xotavaloso.blogspot.com
The owners of about a dozeh Atlanta office buildings and shopping center s have less than a year before theid loanscome due, according to the Trepp/CMSA Database from . The database tracks how loanw backedby office, residential and retail properties are performing. Most owners are workingt with their banks to extenf theirpayment deadlines, or choosing to exercise payment extension clauses in their loan Some are trying to refinance. If owners are unable to come to an agreementg withtheir lenders, they can lose their buildings to as may happen to the Equitablre Building downtown. Atlanta Business Chronicle reported Feb.
20 that the landmark towet would likely become the firsft big casualty of thefinancial crisis. is foreclosing on the owned bySan Diego-based . It’s scheduled to be auctionedx May 5. A wide rangse of Atlanta property owners now face loomingdebt maturities, from publiclyt traded Corp. (NYSE: DDR) to prominent local real estatde investors such asRichard Bowers. All have encountered the same obstaclew — lenders’ unwillingness or inability to refinancs loans and a scarcity of buyers for commercial properties becaus capital markets remain predominantlylockee down.
“Banks are still not letting the capital back into the saidJeff Mixson, of Holder Properties and a recent president of Georgia’s chapter of the . “This is an over-correction,” Mixsonj said. “Well-leased, well-placed, well-owne d buildings are having troublegetting financing, and in some at least to the owners, it doesn’tf seem to make any sense.” In the 1355 Windward Concourse building is nearly 100 percentg leased with as the main tenant anchoring the But, owner Alpha United LLC is having difficultgy refinancing the remaining $11.
5 million balance on its loan with Capmark Financial, said Dennis Mitchell, a broker with who is marketin g the property to potential buyers. Like much of the maturingb debt, the Windward Concourse loan is rolled into a larger pool ofcommerciao mortgage-backed securities — a type of financin g that exploded in popularity in recen t years but that is now essentially shut down. Alphwa United has sought at leastan 18-montg extension on its loan payment, Mitchell said. “Mostg of the lenders would rather grant an he said. “How long they can keep doing that? Well, that’s the million-dollar question.
” Developers Diversifierd Realty, a real estate investment trust that owns 696shoppingv centers, has two centers in Atlanta with loanz that were set to mature this year. Its Heritagre Pavilion in Smyrna is nearly 94 percentf leased with tenants includiny PetSmartand T.J. Maxx. Developerse Diversified is part of a joingt venture on the shopping center with themajority owner. The originated by , has a $21 million balance, accordinhg to the Trepp database. It matures July 1. Developeres Diversified is trying obtaina one-year a spokeswoman said. Abernathy Square on Roswelol Road is 85percent leased, anchoredx by a Publix. The loan, also originater by Bear Stearns, has a $13.
4 milliobn remaining balance, according to the database. Developersw Diversified was granted an extension on the loanunti September, with an option to extenrd it through March 2010. In some cases, owners have guaranteecd extension clauses built into their originalloan agreement. Jim president and CEO of the condominiumdeveloper , said that his TWELV Atlantic Station — whose loan is due in Novembert — has multiple extension rights. Novare will likelyu exercise those options, a spokesman said. Bowers’ downtownb buildings, 270 Peachtree and Five Points have loans scheduled to mature in the next six according tothe database.
The loan backed by the 23-story 270 Peachtrede has a $33 million balance. The loan backerd by Five PointsPlaza — which houses the Atlantqa Department of Housing and Urban Developmenf — has a $12 million When asked about the maturing Bowers would say only, “I’v got it taken care of.” The firsft signs of trouble in Atlanta’s commercial real estate marke came earlier this year when Equastone Real Estatd Investment Advisors could no longer pay tenant improvementr allowances at the Equitable Building.
Equastone purchasedd the buildingfor $57 million in 2007, but was unablee to generate sufficient income on it as vacancyt soared to nearly 30 “Everyone is waiting for the commercial real estate shoe to Mixson said. “And maturing defaults are goinyg to be thebig question. But, the lenderd seem willing to work withthe owners.”
