New Plan Excel Realty Trust, New York, and JPMorgan Fleming Asset Management have formed a joint venture to acquire "institutional grade" community and neighborhood shopping centers nationwide.New Plan said the two partners have made equity commitments totaling $150 million to the venture, NP/I&G Institutional Retail Co. The contribution is split 80% and 20% between a JP Morgan affiliate and New Plan. New Plan, a retail real estate investment trust, will be responsible for initiating acquisitions for the venture, and managing and leasing the properties. The venture has already made its first acquisition -- a 251,236-square-foot Lake Grove, N.Y., grocery-anchored community shopping center -- for approximately $44 million, New Plan said.
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The latest rate increases contributed to a 1% drop in purchases from the previous week and 15% annually, according to the Mortgage Bankers Association.
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The top five producers had an average dollar volume of VA and USDA loans of more than $35 million in 2023.
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While income decreased from the fourth quarter, it accelerated on an annual basis across NVR's building and lending units.
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Many legal experts think the Supreme Court will rule in favor of the Consumer Financial Protection Bureau in a case challenging its funding. Such a ruling would unleash a flurry of litigation that has been on hold pending the outcome of the constitutional challenge.
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Prevention through new building standards and mapping technology aim to keep home insurance rates down but mortgage bankers see challenges.
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The mortgage lender and servicer announced that Ranjit Bhattacharjee, a capital markets veteran, and Kevin Barker, a financial analyst with two decades of experience, have joined its ranks.
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