Originations

Broadway Partners, a New York-based private real estate investment and management company, has reported that it is acquiring a 10-building national office portfolio from Boston-based Beacon Capital Partners LLC for more than $3.3 billion.The portfolio consists of properties in Boston (including the 60-story John Hancock Tower), Los Angeles, Washington, and Denver, the company said. "This is a significant group of marquee properties in highly desirable markets that we are confident will deliver strong risk-adjusted returns to our investors," said Scott Lawlor, founder and chief executive officer of Broadway Partners.

Triple Net Properties LLC, a commercial real estate investment firm based in Santa Ana, Calif., has announced the hiring of a senior vice president of sales and the promotion of another SVP to executive vice president.Jerry Geiger has been promoted from senior vice president of national accounts to executive vice president and national sales manager. Before joining Triple Net Properties, Mr. Geiger was national field sales manager at Wells Real Estate Funds, and he founded and managed Geiger Financial Group. The newly hired senior vice president of sales, Al Haworth, was most recently senior vice president for the Western Division of Genworth Financial and has an "extensive" executive sales background, Triple Net Properties said. The company can be found online at http://www.1031nnn.com.

Zacks.com, the online unit of Zacks Investment Research Inc., Chicago, has reported that Starwood Hotels & Resorts Worldwide Inc. is one of the stocks included in its All Star Analyst portfolio.The portfolio includes all stocks with a Strong Buy rating from at least four analysts with a 5-Star All Star ranking, Zacks said. "There are several aspects about Starwood that analysts appreciate, including its investments in productivity enhancements such as customer relationship management, database management, and call center technology," the research firm said. In February, Zacks placed Starwood on its list of Stocks to Sell Now, citing Starwood's lowered earnings guidance. Zacks can be found online at http://www.zacks.com.

Sales of existing single-family homes in Illinois fell to 11,281 in November, down 17.6% from 13,691 a year earlier, according to the Illinois Association of Realtors.The statewide median sales price dipped 0.5% to $199,000 from $200,600 a year earlier, the association said. "The Illinois housing market did not experience a dramatic run-up in prices like other markets in the country over the past several years, and we continue to experience fairly stable price appreciation," said Robert Zoretich, president of the association. "Sales figures in November reflect a return to more normal market conditions compared to the boom years, as well as a seasonal slowdown as we begin the holiday months." In the Chicago metropolitan statistical area, resales totaled 7,580 in November, down 21.9% from 9,702 a year earlier, and the median sales price was $245,000, up 0.5%. The association can be found on the Web at http://www.illinoisrealtor.org.

Mack-Cali Realty Corp, a real estate investment trust based in Edison, N.J., has announced that it plans to withdraw its common stock from listing on NYSE Arca Inc., formerly the Pacific Exchange.Mack-Cali said its common stock will continue to be listed on the New York Stock Exchange. The decision was based on a determination by Mack-Cali's board that it was "no longer necessary or desirable" to maintain common stock listings on two affiliated domestic exchanges, the REIT said. Mack-Cali, which focuses chiefly on office and office/flex properties, can be found online at http://www.mack-cali.com.

AmeriVest Properties Inc., a Denver-based real estate investment trust, has transferred its remaining assets to the AMV Liquidating Trust and has been dissolved, according to Cloyses Partners LLC, the trustee of AMV.Dec. 27 was the last day of trading of AmeriVest's common stock on the American Stock Exchange. Under the terms of the liquidating trust agreement, each stockholder of AmeriVest on Dec. 27 automatically became the holder of one unit of beneficial interest in the trust for each share of AmeriVest common stock held, Cloyses Partners reported. Further information about AmeriVest will continue to be available online at http://www.amvproperties.com.

The average 30-year fixed mortgage rate rose from 6.13% to 6.18% over the seven-day period ended Dec. 28, according to Freddie Mac's Primary Mortgage Market Survey.The average 15-year fixed mortgage rate rose from 5.89% to 5.93%, the average rate for five-year Treasury-indexed hybrid adjustable-rate mortgages climbed from 5.96% to 5.98%, and the average rate for one-year Treasury-indexed ARMs increased from 5.44% to 5.47%, Freddie Mac reported. Fees and points averaged 0.4 of a point for fixed-rate mortgages, 0.5 of a point for hybrid ARMs, and 0.6 of a point for one-year ARMs. "Mortgage rates edged up over the week following news of a jump in consumer spending in November," said Frank Nothaft, Freddie Mac's chief economist. "Financial markets were concerned that stronger spending could keep inflation elevated. These worries were further compounded by the releases of new- and existing-home sales for the same month, which both exceeded market forecasts and caused Treasury bond yields to continue to rise." A year ago, the average 30-year and 15-year fixed rates were 6.22% and 5.76%, respectively, and the average hybrid and one-year ARM rates were 5.79% and 5.15%, respectively, Freddie Mac said. Freddie Mac can be found online at http://www.freddiemac.com.

