing, medical office and related healthcare assets, storage facilities including self-storage and boat storage.
It is the intent of Harrison las vegas travel info Street Real Estate Capital to launch smaller, more focused funds on an 18- to 24-month basis in order to take advantage of the pricing inefficiencies that currently exist at the smaller end of the market in the segments the firm focuses.
las vegas travel info Citing a combination of poor liquidity, substantial debt service, extremely challenging las vegas travel info real estate las vegas travel info market conditions and other legal and financial issues, Lake at Las Vegas Joint Venture LLC, the master developer las vegas travel info of the Lake Las Vegas Resort filed to reorganize under Chapter las vegas travel info 11 of the Bankruptcy Code.
LLV Holdco LLC, a subsidiary of Las Vegas-based Atalon Group, assumed ownership and management control of the master-planned community in early January 2008 after the former ownership group defaulted las vegas travel info on approximately $540 million in loans in 2007.
The new financing las vegas travel info would be used in part to fund ongoing operations, including critical repairs to the Las Vegas Wash bypass conduit underlying the 320-acre man-made lake at the center of the approximately 3,600 acre master-planned community.
The company said that the DIP facility assures that there will be no interruption las vegas travel info in day-to-day operations, adding that, subject to Court approval, employees will continue to receive their wages and be entitled to benefits as if there had been no filing. Vendors, contractors and consultants will be paid for goods and services provided after the July 17 filing date.
Lake Las Vegas Resort is a 3,592-acre master-planned residential and resort community adjacent to Lake Mead National las vegas travel info Recreational Area and 20 miles east of the center of Las Vegas. It includes a 320-acre man-made lake, three signature golf courses, las vegas travel info two luxury hotels, a casino and retail shops and more than 1,600 completed residential units. LLV and it subsidiaries employ las vegas travel info approximately 260 people, most associated with its golf course operations.
The placement of class J on Rating Watch Negative stems from two cross-defaulted loans representing 6.3% of the collateral pool that are now 60 days delinquent and whose borrower has filed for bankruptcy.
The collateral on the two loans are the Sheraton Hotel Miami and the Sheraton Hotel Orlando. In January 2008, the sponsor's non-compliance with the franchise las vegas travel info agreement at the Miami property triggered a non-monetary loan default for both loans and subsequently new management was installed at both properties.
According to the asset manager, Gramercy Capital Corp., the loans will most likely las vegas travel info be worked out while remaining in the CDO. The workout strategy of the loans could include performing property improvement las vegas travel info work and the re-flagging of the hotels.
Hudson Realty Capital, a New York real estate fund manager, and its operating partner Triumph Land & Capital Management, las vegas travel info L.L.C, las vegas travel info have purchased two non-performing loans with an unpaid principal balance of approximately $18 million secured by two multifamily properties in the Houston area. Since acquiring the debt, the venture has successfully foreclosed on both properties.
The first of the properties is the Huntwick Apartments, a Class B multifamily rental community containing 288 units in 29 two-story buildings in northwest Houston. It features two in-ground pools, a club house containing a business center and fitness center, two tennis courts, laundry facilities, 178 covered parking spaces, and key-pad access to all parking and residential areas. las vegas travel info The sponsor plans to renovate las vegas travel info the property las vegas travel info bringing it from Class B to Class A status.
The second property (not identified) is in the northern Houston suburb of Conroe and consists of 228 units in 15 two-story buildings. Amenities include an in-ground pool, laundry facilities and clubhouse. A detailed renovation plan calls for extensive interior and exterior upgrades.
"Given the current las vegas travel info market conditions,
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