The Mills Corp., Chevy Chase, Md., plans to sell its interests in some overseas properties to Ivanhoe Cambridge, a Canadian property investor, and expects to net about $500 million from the sales.The real estate investment trust is currently in the process of exploring its strategic alternatives, with the help of Goldman Sachs and JP Morgan. The retail properties are located in Ontario, Canada; Glasgow, Scotland; and Madrid, Spain. The Mills Corp. and Ivanhoe Cambridge each currently own 50% of the Ontario and Glasgow properties and Mills is the sole owner of the Madrid property, the real estate investment trust reports. The transaction values the three centers at approximately $1.5 billion, Mills reports. The REIT plans to apply proceeds from the sale to pay down a part of its senior term loan with Goldman Sachs Mortgage Co. The consent of lenders under the senior term loan is required to close the sale and Mills is in the process of seeking such consent.
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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.
March 28 -
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.
March 28 -
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.
March 28 -
But the 30-year fixed rate mortgage is still near 7%, and that remains the overhang on the housing market, Freddie Mac said.
March 28 -
Mortgage payments rose 10% year-over-year to an all-time high for March, Redfin said.
March 28