Federal Realty Investment Trust, Rockville, Md., has formed a joint venture with Clarion Lion Properties Fund to invest in up to $350 million in retail properties.The fund is looking for stabilized, supermarket-anchored shopping centers in East Coast and California markets, FRIT said. The real estate investment trust and Clarion Lion Properties Fund -- a fund managed by ING Clarion Partners, a New York-based real estate affiliate of the ING Group -- have committed to contributing up to $42 million and $98 million of equity capital, respectively, to acquire properties over the next 24 months, according to FRIT. The REIT has contributed a Montgomery County, Md., property valued at $20.5 million to the venture. FRIT will manage the properties on behalf of the venture and will receive fees in return. "This partnership gives Federal Realty the ability to acquire high-quality, stabilized shopping centers that may not otherwise meet the trust's property operating income growth targets," said Donald Wood, president and chief executive officer of FRIT.
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Ohio-based Liberty Home Mortgage joins several companies who started using a more modernized FICO credit score for nonconforming mortgage originations recently.
7h ago -
The CFPB has dissolved the Office of Supervision, Enforcement and Fair Lending and eliminated the job of associate director in a move that impacts how it designates nonbanks for supervision.
8h ago -
The plan that the Federal Housing Finance Agency floated calls for Freddie Mac to actively invest in some new closed-end seconds as cash-out refinancing subsides.
11h ago -
The push comes amid what one expert highlighted as lax funding efforts for two Department of Housing and Urban Development grant programs.
April 17 -
Conventional lending drove volumes higher, particularly in the purchase market, the Mortgage Bankers Association said.
April 17 -
Net charge-offs at the Charlotte, North Carolina-based bank increased by more than 80% in the first quarter compared with a year earlier. BofA executives say that the rising losses were in line with the bank's risk appetite.
April 16