ABN Amro Bank's North American businesses, which include ABN Amro Mortgage Group Inc. as well as LaSalle Bank Corp. and its subsidiaries, will cut their work force by approximately 900 jobs in 2007, ABN Amro has announced.The 5% work force reduction will occur "across nearly all areas of the bank and at all major locations," the bank said. The staff reductions represent "a strategic decision to better focus resources on the businesses and client relationships that are at the core of the bank's expertise in North America," it said. ABN Amro's North American business unit is headquartered in Chicago and operates more than 400 branches under the LaSalle Bank brand.

Sales of existing homes rose 0.6% in November and inventories of unsold homes fell 1%, providing more signs that the housing market is close to bottoming out.The National Association of Realtors reported that November sales of previously owned single-family homes, condominiums, and cooperatives rose from a seasonally adjusted annual rate of 6.24 million in October to 6.28 million in November -- down 10.7% from the level recorded in November 2005. "It appears from looking at the numbers that existing-home sales hit bottom in September at 6.21 million," NAR chief economist David Lereah said. However, house prices dropped 3.1% in November for the fourth consecutive month, and the NAR economist said he expects to see further price declines in December and possibly in January and February. Meanwhile, the inventory of unsold existing homes has remained relatively stable since July. The number of unsold homes on the market fell 1% to 3.82 million in November, which is a 7.3-month supply at the current sales pace.

Winthrop Realty Trust and Newkirk Realty Trust Inc., two Boston-based real estate investment trusts, have announced the closure of a collateralized debt obligation by a jointly owned venture, Concord Debt Holdings LLC.The REITs said the CDO was issued by two newly formed subsidiaries of the Concord debt platform. A total of $377 million of investment-grade-rated debt was issued, and Concord retained an equity interest in the portfolio with a notional amount of $88 million. The notes have an initial weighted average spread of approximately 50 basis points over the one-month London interbank offered rate. Newkirk announced in July that it had entered into a definitive merger agreement with Lexington Corporate Properties Trust to create Lexington Realty Trust, a REIT focused on single-tenant properties. "The closing of this CDO is the first step in both Winthrop's and Lexington's establishment of a mutually owned debt platform," said Michael L. Ashner, chairman and chief executive officer of both Newkirk and Winthrop. The companies can be found online at http://www.winthropreit.com, http://www.newkirkreit.com. and http://www.lxp.com

New home equity loan account bookings reported in the 20th annual Consumer Bankers Association Home Equity Lending Study jumped 54% in 2006, while new account bookings for home equity lines of credit dropped 24%, according to BenchMark Consulting International, Atlanta.BenchMark said new home equity account bookings fell nearly 5% overall. The study also found that response rates to promotions for home equity loans and HELOCs declined 27% from rates recorded in 2005. "We expect response to marketing for HELOCs and loans to continue to diminish as interest rates rise, and forward-thinking institutions are already pursuing new revenue streams to compensate for this downward cycle," said Brian King, manager of BenchMark's consumer lending practice. "The most value to be attained depends on the institution -- some gain traction quickly with new product offerings, while others see significant returns through streamlined operations." The study includes findings on pricing, marketing, sourcing channels, and delinquencies/chargeoffs, among other factors. Conducted by the CBA in conjunction with BenchMark, the report included 46 participating home equity lenders. BenchMark can be found online at http://www.benchmarkinternational.com.

The Market Composite Index, an overall measure of mortgage applications, fell from 647.6 to 555.8 on a seasonally adjusted basis during the week ended Dec. 22, according to the Mortgage Bankers Association's Weekly Mortgage Applications Survey.On an unadjusted basis, applications decreased 15.0% on the week but were up 16.6% from the level recorded a year earlier. The Purchase Index fell from 436.5 to 390.2 on a seasonally adjusted basis, while the Refinance Index fell from 1968.8 to 1604.6. Refinancings represented 48.8% of total applications, down from 50.8% the previous week, while adjustable-rate mortgages accounted for 23.1% (the lowest level since October 2003), the MBA said. The average contract interest rate for 30-year fixed-rate mortgages rose from 6.10% to 6.12%, and points (including the origination fee) rose from 0.93 to 0.96 for loans with 80% loan-to-value ratios, the association reported. The MBA can be found online at http://www.mortgagebankers.org.

Alliance Bankshares Corp., Chantilly, Va., has announced that its mortgage banking unit, Alliance Home Funding, will cease operations as a stand-alone subsidiary.Thomas A. Young Jr., president and chief executive officer of Alliance Bankshares, said the mortgage banking unit's business results over the past several years have "fallen short" of the parent company's objectives. "As we enter 2007, with a continued modest outlook in the housing sector, we felt a radical change was necessary," Mr. Young said. The new plan calls for about 10 employees to join the bank as part of a mortgage banking division that will offer mortgages to customers, prospects, and homebuilder clients, he said. "The focused approach of this division should lead to better performance metrics," Mr. Young said. The company estimated that it will take a fourth-quarter pretax charge of $540,000 to $675,000 to wind down the operations of Alliance Home Funding. The parent company can be found on the Web at http://www.alliancebankva.com.

