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13 Must Reads for Real Estate Investors (Sept. 11, 2023)

Banks are likely to remain conservative when it comes to lending on commercial real estate, according to Bisnow. Land & Buildings is once again seeking board changes at Ventas, reports The Wall Street Journal. These are among the must reads from around the real estate investment world to start the new week.

  1. Banks Likely To 'Keep Retreating' From CRE Lending 6 Months After Silicon Valley Bank Failure “Commercial and multifamily mortgage loan originations were 53% lower in the second quarter, just after SVB’s closure, compared to a year ago, the Mortgage Bankers Association reports. Depository institutions like banks dropped 69% in that one-year period, according to MBA data.” (Bisnow)
  2. Suburban Office Markets Enter Post-COVID Endgame “In fact, suburban offices nationally face a stark choice: Become part of a dense, multiuse cluster attracting high-end shoppers and workers, or get torn down to make way for warehouses and alternative uses.” (Commercial Observer)
  3. Land & Buildings Seeks Board Changes at Ventas—Again “Litt’s Land & Buildings Investment Management says the changes are needed to help reverse underperformance at the real-estate investment trust, according to a letter it plans to send the company’s shareholders that was viewed by The Wall Street Journal. (The Wall Street Journal)
  4. Seized Signature Bank Loans Set Up $51 Billion Market Test “The portfolio listing is expected to provide a sense of interest in property debt during a time of higher interest rates and economic uncertainty. A purchase could result in one of the largest commercial real estate loan sales completed by the FDIC going back to the Great Recession of 2007-09, according to data from the banking agency.” (CoStar)
  5. CalSTRS makes $1.4bn real estate investments in first half of 2023 “Real estate investments CalSTRS made during the first half the the year, included placing $797m into the Pacific Cal Debt II joint venture with PCCP, and investing $200m into LDP Cal I, a controlled multifamily venture controlled by CalSTRS and managed Jair Lynch Real Estate Partners.” (IPE Real Assets)
  6. Even the least expensive areas of California are becoming less affordable, and more desirable “It’s long been a fact of life that California’s coastal cities are among the most expensive places to live in the country. But new data show that even inland areas — far from the shores — such as Modesto, Bakersfield and Stockton are significantly less affordable compared with the national average.” (Los Angeles Times)
  7. Trump overstated net worth by up to $3.6 billion each year, NY attorney general alleges in new filing “Filed in September 2022, the suit alleges that the former president, his adult sons and his businesses defrauded banks and insurance companies for years in an effort to obtain better loan terms and manipulate taxes for the Trump Organization. The prosecutor is seeking $250 million in damages.” (CNBC)
  8. IRS, With AI Help, Readies Audits of Large Hedge Funds, Real Estate Firms “In addition to large partnerships, the IRS plans to pursue cryptocurrency owners and construction contractors making payments to shell companies. It also seeks to increase collections efforts on 1,600 high-income people with tax debts. A similar earlier campaign led to $38 million in revenue.” (The Wall Street Journal)
  9. Once Sizable Gap Between Suburban, Urban Multifamily Rent Growth Is Smaller Than You Think “When it comes to apartment rent growth, the difference in demand for suburban and downtown living is shrinking.” (CoStar)
  10. Why multifamily developers are having a brutal year in LA “It could be one of the firm’s last Los Angeles builds: After spending their entire 14-year career developing dozens of apartment projects in L.A., Tepler and his partner, Paul Schon, are — at least for now — no longer looking for new projects in L.A. at all.” (The Real Deal)
  11. Brookfield Mulls $2.5 Billion Sale of Atlantis in Bahamas “Brookfield Asset Management Ltd. is exploring the sale of Atlantis Paradise Island Bahamas, and could fetch roughly $2.5 billion for the luxury resort, according to people with knowledge of the matter.” (Bloomberg)
  12. A YIMBY dream or urban sprawl 2.0? Housing activists divided over proposed Solano County city “While YIMBYs are typically focused on making it easier and faster to add housing in dense cities and their nearby suburbs — places with plenty of jobs and good public transportation — the city proposed by California Forever would be built on isolated land currently occupied by cows and sheep, wheat and barley.” (San Francisco Chronicle)
  13. The Growing Real Estate Insurance Crisis Has Its Day In The Senate “The accelerating pace of climate change has increased the frequency of natural disasters across the country, not only driving up insurance premiums but making it more difficult overall to find coverage, according to testimony at a Senate Banking, Housing and Urban Affairs Committee hearing on Thursday.” (Bisnow)
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