Wednesday, June 16, 2010
PARSIPPANY, N.J. (June 16, 2010) – Wyndham Hotels and Resorts, a subsidiary of Wyndham Worldwide Corporation (NYSE:WYN), today announced its expansion in the Philadelphia area with the opening of the 308-room Wyndham Garden® Hotel Philadelphia Airport.
FREEHOLD, NJ. /PRNewswire-FirstCall/ -- Monmouth Real Estate Investment Corporation (NYSE:MNR) has announced the acquisition of a 112,784 square foot industrial building located in the Lakemont Business Park at 3058 Lakemont Boulevard, York County, Ft. Mill, South Carolina, at a purchase price of approximately $12,600,000.
The property is net-leased through September 30, 2019 to FedEx Ground Package System, Inc., a Delaware corporation.
The building was constructed in 2009. Darren Sides, Porthaven Partners LLC, acted as advisor to MREIC in this transaction.
"The building also has expansion capabilities in excess of 50%. With this acquisition, our gross leasable area is now over 7 million square feet."
Monmouth Real Estate Investment Corporation, which was organized in 1968, is a publicly-owned real estate investment trust specializing in net-leased industrial properties. The Company's portfolio now consists of sixty-two industrial properties and one shopping center located in twenty-five states. In addition, the Company owns a portfolio of REIT securities.
Contact: Susan Jordan, +1-732-577-9996
WASHINGTON, DC (June 16, 2010) - Delinquency rates continued to increase in the first quarter for all commercial/multifamily mortgage investor groups, according to the Mortgage Bankers Association's Commercial/Multifamily Delinquency Report.
The delinquency rate for loans held in CMBS is the highest since the series began in 1997. Delinquency rates for other groups remain below levels seen in the early 1990's, some by large margins.
Between the fourth quarter 2009 and first quarter 2010, the 30+ day delinquency rate on loans held in commercial mortgage-backed securities (CMBS) rose 1.54 percentage points to 7.24 percent.
The 60+ day delinquency rate on loans held in life company portfolios increased 0.12 percentage points to 0.31 percent. The 60+ day delinquency rate on multifamily loans held or insured by Fannie Mae rose 0.16 percentage points to 0.79 percent.
"Weakness in the economy has continued to weigh on commercial properties, which in turn weighs on the mortgages they back," said Jamie Woodwell, (top right photo) MBA's Vice President of Commercial Real Estate Research. "Economic growth, specifically in areas of jobs and consumer spending, will be key to stabilizing the commercial property and mortgage markets going forward."
The MBA analysis looks at commercial/multifamily delinquency rates for five of the largest investor-groups: commercial banks and thrifts, commercial mortgage-backed securities (CMBS), life insurance companies, Fannie Mae and Freddie Mac. Together these groups hold more than 80 percent of commercial/multifamily mortgage debt outstanding.
Based on the unpaid principal balance of loans (UPB), delinquency rates for each group at the end of the first quarter were as follows:
. CMBS: 7.24 percent (30+ days delinquent or in REO);
. Life company portfolios: 0.31 percent (60+days delinquent);
. Fannie Mae: 0.79 percent (60 or more days delinquent)
. Freddie Mac: 0.24 percent (60 or more days delinquent);
. Banks and thrifts: 4.24 percent (90 or more days delinquent or in non-accrual).
Contact: Carolyn Kemp, (202) 557-2727, email@example.com