New-home sales jumped 3.4% in November and inventories of unsold homes declined to a five-month low, according to a government report that included upward revisions in the sales numbers for the previous three months.The U.S. Census Bureau reported that new single-family home sales rose from a seasonally adjusted annual rate of 1.01 million in October to 1.05 million in November. While a 6.3-month supply of unsold newly constructed homes is still high, Fannie Mae chief economist David Berson said the November report shows that builders are doing a good job of reducing their inventories. "The housing downturn is not over, but the worst is behind us," Mr. Berson said. The Fannie economist said he does not expect new-home sales to fall much below their recent levels. He is forecasting total new-home sales of 980,000 in 2007, but he conceded that he is considering a "modest" upward revision due to the Census Bureau report.

Three classes from two Aegis Asset Backed Securities Trust securitizations have been downgraded by Fitch Ratings.The downgrades were as follows: series 2003-1, class M2, from A to BBB-plus, and class B1, from BB to CC (and assigned a Distressed Recovery rating of DR3); and series 2003-2, class B, from BBB to BB-plus (and removed from Rating Watch Negative). Fitch also upgraded one class in series 2003-2 and affirmed the ratings on three other classes in the two transactions. The downgrades were attributed to deterioration in the relationship between credit enhancement and loss expectations, the rating agency said. The collateral pools for both deals consist of subprime residential mortgage loans.

Single-family home sales in Massachusetts plunged 13.5% in November to 4,130, the lowest level for any November since 1992, according to The Warren Group, a Boston-based publisher of real estate and financial data.The single-family decline was the eighth double-digit percentage drop this year and the 25th sales falloff in the past 28 months, the publisher reported. The median sales price of single-family homes in Massachusetts fell to $315,000 in November, compared with $337,000 a year earlier and $364,000 at its peak in June 2005, the company said. It was the eighth decline in the median home price in the past nine months. The company can be found online at http://www.thewarrengroup.com.

Luminent Mortgage Capital Inc., San Francisco, has announced the securitization of $799.6 million of prime mortgage loans. "LUM 2006-7 has credit enhancement from multiple sources, including subordination, excess interest, overcollateralization, allocation of losses and, as a first for Luminent, lender-paid primary mortgage insurance," said Megan Mahoney, senior vice president of client relations at Luminent. "In addition, the class I certificates will also have the benefit of a swap and a cap agreement." The lender-paid MI was provided by Triad Guaranty Insurance Corp., and the derivatives were provided by Bear Stearns Financial Products Inc., Luminent said. Luminent can be found on the Web at http://www.luminentcapital.com.

The sales of existing homes in California were down 22.2% in November from the level recorded a year earlier, according to the California Association of Realtors.The seasonally adjusted annualized rate of closed escrow sales of existing single-family detached homes totaled 450,930, down from the 579,560-unit rate recorded in November 2005, CAR said. The median price of an existing single-family detached home in California totaled $555,290 in November, up 1.4% from $547,870 a year earlier, according to CAR. "After fairly steep declines in sales during the first half of the year, the market appears to have stabilized at around 450,000 sales on a seasonally adjusted annualized basis," said CAR president Colleen Badagliacco. CAR can be found online at http://www.car.org.

Opteum Inc., a real estate investment trust based in Vero Beach, Fla., has announced the sale of a 7.5% nonvoting membership interest in its wholly owned subsidiary, Opteum Financial Services LLC, to Citigroup Global Markets Realty Corp. for $4,125,000.The REIT said it also granted the Citigroup unit an option, exercisable at any time before Dec. 21, 2007, to buy an additional 7.49% nonvoting membership interest in OFS for $4,119,500. Opteum said it expects "substantial" cost savings at OFS as a result of amendments to its funding facilities with Citigroup. "With lower funding costs and even greater access to capital, we are well positioned to profitably increase our market share as we leverage our multichannel mortgage origination platform," said Jeffrey J. Zimmer, chairman, president, and chief executive officer of Opteum Inc. The company can be found on the Web at http://www.opteum.com.

BNP Residential Properties Inc., Charlotte, N.C., has announced stockholder approval of a proposed merger with Babcock & Brown Bravo Acquisition LLC, an affiliate of Babcock & Brown Ltd., an international investment and advisory firm.Approximately 72% of BNP's outstanding common shares were voted at the meeting, of which more than 94% favored the merger, BNP reported. The real estate investment trust said the merger is expected to close in late January (upon the satisfaction of various conditions), at which time holders of BNP common stock will be entitled to receive $24 in cash per share, without interest and less any applicable withholding taxes, the apartment REIT said. BNP can be found on the Web at http://www.bnp-residential.com.