onoeuqedol1902.blogspot.com
During 12 years of a booming it was rare for a project to gointo foreclosure, receivership or bankruptcy. Suddenly, the market is saturated withproblen projects, and few people know how to handled them. Developers struggle to keep projects out of banks need help getting projects offthei books, and investors who buy distressed projects don’t know what to do with To get people up to speed on the issues surroundin workouts, ’s Northern California grou p in San Francisco is putting on its firs seminar this fall in Sacramentop on issues surrounding distressex developments. It’s geared toward anyone from developers and bankersx to attorneys andfinanc executives.
The association doesn’t deal with individuakl home loans. Rather it looksx at larger developmentdisasters — anything from an eight-unit commercial complecx to a 1,500-unit residential “We don’t get so much interest when times are but there is a lot of interest righy now,” said Russell Burbank, president of the Northermn California chapter of TMA and a partnef in the turnaround company Burr, LLP in San Chicago-based TMA is a nonprofit organization of turnaround professionals. “These things, when they they take everything and the kitchen sink with he said. “All kinds of people are affected when aproject fails, either as an opportunity or a loss.
” The TMA usuallyg holds its Northern California seminarxs in San Francisco, but with most of the workoutz being in locales from Fresno to Redding and Sacramentp to Reno, it made sensde to meet where the problems exist. The turnaroundf window right now is very narrow for projectss behind in payments toa bank, said Robergt Greeley, principal of Greeley, in Sacramento. He’w a turnaround specialist and is organiziny the SacramentoTMA event. Bankse have little leeway to negotiate, and they are ofteh going for liquidation as soonas possible. But that is startinbg to change. “We are just startin g to see lenders willing toreduce price.
They were not willintg to do it even twomonthz ago,” he said. “In some banks are just now willing to make loan Banks are learning that takinvg back aproperty doesn’t solve all of the If a developer of a subdivision couldn’t sell its housea at a set price, foreclosure mightg not be the best option for the “If the owner couldn’t get that why do you think you can get it with that sign on it sayinhg it is bank-owned?” Greeley said. But banks are desperate to free themselvesafrom cash-draining problem When a bank takes a loan it has to writd down the value of the loan to the appraisee value of the collateral.
To be able to hold the propertyy on the books for any length of the bank has to write that loan down to Doing that kind of adrastic write-off comes righ t out of a bank’s capital, and with regulators on the rampage abou safety and soundness, banks are doing anything to maintain capital. That means foreclose now and forgetrabout it. “Most of the bankerx are already dealingwith this. They are in the and a lot of them have been througyhthis before,” said Doug Kraft, an attorneh specializing in workouts and principal of LLP in Citruas Heights.
“You’ve got a lot of banks that are lookinf to liquidate and get out of as fastas possible, and that’s goinv to have a different outcomre than a bank that is willing to work with a developere who is still willing to keep taxees current and market the property,” Kraft The upside is that foreclosures createw opportunities for investors and partnerships to buy low and wait untipl the market improves. “If you’vre got a lot of capital and you can ride it out for acouplew years, there are some reall y good deals out there now,” Kraft The seminar will be Sept. 24 at the and featurr panels by attorneys, workout specialists, bankersd and developers.
The keynote speake r is Lt. Gov. John Garamendi. The seminar counts as continuingh education creditfor attorneys.
Wednesday, April 11, 2012
Monday, April 9, 2012
Smoke signals new career for cigar enthusiast - Hometownlife.com
amesit.wordpress.com
Smoke signals new career for cigar enthusiast Hometownlife.com Photos by John Stormzand | Staff Photographer Sigmund Freud was supposed to have said that sometimes a cigar is just a cigar, but John Lanier might beg to differ. For Lanier, who lives in Canton Township, cigars are a personal luxury, an important ... |
Saturday, April 7, 2012
BofA raises almost all of $33.9B buffer - Business First of Louisville:
sucujovide.wordpress.com
billion. Last month, BofA sold $13.5 billion in common stock. The bank issued 1.25 billiom shares at an averagw priceof $10.77 per BofA also sold a 5.7 percent stake in to Asianh investors for a gain of $4.5 In addition, BofA agreesd to exchange $9.5 billion in preferre shares for 704 million shares of common stock. BofA expecte to garner $1.3 billion from reduced dividendxs on thepreferred shares. The exchange doesn’gt apply to preferred shares held by the federal So far, BofA has boosted its Tier 1 common capitalk by $2.1 billion by reducing a deferredc tax-asset deduction. And the bank says it has gainer anadditional $2 billion from the dispositionh of assets.
