GMAC Commercial Mortgage Corp. has provided a total of $75 million in permanent, fixed-rate financing for two different projects. The company has allotted $50 million for a Houston office building and $25 million for phase one of Columbus Commons, a newly built Philadelphia retail property. The Houston property is one of the four major office buildings on the site, which also includes the Omni Hotel. The 481,222-square-foot office building is situated on 28 acres adjacent to the Buffalo Bayou. In Philadelphia, the commercial retail property is located at Columbus Boulevard and is anchored by a 315,000-square-foot IKEA and a 161,000-square-foot Lowe's. Major tenants include a 30,000-square-foot Best Buy, a 35,000 square-foot Linens 'n Things, a 12,800-square-foot R&S Strauss and a 10,700-square-foot Pier 1 Imports. Both transactions were arranged through GMAC's Proprietary Lending Group.
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The Community Home Lenders of America and the Community Associations Institute want the FHA to insure loans on condos approved by Fannie Mae and Freddie Mac.
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The Federal Open Market Committee's decision to reduce interest rates for the first time in nine months lifted bank stocks Wednesday. The 25-basis-point reduction could lead to net interest income headwinds now, but loan growth later, analysts said.
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Most lenders said they had already priced in the widely-anticipated decision to cut short-term rates for 30-year home loans but other products will benefit.
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The deal for the Class A office building owner will be funded from Rithm's cash as well as liquidity on the balance sheets, plus possible co-investors.
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Mortgage applications saw a significant jump for the second consecutive week, as homeowners took advantage of plummeting rates, the MBA said.
September 17 -
The government-sponsored enterprise is making changes to mortgage-backed securities and servicing disclosure files to support use of the advanced credit score.
September 17