Ashford Hospitality Trust and Prudential Real Estate Investors have formed a joint venture to invest in mezzanine debt and equity interests in hotel properties nationwide. PREI, the Parsippany, N.J.-based real estate investment management affiliate of Prudential Financial, is putting $300 million into the venture, with Ashford, a Dallas-based real estate investment trust, putting in $100 million. The venture is interested in participations in first and second mortgages, stock-secured loans, guarantees, and preferred equity, Ashford said. The two partners will contribute capital required for each mezzanine investment on a 25% to 75% basis, with Ashford putting in 25%. "The displacement in today's credit markets has created a unique opportunity to fill in the gap for many hotel borrowers and lenders," said James P. Walker, a principal at PREI, adding that this partnership will allow them to "capitalize on the current market conditions." The REIT will manage the properties. Ashford's hotel lending efforts will be primarily sourced through the venture, according to the REIT.
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The lender recorded a $59 million net loss in the fourth quarter, an 83% improvement from its third quarter performance.
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Initial analyses of Home Mortgage Disclosure Act data show UWM ahead in 2023 loan numbers and dollar volume, but Rocket's market share still looks competitive.
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Last year, the Raleigh, N.C.-based Integrated called off a deal to sell itself to MVB Financial after bank stocks took a hit in the aftermath of the regional bank failures. Capital hopes to expand its government-guaranteed lending with the transaction.
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The pending end of the program comes as over half of U.S. states have already ceased accepting new applicants for federal aid aimed to help struggling households with mortgage payments.
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But the 30-year fixed rate mortgage is still near 7%, and that remains the overhang on the housing market, Freddie Mac said.
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Mortgage payments rose 10% year-over-year to an all-time high for March, Redfin said.
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