Wednesday, December 4, 2013

Midwest Experts Share Residential Real Estate Trends for 2014 and a prediction for 2014 colors of the year


500 Lakeshore Drive Apartments, Chicago,IL
  

Randy Fifield
CHICAGO, IL  (Dec.  4, 2013) – Following an exciting 2013 in which the for-sale market continued its steady rebound while the apartment market stayed white-hot, 2014 promises to be an interesting year as low for-sale inventory, rising interest rates and an influx of new rental units converge in a crossroads for residential real estate.


 “There is still tremendous competition in the rental market, but luckily for consumers they have more choices than ever,” said T.J. Rubin, managing broker of Fulton Grace Realty. 

“For new projects delivering in 2014, it all boils down to either offering a no-frills building with great prices, or going big on amenities and services that offer renters a terrific lifestyle.”

 Meanwhile, condo developers and home builders point to still-low interest rates, low inventory and high demand as encouraging factors for new development in 2014. 

Jeanne Martini
In the for-sale market, David Wolf, president of Related Realty, predicts there will be an increase in new listings in 2014 as sellers realize the appreciated value in their homes and decide to enter the market.

“Listings under contract will increase and market time will be down,” said Wolf. “And that’s good news for the market rebound. With more inventory available for buyers to choose from, we will continue to see restored confidence in residential real estate.”

 Against the unique backdrop of this confluence of market factors, Chicago-area real estate experts weigh in with the following top real estate trends for 2014:

1.) At Your Service:  A leader in multifamily residential development, Related Midwest unveiled its first rental tower in Chicago earlier this year – 500 Lake Shore Drive – and ushered in a whole new level of apartment services to the Windy City.

 Residents of 500 Lake Shore Drive found themselves with access to a Related Personal Assistant, Resident Service Specialist, Tech Concierge, 24-hour white-glove doorman and a lobby attendant. 

This full service staff, and perhaps even more, is also expected to be available at 111 W. Wacker, the developer’s new Chicago apartment tower set to open in summer 2014.

Barbara  Gaffen
“One reason people continue to be drawn to the rental lifestyle is they see or hear about these amenities and services that make their life easier – services that are really more what they receive at a high-end hotel,” said Curt Bailey, president of Related Midwest. 

“It’s common now to have apartment amenities like a high-tech fitness center or theatre room, but someone on call to fix your internet connection or plan a catered dinner party is more rare, and certainly seen as an added value by our renters.”

Another high-end Chicago apartment tower set for delivery in 2014 with an emphasis on its renter services is Catalyst by The Marquette Cos. The building will feature Marquette's signature We C.A.T.E.R. concierge program that offers residents everything from simple perks like free coffee and tea to arranging for dog-walking services and resident dry cleaning drop-off and pick-up.

2.) Design for All: In May 2013, Fifield Companies tapped the prestigious design firms of Adrian Smith + Gordon Gill, Design for a Cure and Morgante Wilson Architects for a special Designer Showcase “pop-up model” event at its new K2 apartment tower. The Morgante Wilson model was so well received, Fifield partnered with the firm to design all models and common spaces at E2, its new rental development in Evanston, Ill., which will open in 2015.

Elissa Morgante
“Residents are increasingly sophisticated in their aesthetic,” said Randy Fifield vice chairman and principal of Fifield Companies. “Even if they’re not using a name-brand designer in furnishing their own home, they appreciate being able to enjoy a high level of design in their building.”  

 In downtown Chicago, Related Midwest partnered with revered Kara Mann Design on models at 500 Lake Shore Drive, its luxury rental tower that opened this spring, and is also working with Mann for 111 W. Wacker, opening in summer 2014.

 The developer also tapped Simeone Deary Design Group, known for its hospitality work, to design models and all amenity spaces at The Grant, a luxury condo tower in Chicago’s South Loop.

 “One way we stand out and communicate the lifestyle offered at our buildings is through the image we present in our common areas and models,” said Curt Bailey. “By working with star designers, we add a certain cache to the building and the amenity spaces that are ultimately part of residents’ homes.”

3.) Big Lots: When it comes to home sites in 2014, many builders predict buyers will choose from the super-sized menu.

“We see the desire for large home sites stemming from a variety of factors,” said Jeanne Martini, director of marketing for Kinzie Group.

