News
THE LENDEES WIN! THEEEE LENDEES WIN!
November 5, 2009
| The Yankees will take home about $350k each, but no doubt they'd rather have liquidity and more lenders, two things Ackman-Ziff's Shawn Rosenthal has seen the past three months, including aggressive commercial banks. As an intermediary, Shawn's working with pension funds, foreign and commercial banks, and REITs. |
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| Shawn (center) with Joel Breitkopf of Alchemy Properties, Guardian Life Insurance's Robert O'Rourke, M&T Bank's Gino Martocci, and The Carlton Group's Joseph Korbar yesterday at B'nai B'rith Real Estate Unit's luncheon at the Cornell Club. Robert says Guardian is investing in the $10-$50M range, and usually places $1B a year, but has been having trouble finding enough deals with great sponsorship and strong fundamentals. Gino says M&T's parameters have dropped to a 65-75% LTV, and they've been highly selective. |
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| The panelists with B’nai B’rith Real Estate Unit’s executive committee. There’s still a tremendous amount of distress in the market, but volume is picking up and the bid-ask gap is narrowing, Joseph adds. Banks he’s working with are finally beginning to unload assets, and he notes that The Carlton Group is going out with $1B of loan sales in November and more coming in December and January. Robert notes that the next 18 months will be some of the best loans he ever makes. Until reform occurs and we see a change in CMBS formulations, we will see lending opportunities go back to sustainable levels. |
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| First American Title's Jeffrey Mitzner, Akin Gump's Jordan Metzger, First American's Stephen Farber, and Herrick, Feinstein's Yariv Ben-Ari. We always love some optimism—Jeffrey and Jordan report that there's a light at the end of the tunnel, and it's not the train. Yariv is the proud new owner of a Cavalier King Charles spaniel puppy named Lily, and gave us a hot stock tip—he'll be investing in the company that makes wee-wee pads for a while. |
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| Main Street Title & Settlement Services' Barbara Rosenberg, Margolin, Winer & Evens' Cheryl Boccio, Sandra Schulte, and Margolin's Ashwini Edmonds. Sandra hosts an educational television show called “Speak Up,” which airs on Time Warner Channel 34 at 8 am on Sundays. Its topics include real estate (Daniel Rose was once a guest), and she's always looking for dynamic, intelligent, and interesting speakers. If you're interested in appearing, you can e-mail her. |
