01Jul
Central PA Business Journal reports that new homebuilding in Central Pennsylvania is defying the rest of the nation’s fallout, said Dave Thompson, president of the Homebuilders Association of Metropolitan Harrisburg.
The number of new house sales dropped 33 percent in May compared with April, the U.S. Commerce Department said Wednesday. Economists pointed fingers at the end of the federal first-time and second-time homebuyer tax credit program that stopped April 30 for the decline.
Click here to read the full article.
Tags: homebuilding, new construction
08Jun
A southern Lancaster County retirement community plans to break ground Friday on an expansion that will nearly triple its footprint and add independent-living options.
Quarryville Presbyterian Retirement Community is beginning Great Rock, a $42 million, 36-acre project that is likely to stretch over the coming decade, said President and CEO Robert Hayward.
Click here to read entire article.
21May
Business and civic leaders in the Harrisburg-Carlisle metropolitan area are delighted it was recently named the fifth most livable region in the nation, and all said the region must keep striving to enhance its attractiveness to businesses, residents and visitors.
Source: Central Penn Business Journal
Tags: Central PA, Harrisburg, quality of life
21May
CNNMoney.com reports another sign that the recovery in the U.S. economy is taking hold, employers added significantly more jobs to payrolls in April, according to a government report released Friday.
There was a gain of 290,000 jobs in the month, up from a revised 230,000 jobs added in March. It was the largest number of jobs added to the labor force since March 2006.
Click here to read full article.
The results were much better than expected. Economists surveyed by Briefing.com had forecast a gain of 187,000 jobs.
Tags: economy, Jobs
19May
Cedar Shopping Centers Inc. said on Tuesday it has entered a joint-venture agreement to purchase a shopping center in Berks County for $53 million.
The 361,000-square-foot Exeter Commons occupies 37 acres in Exeter Township. Construction was completed in 2009.
The agreement is a joint venture between Cedar and RioCan Real Estate Investment Trust, a Canadian firm. The deal, which is expected to close by Aug. 1, involves New York-based Cedar as the manager of the property.
Click here to read full article.
Tags: commercial real estate, Retail, retail shopping center
08May
NAI Global, the world’s premier managed network of commercial real estate firms and one of the largest real estate services providers worldwide, and Chesterfield Faring Ltd., a leading real estate restructuring group, today announced a joint venture to assist clients in need of financial restructurings.
Click here to read the full article:
Tags: commercial, Lending, nai global
29Apr
John Thiry provides the Lancaster, PA commercial listing brochure as a courtesy to his clients:
Lancaster PA commercial listings – 2010 Spring
Tags: commercial real estate
29Apr
CoStar reports that large scale commercial property foreclosure meltdown appears unlikely:
First Quarter Bank Results: Potential for CRE Armageddon Fading
Weakness, Trouble Remain but Healthy Lenders Could Carry CRE Markets to Better Days
By Mark Heschmeyer
April 28, 2010
Although first quarter results of U.S. bank holding companies across the country are unmistakably downbeat about the short-term outlook for commercial real estate in general, and their portfolios in particular, they also hint at a growing sense that the problems are working themselves out.
For starters, banks generally reported that troubled loan assets were systematically moving through their books. For example, older construction loans on commercial developments and owner-occupied properties were being shifted to term loans, giving borrowers a chance to work through slow cash flow periods.
Read the full article: First Quarter Bank Results: Potential for CRE Armageddon Fading – CoStar Group.
26Apr
Financing Terms for Borrowers Ease as Lenders Return
Apr 19, 2010 – CRE News
Lenders are returning to the commercial mortgage market, dropping their requirements for borrowers and their targets for returns along the way.
While trophy properties in major markets are seeing most of the increased lender interest, assets in secondary markets are also attracting stronger interest, according to mortgage intermediaries.
Traditional lenders, such as banks, life insurance companies and CMBS lenders, have increased by 5 percentage points the amount of leverage they’re willing to provide for properties to 60-70% for 10-year loans and by 10 percentage points to 65-70% for five-year loans, according to Cushman & Wakefield Sonnenblick Goldman.
read the full story
Tags: commercial real estate, lenders
26Apr
Fitch Sees Cumulative CMBS Defaults Hitting 11% This Year
Loopnet reports from – CRE News:
The cumulative default rate for CMBS conduit loans is projected by Fitch Ratings to climb to 11% by the end of the year from 6.59% at the end of last year.
Through the end of last year, $35.5B of loans in Fitch’s universe of $539B of fixed-rate CMBS loans had defaulted. Last year alone, $17.7B of loans were added to the rolls of defaulted mortgages, with $6B of that being added in the fourth quarter.
In contrast, $17.7B of loans had defaulted between the market’s inception in the early 1990s through 2008.
Fitch said that it expected another 4.4% of the universe it tracks to default by the end of this year, bringing cumulative defaults up to its projected 11% level.
click here to read the full story
Tags: commercial real estate, conduit loans
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