The valuation for about two-thirds of Simon Property Group’s Crystal Mall in Waterford, Connecticut was slashed 87 percent to just $18.7 million, a sign of just how bad things are for many suburban shopping centers. About 518,000 square feet of the property backed a $95 million commercial mortgage-backed securities loan, according to Trepp. With the new appraisal, the loan-to-value ratio comes to an eye-popping 508 percent, meaning the mall’s debt is worth about five times
Homebuilder sentiment is once again trending upward thanks, in part, to a bump in traffic from prospective homebuyers. The National Association of Home Builders/Wells Fargo Housing Market Index increased to 84, seasonally adjusted, compared to January’s reading of 83. The slight increase comes after two month-over-month declines for the index. The NAHB index tracks homebuilder confidence in current and future single-family home sales and traffic of potential homebuyers on a monthly basis. Of the index’s
The post Homebuilder confidence picks up after 2 months of decline appeared first on The Real Deal New York.
Acore Capital raised $1 billion to provide rescue capital to struggling hotels. The lender said it will originate and acquire senior loans, mezzanine debt and preferred equity to North American hotel owners, according to Bloomberg News. The company is seeking to provide the financing to hoteliers who can no longer extend their existing debt with their lenders. In many cases, it will provide mezzanine loans or preferred equity, which generally carry a higher interest rate
The post Acore Capital raises $1B to provide rescue cash to hotels appeared first on The Real Deal New York.