 “First, many buyers felt confined in their home during the recession, so now they’re looking for more space and privacy. 

T.J. Rubin
Second, buyers want more flexibility in the design of their home, and you have fewer limitations with a larger lot.” 

Kinzie is developing the Enclave of Heritage Estates in Lake Barrington, where home sites go up to four acres.

 Also betting on “big lots” is Lexington Homes, which in January will re-launch Woodleaf at the Sanctuary Club in Kildeer, Ill., where sites go up to three-fourths of an acre.

Jeff Benach, president of Lexington Homes, said buyers are thinking long term and are willing to invest in extra land. “Today’s buyers plan to stay in their homes longer so they want a larger yard to go with a larger home. Additionally, a larger parcel of land gives homeowners the option to make changes to their home to fit their needs in the future.”

And in St. Charles, buyers can find one-third acre or larger home sites at Meritus Homes’ semi-custom community The Reserve of St. Charles.

David Wolf
“Buyers spoke, and we listened,” said Brian Brunhofer, president of Meritus Homes. ”These are the largest home sites we’ve offered in three years. There’s room for a three-car garage, spacious deck, extensive landscaping and even a pool. The possibilities are pretty endless.”

4.) Talk of the Town(home): “Renting has become the preferred lifestyle choice for many, which has created a shift in the demographics of the ‘typical’ renter,” said Darren Sloniger, managing director of acquisitions for The Marquette Cos., which opened its rental townhome community, Randall Highlands in Aurora, Ill. six months ago.

“Not only will we see more families, professionals and downsizers opting to rent, but more people planning for long-term rentals. As such, townhomes are especially attractive to these groups because of their extra space.”

Barbara Gaffen, co-CEO of Prime Property Investors, owner and property manager of Arbors of Brookdale in Naperville, Ill., agrees, citing a waiting list for their largest townhome-style plan at the community. “It’s especially popular with families,” she said. “In fact, about 25 percent of our residents have young children.”

Also expecting strong demand for rental townhomes is Anthony Rossi, Sr., president of RMK Management Corp.

 “We’ve had townhomes as part of our management portfolio for years, and they always see high occupancy,” he said.

 “Given the trepidation many still feel about becoming a homeowner, rental townhomes should do well next year as they’re a smart alternative to buying a single-family home.”

Curt Bailey
T.J. Rubin of Fulton Grace Realty is also anticipating further growth in 2014. "The increase in townhome rentals we saw this year is linked with the condo rental boom of the last few years, as many condo and townhome owners continue to be stuck in their homes and need to rent them out," he said.

MACK Companies, an REO-to-rental specialist, also took note of this trend by recently adding 30 rental townhomes to the firm's portfolio of primarily single-family rental homes.

"When the housing boom was at its peak, many people were buying single-family homes in far suburban communities to get the most space for their money,” said Eric Workman, vice president of sales and marketing for MACK.

“Now, many find themselves going back to the city to be closer to work." Workman explained that townhomes are more common in areas near or inside the city than single-family homes, as it’s a way to maximize use of a prime location. Workman added, "We anticipate the townhome rental trend to continue through the first half of 2014, with a gradual move toward townhome purchases."

Jeff Benach
Two other developers taking note of this trend are Kinzie Group, which will be grand opening rental townhomes at The Oaks of Vernon Hills in 2014, and Fifield Companies, which will include 12 rental townhomes as part of its E2 rental development in Evanston, Ill., which opens in 2015.

5.) À la Carte Building: In 2014, builders will offer buyers of new-construction homes an even broader menu of options – and even some things not on the menu at all.

“Buyers in today’s market don’t want the typical ‘Option A, B or C’ model of home building. They want a home that is unique to their lifestyle,” said Brunhofer in reference to Meritus Homes building custom and semi-custom homes throughout the Chicago area.

“While custom homes will always be in demand, semi-custom homes are rising in popularity as they are a good compromise for some buyers’ budgets and timelines as buyers can still add original touches to a design.”

Eric Workman
 Martini agrees that 2014 will bring even stronger demand for custom and semi-custom homes, like those offered at Kinzie Group’s Lake Barrington community, Enclave of Heritage Estates.

“We really put buyers at Enclave in the driver’s seat by offering two ways to buy – either through our Home + Lot program, where we’ll help buyers create their ideal home; or they can purchase one of our sites and bring in any builder they wish,” she said. 

