C5 Advisors announced the closing of the first proprietary C5 Asset Recovery Company (“ARC5(TM)”) for an $800 million commercial bank client which had no options for public sector assistance. This particular bank client will realize significant benefits not available in the current market via the private or public sector and expects to close additional follow-up ARCs over the next 6 months. C5 is currently structuring ARCs for 12 other banks nationwide (ranging in size from $20-300+ million per ARC5(TM)).
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Voit Real Estate Services’ Asset Services division, the full-service distressed asset management arm of Voit, has negotiated the sale of senior debt positions between banks and investors collateralized by three properties in Southern California. The individual considerations for each of these transactions were for undisclosed amounts between $4 million and $8 million.
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SINGLE LARGEST ONE-MONTH DECLINE – Index Stands 25.3% below April 2008 Levels; 29.5% below peak of October 2007
The Moody’s/REAL National All Property Type Aggregate Index from Real Estate Analytics, LLC, (REAL), measures 135.31 for April 2009, a decrease of 8.6% from the previous month and single largest one-month decline. The Index, which has captured price data through the end of April 2009, is now 25.3% lower than it was a year ago and 29.5% below the peak measured in October 2007. The index also indicated a 27.4% drop in prices over the past two years.
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Moody’s Investors Service has concluded its review of the ratings of six government-related issuers (GRI’s) in Dubai and has taken multiple rating actions resulting in confirmations of four companies, and downgrades on two companies. The outlook on all ratings is negative.
STOCKHOLM (Standard & Poor’s) March 17, 2009–Standard & Poor’s Ratings Services said today that it had lowered its long-term corporate credit rating on Dubai-based property developer Emaar Properties PJSC to ‘BBB+’ from ‘A-’. The outlook is negative.
As many as 29 percent of New Jersey homes, an estimated 722,000 residential properties, are over-assessed beyond the state’s 15 percent buffer, according to a study released today by analytics expert Adam Berkson.
These are findings from YouGov’s second ‘Reality Check – UAE’, a monthly research report, designed to help companies prepare for survival in a downturn. The research tracks how UAE consumers are reacting to the global credit crunch and gives industry specific recommendations. 779 UAE residents responded to the survey between 20th-29th January 2009.
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Standard & Poor’s Rating Services said today that it had revised its outlook on Dubai-based property developer Emaar Properties PJSC (Emaar) to negative from stable.
“The outlook revision reflects a rapid weakening of the real estate markets in Dubai, and our uncertainties about the depth of the downturn and the pace of eventual recovery. A prolonged downturn could negatively impact our view of Emaar’s business risk, and it could also lead to deterioration in Emaar’s currently healthy financial position,” said Standard & Poor’s credit analyst Alf Stenqvist.
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The International Real Estate Federation, FIABCI, is announcing a relationship with LUXURY FILM, a premier video production, consulting and animation company which services the luxury real estate market on a global basis. The company is comprised of an exclusive network of experts and international professionals who provide a full spectrum of creative services for video production. “The selection of LUXURY FILM as ‘Preferred Video Supplier’ will strengthen FIABCI as the world’s leader within the real estate market by providing and enhancing communication tools for our global members,” explained Luis Correa-Bahamon, FIABCI World President. “This relationship is just one example of how we are continually striving to support our global membership so they can actively, or should I say virtually, participate in state-of-the-art technology and communication vehicles,” he continued.
Carlton Group (“Carlton”) Chairman Howard L. Michaels announced that Carlton has been appointed exclusive sealed bid advisor by two large financial institutions to sell over $300 million of loans secured predominantly by prime development land and properties that are currently in various stages of development. The institutions are both seeking bids by December 3, 2008. Bidder registrations and access to due diligence material are available by calling 866-800-5111.