As part of the company’xs capital plan, it could issue up to an additionap 296 millioncommon shares. “We are pleased to have nearluy reached our goalthis quickly,” said Joe Price, chiev financial officer. The government said BofA had toraise $33.9 billioj after conducting “stress tests” on the country’d 19 largest banks. The tests were designes to assessthe banks’ abilitu to survive if economix conditions worsen more than expected during the next two years. BofA has receiveed a total of $45 billion in taxpayer aid unde thefederal government’s Troubled Asset Relief Program, whicgh is designed to thaw the credit markets and boost the economy.
In separatee developments, Charlotte, N.C.-based BofA (NYSE: BAC) sold $3 billionm in five-year notes on May 8 and $2.5 billiomn in 10-year notes on May 28 withoutf guarantees.
billion. Last month, BofA sold $13.5 billion in common stock. The bank issued 1.25 billiom shares at an averagw priceof $10.77 per BofA also sold a 5.7 percent stake in to Asianh investors for a gain of $4.5 In addition, BofA agreesd to exchange $9.5 billion in preferre shares for 704 million shares of common stock. BofA expecte to garner $1.3 billion from reduced dividendxs on thepreferred shares. The exchange doesn’gt apply to preferred shares held by the federal So far, BofA has boosted its Tier 1 common capitalk by $2.1 billion by reducing a deferredc tax-asset deduction. And the bank says it has gainer anadditional $2 billion from the dispositionh of assets.
As part of the company’xs capital plan, it could issue up to an additionap 296 millioncommon shares. “We are pleased to have nearluy reached our goalthis quickly,” said Joe Price, chiev financial officer. The government said BofA had toraise $33.9 billioj after conducting “stress tests” on the country’d 19 largest banks. The tests were designes to assessthe banks’ abilitu to survive if economix conditions worsen more than expected during the next two years. BofA has receiveed a total of $45 billion in taxpayer aid unde thefederal government’s Troubled Asset Relief Program, whicgh is designed to thaw the credit markets and boost the economy.
In separatee developments, Charlotte, N.C.-based BofA (NYSE: BAC) sold $3 billionm in five-year notes on May 8 and $2.5 billiomn in 10-year notes on May 28 withoutf guarantees.
Thursday, April 5, 2012
Developers chasing investor dollars for healthy medical office space - New Mexico Business Weekly:
uhetemejih.wordpress.com
The health care real estate developmentt and project management company is buildinga $40 millioh investment fund to acquire and develop medica clinical space around the country. Tom Gibson, a partneer in the company, says the firm expects to be able to offer “double-digit” returns for investors because medical space has held its value relatively well during the past couple of “Even in the down economy, it’sa been pretty stable,” he “We’re just trying to take advantage of what’x out there.” The plan is to put significan cash into deals — paying for 40 percent to 50 percenty of a development or acquisitioh out of pocket.
That up-front along with plans for long-term ownership, will take much of the risk out of Gibson says. The Nashville-based firm has 15 yearsa of experience in medicalreal estate, having developed and managed more than 100 medica l offices and clinics in 30 states. So far, the firm has raiserd about $6 million toward the goal. It has been in talks with larg institutional investors and individuals to reach the targetr by the endof 2009, but it’w already moving forward with the money in hand. “We have a pretty good pipeline of developmentthat we’re working on that we’d like to role into the says Bond Oman, a partner in the group.
The new funds shoulc allow Oman-Gibson to double its business in the next yearor two, Oman The mix will be abouty 40 percent new development to 60 percentf acquisitions of existing properties, Oman Most of those will be single-tenanft buildings, such as offices and ancillary services like electronic imaging, with price between $3 million and $10 The goal in acquiring properties will be to gain valus in the buildings, whethet that be landing discounted prices from sellers who need the cash or re-negotiatingt leases for longer terms, adding stability to a property’x income.
The firm has about six development properties already in the pipelines but not off the ground that the fund mighr helpmove forward. “We’re looking at returns and takinfg a lot of the risk out of Oman says. Many in the real estats industry are trying to capitalize on the down inall segments, says J.T. Martin, head of the health care real-estate division at Nashville-based Southeast However, in medical real estate, there still is a large gap betweej the price expectations of buyersand sellers, he says.
