Stephen Blank

Stephen R. Blank joined ULI in December 1998 as Senior Fellow, Finance. His primary responsibilities include: expanding ULI’s real estate capital markets information and education programs; authoring real estate capital market commentary; participating as a principal researcher and adviser for the Emerging Trends in Real Estate series of publications; organizing and participating in real estate capital markets programs at ULI events worldwide; and participating in industry meetings, seminars, and conferences. Prior to joining ULI, Blank served from December 1993 to November 1998 as Managing Director, Real Estate Investment Banking of Oppenheimer & Co., Inc. His responsibilities included: structuring, underwriting, and executing corporate financings including initial public offerings of common and preferred shares, unsecured debentures, and convertible bonds; property acquisitions, dispositions, and financing; and financial advisory services including mergers and acquisitions, corporate restructurings, and recapitalizations.

The new generation of commercial mortgage–backed securities, referred to in industry parlance as “CMBS 2.0,” has seen its first defaults. According to Fitch Ratings, six conduit loans with a total balance of $54.1 million and three loans in agency transactions totaling $20.8 million went more than 60 days past due.
The Trepp survey for the week ended May 9 showed spreads unchanged and apparently unlikely to change without some type of financial or political event occurring. The implied ten-year commercial real estate mortgage rate remains at 4.00 percent for pristine, institutional properties.
The Real Estate Roundtable released its Q2 2014 Sentiment Survey, measuring senior executives’ “confidence in the real estate environment.” Topline findings include improving fundamentals, mixed views on future asset values, and abundant equity and debt capital.
The Trepp survey for the week ended April 25th showed rates basically unchanged during the past week. While competition is “fierce” but no one seems to “have gone stupid” yet.
The Trepp survey for the week ending April 18, 2014, showed rates unchanged over the past two weeks. Every indication is that market participants are “going about their business,” i.e., borrowers are borrowing and lenders are lending.
This past Wednesday, the hottest ticket in New York City was not on Broadway or for the baseball game. Rather, it was for the luncheon meeting of the Economics Club of New York, which had Janet Yellen, chair of the Federal Reserve Board, as its featured speaker
The Trepp survey for the period ending April 4, 2014, showed spreads basically unchanged, with the implied ten-year rate for properties with 50 percent to 59 percent loan-to-value ratios at 4.10 percent.
Maturing loans are back. Published reports from sources including conventional and securitized commercial mortgage lenders, commercial bankers, and investment bankers show that the real estate industry will continue to be challenged by the amount of loans maturing from 2014 to 2017.
The Trepp survey for the period ending March 14, 2014, showed spreads unchanged across all product categories, with the implied ten-year rate for properties with 50 percent to 59 percent loan-to-value ratios remaining in the 4.25 percent range.
Robert Lieber, executive managing director of C-III Capital Partners, reflects on service in the New York City mayor’s office and 23 years at Lehman Brothers.
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