 Buyers will also find a great deal of flexibility in the estate-style single-family plans at Lexington Homes' Woodleaf of Sanctuary Club in Kildeer.

"Rather than making buyers adjust to fit the plans we offer, they can choose from a wide selection of floor plans and then customize the plans however they please within village ordinance and architectural guidelines," said Benach. "It's a total departure from what we do at our other communities because each home is pretty much designed from scratch."

Anthony Rossi Sr.
6.) Phone Home: Earlier this year, a joint study from the National Association of Realtors and Google noted 90 percent of homebuyers searched online during their home-buying process, and approximately one-fifth of real-estate related searches were conducted on mobile devices. In 2014, look for more real estate firms to create apps to make it easier for viewers to find properties on their phone or tablet, putting property listings – literally – at their fingertips.  

 Rubin noted, "Fulton Grace closely tracks renter and buyer behaviors, and we find they are increasingly using tablets and smart phones in home searches. We expect 30 percent of our traffic next year to come from new-home searches via mobile phones and tablets, so we're ramping up a new mobile website now."

 MACK Companies is redeveloping its website to ensure clients can easily access information via their phone or tablet. "Today's consumer is so technically advanced, they expect all information about a property to be available when and where they want it," said Workman. "If prospective buyers or renters can’t view a property on their phone, they're going to move on to the site that does."

7.) Year of the Dog: The Chinese New Year calendar may say 2014 is the Year of the Horse, but it is poised to be the Year of the Dog for real estate developers who are seeing increased demand for pet-friendly amenities in new multi-family buildings.

“One thing came through loud and clear when we researched the types of amenities Chicagoans want most in a rental building – they love their pets,” said Bailey in reference to Related Midwest, which in 2013 introduced Dog City, an on-site pet-care facility at 500 Lake Shore Drive.

 Related will be including a similar amenity at a second Chicago rental tower opening in 2014. “Dog City is also another way we elevate our service platform for residents to an entirely new level,” Bailey added. “We’re giving them the convenience of top quality pet care right in the building, and also addressing an area of their lives that is extremely important to them.” 

Other Chicago apartment towers making pet-friendly features a top priority are K2 by Fifield Companies, which features a one-half acre, fenced-in dog park adjacent to the building, and partners with a third-party vendor to provide pet care services; and 73 East Lake by M&R Development, which will deliver in Chicago in 2014 and offer renters an on-site pet spa plus help arranging dog walkers and pet sitters.

 Color Trends: For 2014, Elissa Morgante, principal at Morgante Wilson Architects, sees two colors on the horizon: teal and yellow. 

As an award-winning architect and interior designer for some of the most beautiful homes in Chicago and the North Shore, Morgante has noticed an increased interest in bold hues. 

"Teal and yellow are both elegant, yet upbeat colors. Plus, they're easy to use as accents with both warm and cool neutral colors,” she said.

Morgante predicts more yellow will shine through in bedrooms and kitchens because of its uplifting effect, while the calm and tranquility associated with teal can set the tone for a home in entry spaces.

 For a complete copy of the company’s news release, please contact:

Kim Manning, kmanning@taylorjohnson.com, 312-267-4527
Julie Liedtke, jliedtke@taylorjohnson.com, 312-267-4523


Del Webb Stone Creek in Ocala, FL to Open New Model Home Park in January




OCALA, Fla. --- A new model home park is currently under construction at Del Webb Stone Creek, showcasing seven brand new floor plans.

Sean Strickler
Sean Strickler, vice president of sales for Del Webb in North Florida, said the new model home park will be unveiled on Saturday, Jan. 25, with a Grand Opening celebration from 1 to 4 p.m.

The event is free and open to the public but participants must register and RSVPs are encouraged.

“We’re expecting a standing-room-only crowd,” Strickler said. “We’ll have seven fully furnished model homes to preview and nine floor plans to showcase and the event will include a live band, wine samplings and snack fare, in addition to tours of new model homes, Reflection Bay amenity center and Elan Spa,” he said.

To register to attend the Grand Opening event, telephone 877-333-5932 or visit www.delwebb.com/stonecreek.