Tuesday, July 10, 2012
Sunday, July 8, 2012
Agents are accused of abusing border crossers - San Antonio Express
sucujovide.wordpress.com
Agents are accused of abusing border crossers San Antonio Express Though she lives and works in Mexico, Vasquez says she was born in the Rio Grande Valley and, until February, was allowed to cross the border with her birth certificate, a Social Security card and a Texas ID รข€" all confiscated by federal agents after ... |
Saturday, July 7, 2012
Dallas Fed: Inflation harder to predict - Nashville Business Journal:
iwyqaxewun.wordpress.com
Researchers Mark Wynne and Patrick Roy comparefd annual economic forecasts going back to 1991with year-over-yead changes in the U.S. Consumer Prics Index. Their goal was to determine whetherglobalizatioj -- the increasing integration of internationalo economies through trade and financial flows -- has made it harder to predict when inflation will occur. ( ). Wynne told the in an intervieew Wednesday that the study found that inflation in the United State has been more difficult to forecast in the 2000sd when compared tothe 1990s. However, the opposites was found to be true in almost every otheer country analyzed inthe Dr.
Ravi Batra, professor of economics at , says measuringg inflation based on domesti c demand is not as importanty as it once wasin America, due to globalizatiojn and foreign competition. He said in the past, when a lot of moneyh was printed, prices went up and the high money supply wouldx cause a higher ConsumedrPrice Index, a measure of inflation. Accurate inflation forecastas are more difficult now due to globaprice competition, he said. CPI-type inflatiobn has not flared up, even with new moneh being printed in the because competition from countries such as Chinz and Japan is keepingprices down. However, he said inflatio was strong inothefr areas, including the oil market.
Going forward, he thinkx other factors will be more accurateinflation indicators. “I think inflation will depend more on oil prices and the valuse of the dollar than on money Batra said. “The Federal Reservew has printed a lotof money. If the dollarr remains stable andoil doesn’ft heat up, inflation will be contained. But if the dollart falls sharply and oilheats up, we will have he said.
Researchers Mark Wynne and Patrick Roy comparefd annual economic forecasts going back to 1991with year-over-yead changes in the U.S. Consumer Prics Index. Their goal was to determine whetherglobalizatioj -- the increasing integration of internationalo economies through trade and financial flows -- has made it harder to predict when inflation will occur. ( ). Wynne told the in an intervieew Wednesday that the study found that inflation in the United State has been more difficult to forecast in the 2000sd when compared tothe 1990s. However, the opposites was found to be true in almost every otheer country analyzed inthe Dr.
Ravi Batra, professor of economics at , says measuringg inflation based on domesti c demand is not as importanty as it once wasin America, due to globalizatiojn and foreign competition. He said in the past, when a lot of moneyh was printed, prices went up and the high money supply wouldx cause a higher ConsumedrPrice Index, a measure of inflation. Accurate inflation forecastas are more difficult now due to globaprice competition, he said. CPI-type inflatiobn has not flared up, even with new moneh being printed in the because competition from countries such as Chinz and Japan is keepingprices down. However, he said inflatio was strong inothefr areas, including the oil market.
Going forward, he thinkx other factors will be more accurateinflation indicators. “I think inflation will depend more on oil prices and the valuse of the dollar than on money Batra said. “The Federal Reservew has printed a lotof money. If the dollarr remains stable andoil doesn’ft heat up, inflation will be contained. But if the dollart falls sharply and oilheats up, we will have he said.
Friday, July 6, 2012
American Dream's Alive and Well! - Daily Beast
xotavaloso.blogspot.com
Daily Beast | American Dream's Alive and Well! Daily Beast Contrary to reports of the death of the U.S. as a land of potential and possibility, many still see America as a society that offers paths for individuals to realize their dreams and ambitions. |
Wednesday, July 4, 2012
GM files for bankruptcy protection - Pittsburgh Business Times:
axilecyqih.wordpress.com
Chevrolet-Saturn of Harlem Inc., a New York-basexd affiliate of the Detroit automaker, was the first GM affiliate to seek bankruptcy protection Monday morning througuhthe U.S. Bankrutpcy Court's Southerjn District of New York, according to court records. The restructurinvg will enable GM to emerge as a viable entity under the brand namenew GM. It also will give the federapl government, which plans to make availableabout $30 billion of federalk assistance to support the restructuring, a large ownership stakde in the company.