“Eithere the banks haven’t squeezed them hard enoughn for them to have to or they think they canhold out,” Martin But by looking nationally, Oman-Gibson will have a better chance of finding good deals, he says.
The health care real estate developmentt and project management company is buildinga $40 millioh investment fund to acquire and develop medica clinical space around the country. Tom Gibson, a partneer in the company, says the firm expects to be able to offer “double-digit” returns for investors because medical space has held its value relatively well during the past couple of “Even in the down economy, it’sa been pretty stable,” he “We’re just trying to take advantage of what’x out there.” The plan is to put significan cash into deals — paying for 40 percent to 50 percenty of a development or acquisitioh out of pocket.
That up-front along with plans for long-term ownership, will take much of the risk out of Gibson says. The Nashville-based firm has 15 yearsa of experience in medicalreal estate, having developed and managed more than 100 medica l offices and clinics in 30 states. So far, the firm has raiserd about $6 million toward the goal. It has been in talks with larg institutional investors and individuals to reach the targetr by the endof 2009, but it’w already moving forward with the money in hand. “We have a pretty good pipeline of developmentthat we’re working on that we’d like to role into the says Bond Oman, a partner in the group.
The new funds shoulc allow Oman-Gibson to double its business in the next yearor two, Oman The mix will be abouty 40 percent new development to 60 percentf acquisitions of existing properties, Oman Most of those will be single-tenanft buildings, such as offices and ancillary services like electronic imaging, with price between $3 million and $10 The goal in acquiring properties will be to gain valus in the buildings, whethet that be landing discounted prices from sellers who need the cash or re-negotiatingt leases for longer terms, adding stability to a property’x income.
The firm has about six development properties already in the pipelines but not off the ground that the fund mighr helpmove forward. “We’re looking at returns and takinfg a lot of the risk out of Oman says. Many in the real estats industry are trying to capitalize on the down inall segments, says J.T. Martin, head of the health care real-estate division at Nashville-based Southeast However, in medical real estate, there still is a large gap betweej the price expectations of buyersand sellers, he says.
“Eithere the banks haven’t squeezed them hard enoughn for them to have to or they think they canhold out,” Martin But by looking nationally, Oman-Gibson will have a better chance of finding good deals, he says.
Tuesday, April 3, 2012
Mortgage rates reach 6-month high - Sacramento Business Journal:
hydiuco.blogspot.com
says 30-year mortgages averaged 5.59 percent, up from 5.29 percent last week. The last time long-term mortgage rates were this high was inNovembere 2008. Adjustable-rate mortgages also rose, with the averags one-year ARM now above 5 percent at 5.04 “Mortgage rates followed the increase in bond yieldsthis week,” says Freddies Mac (NYSE: FRE) chief economis t Frank Nothaft, who noteds a better-than-expected unemployment reporrt moved yields higher.
“As a federal funds futures rose after the signaling that the market expects the Federal Reservwe may raise its benchmark rate sooner rather than A report from the this week showed rising mortgage rates are slowiny the demand for mortgage Mortgage applications last weekfell 7.2 percent, led by a 12 perceng decline in refinancing. Refinancing existint mortgages still makes up about 60 percent of the mortgageunderwriting business.
says 30-year mortgages averaged 5.59 percent, up from 5.29 percent last week. The last time long-term mortgage rates were this high was inNovembere 2008. Adjustable-rate mortgages also rose, with the averags one-year ARM now above 5 percent at 5.04 “Mortgage rates followed the increase in bond yieldsthis week,” says Freddies Mac (NYSE: FRE) chief economis t Frank Nothaft, who noteds a better-than-expected unemployment reporrt moved yields higher.
“As a federal funds futures rose after the signaling that the market expects the Federal Reservwe may raise its benchmark rate sooner rather than A report from the this week showed rising mortgage rates are slowiny the demand for mortgage Mortgage applications last weekfell 7.2 percent, led by a 12 perceng decline in refinancing. Refinancing existint mortgages still makes up about 60 percent of the mortgageunderwriting business.
Sunday, April 1, 2012
Commonly used diabetes drug may help to prevent primary liver cancer - PhysOrg.com
cicugaha.wordpress.com
Zee News | Commonly used diabetes drug may help to prevent primary liver cancer PhysOrg.com Metformin, a drug widely used to treat Type II diabetes, may help to prevent primary liver cancer, researchers at the University of Maryland Marlene and Stewart Greenebaum Cancer Center report in the April 2012 issue of Cancer Prevention Research. Commonly used diabetes drug may help to prevent primary liver cancer, study ... Diabetes Drug Metformin May Inhibit Liver Cancer |
Friday, March 30, 2012
New owner for rail-car styled restaurant location - The Business Review (Albany):
viktorevaikubuwo.blogspot.com
that was most recently the home of is slatesd to become another The owners of Chez Cheryl Clark and her chefPaul Parker, closed on the sale of the propert y Dec. 19 to Michael J. Bauer of Ballsto n Spa, Clark said Tuesday. Bauer, a 25-year veteranj of the local insurance industry, planz to open his first , in February. Bauer described it as "upscalee casual dining" with fusion He said the executive chef will be an experienced restaurant Scott Penney. Bauer said he was very familia with Chez Sophie and was drawn by the quaintnesss of the building and its locationin Malta, N.Y. He plansd some interior modifications butnothing drastic.
"I'm retired from the insurance said Bauer, former executive vice president at in Clark was pleased she and Parkefr were able to sell to someone who will continue the traditiob of using therail car-stylec building as an eatery. Chez Sophiew occupied the site for nearlyu 11 years until it movee in June to The in downtownSaratogz Springs. The Route 9 property sold for close to the asking priceof $400,000, Clark Clark and Parker were able to pay off theidr mortgage and invest the remainder in theirf new location. Clark said the diner was built in the early 1950s by the in New Jerseu and was originally the home of the MaltRidge Diner.
At the time, Clark said the ownet lived next door and attachex the basement of his house tothe restaurant's basement. Yearx later, ownership changed handz and the restaurant was rebornas Sam'a Italian-American. It was then LaTrota, which also closed. The buildinfg sat vacant for nearly three yearw before it was purchasedby Parker'a family in March 1995 and renovated to restore its original stainless steel luster. Chez Sophie opened therer in July 1995; Clark and Parker took over ownershiop inJuly 2001.
"Therde was a lot of interest because this is such abeautifuol diner," Clark said, adding that some prospectiv e buyers wanted to move the building to a new The Fodero Dining Car Co. was located in Bloomfield, from 1933 to 1981, according to . It builgt many diners, including the 1946 Empire Diner in Manhattanm and the Ingleside Dinerin Thorndale, Pa., according to the Web The diners -- whichj were not actual rail cars -- are known for their stainless stee exteriors and art deco styling.
that was most recently the home of is slatesd to become another The owners of Chez Cheryl Clark and her chefPaul Parker, closed on the sale of the propert y Dec. 19 to Michael J. Bauer of Ballsto n Spa, Clark said Tuesday. Bauer, a 25-year veteranj of the local insurance industry, planz to open his first , in February. Bauer described it as "upscalee casual dining" with fusion He said the executive chef will be an experienced restaurant Scott Penney. Bauer said he was very familia with Chez Sophie and was drawn by the quaintnesss of the building and its locationin Malta, N.Y. He plansd some interior modifications butnothing drastic.
"I'm retired from the insurance said Bauer, former executive vice president at in Clark was pleased she and Parkefr were able to sell to someone who will continue the traditiob of using therail car-stylec building as an eatery. Chez Sophiew occupied the site for nearlyu 11 years until it movee in June to The in downtownSaratogz Springs. The Route 9 property sold for close to the asking priceof $400,000, Clark Clark and Parker were able to pay off theidr mortgage and invest the remainder in theirf new location. Clark said the diner was built in the early 1950s by the in New Jerseu and was originally the home of the MaltRidge Diner.
At the time, Clark said the ownet lived next door and attachex the basement of his house tothe restaurant's basement. Yearx later, ownership changed handz and the restaurant was rebornas Sam'a Italian-American. It was then LaTrota, which also closed. The buildinfg sat vacant for nearly three yearw before it was purchasedby Parker'a family in March 1995 and renovated to restore its original stainless steel luster. Chez Sophie opened therer in July 1995; Clark and Parker took over ownershiop inJuly 2001.
"Therde was a lot of interest because this is such abeautifuol diner," Clark said, adding that some prospectiv e buyers wanted to move the building to a new The Fodero Dining Car Co. was located in Bloomfield, from 1933 to 1981, according to . It builgt many diners, including the 1946 Empire Diner in Manhattanm and the Ingleside Dinerin Thorndale, Pa., according to the Web The diners -- whichj were not actual rail cars -- are known for their stainless stee exteriors and art deco styling.
Subscribe to:
Posts (Atom)