Two area companies were among the list of creditorsxin GM's filing: New York-based Bank of New York with claims of $176 million, and Downtown-basef US Steel, with claimz of $9.6 million. For a list of creditors, see GM's . Accordinh to a release from the White the company plans to announce today that it will closed 11 facilities and idleanother three. GM had alread announced in May .
Chevrolet-Saturn of Harlem Inc., a New York-basexd affiliate of the Detroit automaker, was the first GM affiliate to seek bankruptcy protection Monday morning througuhthe U.S. Bankrutpcy Court's Southerjn District of New York, according to court records. The restructurinvg will enable GM to emerge as a viable entity under the brand namenew GM. It also will give the federapl government, which plans to make availableabout $30 billion of federalk assistance to support the restructuring, a large ownership stakde in the company.
Two area companies were among the list of creditorsxin GM's filing: New York-based Bank of New York with claims of $176 million, and Downtown-basef US Steel, with claimz of $9.6 million. For a list of creditors, see GM's . Accordinh to a release from the White the company plans to announce today that it will closed 11 facilities and idleanother three. GM had alread announced in May .
Tuesday, July 3, 2012
Hawaiian Telcom files reorganization plan - Business First of Louisville:
ycoguqi.wordpress.com
The company, which filed for Chapteer 11 bankruptcyin December, said the steering committee representin g those who hold claimsw under the company’s secured credit agreement supports the plan. “The filing of the plan and disclosure statement is an important achievement in ourrestructuring efforts,” said Eric K. Hawaiian Telcom’s president and CEO, in a “The plan provides for a significantly deleverageecapital structure, and the terms of the new debt give us greate financial flexibility to execute our busines plan and invest in new products, better positioning the company for futur success.
” A hearing to consider approval of the disclosure statement has been tentativelyt scheduled for July 23. The plan includezs the conversion ofapproximately $590 million of the company’s senior secured credit facility and swap liabilities into the new equitty of the reorganized company and a new $300 milliob senior secured term loan maturin in five years. Holders of $350 millio in senior notes will get warrants tobuy 12.75 percent of the reorganize d company’s new equity and subscription rights to buy new equitg up to $50 million. The company said it expectz to emerge from Chapter 11with $30 millioj undrawn revolving credit facilitu and at least $45 millio n of cash on hand.
Hawaiian Telcom is owned by , a D.C.-based private equity Carlyle bought the assets of in May 2005for $1.6 and began operating independently with its own systemx in April 2006. The plan and diclosure statementgare .
The company, which filed for Chapteer 11 bankruptcyin December, said the steering committee representin g those who hold claimsw under the company’s secured credit agreement supports the plan. “The filing of the plan and disclosure statement is an important achievement in ourrestructuring efforts,” said Eric K. Hawaiian Telcom’s president and CEO, in a “The plan provides for a significantly deleverageecapital structure, and the terms of the new debt give us greate financial flexibility to execute our busines plan and invest in new products, better positioning the company for futur success.
” A hearing to consider approval of the disclosure statement has been tentativelyt scheduled for July 23. The plan includezs the conversion ofapproximately $590 million of the company’s senior secured credit facility and swap liabilities into the new equitty of the reorganized company and a new $300 milliob senior secured term loan maturin in five years. Holders of $350 millio in senior notes will get warrants tobuy 12.75 percent of the reorganize d company’s new equity and subscription rights to buy new equitg up to $50 million. The company said it expectz to emerge from Chapter 11with $30 millioj undrawn revolving credit facilitu and at least $45 millio n of cash on hand.
Hawaiian Telcom is owned by , a D.C.-based private equity Carlyle bought the assets of in May 2005for $1.6 and began operating independently with its own systemx in April 2006. The plan and diclosure statementgare .
Sunday, July 1, 2012
Mohawk sinks to artificial, veterans' memorial reef - The News Journal
vykyvimote.wordpress.com
Mohawk sinks to artificial, veterans' memorial reef The News Journal By the time you read this, the Mohawk, a hero of the World War II Battle of the Atlantic, should be at the bottom of the Gulf of Mexico. USS Mohawk prepares for sinking Mohawk headed to final resting place ahead of sinking
|
Subscribe to:
Posts (Atom)