 For a complete copy of the company’s news release, please contact:


Beth Payan or Larry Vershel, Larry Vershel Communications, Inc., 407-644-4142  lvershel@aol.com

Cuhaci & Peterson Architects completes design on Publix Supermarket in St. Petersburg, FL




ORLANDO, FL--- Baldwin Park based Cuhaci & Peterson Architects Engineers, Planners recently completed design work on the redevelopment of a Publix supermarket on 4th Street and 38th Avenue North in St. Petersburg.

Lonnie Peterson
Lonnie Peterson, chairman at Cuhaci & Peterson, said the redeveloped Publix is 49,000 square feet and construction is now underway.

Cuhaci & Petersen Architects is one of the nation’s leading designers of retail space with projects that total more than two million square feet annually.

 For a complete copy of the company’s news release, please contact:

Beth Payan or Larry Vershel, Larry Vershel Communications, Inc., 407-644-4142  lvershel@aol.com

NAI Realvest Negotiates New Lease at Kissimmee Shopping Center for a Hurley Active Wear Store





Kissimmee Shopping Center, 2535 Old Vineland Road, Kissimmee, FL

Paul Partyka
ORLANDO, FL – NAI Realvest recently negotiated a new long-term lease agreement for 3,902 square feet at Kissimmee Shopping Center 2535 Old Vineland Rd. in Kissimmee.

Paul P. Partyka, partner at NAI Realvest negotiated the transaction representing the landlord, Herndon, Va.-based KVOS, LLC.

 Hurley International LLC, an active wear and accessories retailer based in Costa Mesa, Ca. leased the space for its first clearance store.  

 Partyka added that Kissimmee Shopping Center is Hurley’s third location in Central Florida. 

 Other major tenants at Kissimmee Shopping Center include Nike, Beall’s, Dollar Tree, Tommy Hilfiger and Converse.

 For a complete copy of the company’s news release, please contact:

Beth Payan or Larry Vershel, Larry Vershel Communications, Inc., 407-644-4142 

CBRE Arranges $31.5 Million Sale 300-Unit Luxury Apartment Community in Orlando, FL


Falcon Pines Apartments, 10200 Falcon Pine Boulevard, East Orlando, FL

Shelton Granade

Orlando, FL, Dec. 4, 2013 – CBRE arranged the sale of Falcon Pines, located in the maturing submarket of East Orlando at 10200 Falcon Pine Boulevard, for $31.5 million.

 The 300-unit gated community was completed in 2006 and has a current occupancy of 92%. CBRE exclusively represented the seller in the transaction.

The new buyer will implement a modest rehab to enhance rents.

“With rent growth in East Orlando expected to ‘outperform’ the overall Orlando market, Falcon Pines is well positioned for strong gains,” said Shelton Granade, CBRE Executive Vice President.

 “Construction costs have been on the rise, so this offering provided the buyer with a unique opportunity to acquire a luxury, concrete block community below replacement cost.”

Luke Wickham
Falcon Pines is just minutes from the emerging Lake Nona Medical City, the University of Central Florida, and the Quadrangle Office Park, offering great exposure to the medical and professional growth coming to those areas.

Shelton Granade, Luke Wickham, and Justin Basquill are members of CBRE’s Central Florida Multi-Housing Group, and have closed more than $5 billion worth of apartment transactions in greater Orlando.

CBRE’s Central Florida Multi-Housing Group continues to be the market leader, and has closed more than $678,000,000 in the Orlando MSA so far in 2013.

 For a complete copy of the company’s news release, please contact:

Shelton D. Granade, Jr., Executive Vice President
CBRE | Investment Properties - Multihousing
189 S. Orange Avenue, Suite 1900 | Orlando, FL 32801
T 407 839 3103 F 407 404 5001

HFF closes $63.25 million sale of a two-property New England seniors housing portfolio


The Inn at Robbins Brook, 10 Devon Drive, Acton, MA

Chad Lavender
 DALLAS, TX – HFF announced today that it has closed the sale of The Inn at Robbins Brook and Forge Hill, a two-property, Class A  seniors housing portfolio totaling 176 units in Acton and Franklin, Massachusetts.

HFF marketed the portfolio on behalf of AEW Capital Management, LP.  The portfolio was purchased for $63.25 million.

The Inn at Robbins Brook is a 79-unit assisted living community located at 10 Devon Drive in Acton, approximately 30 miles northwest of downtown Boston.  

Forge Hill has a total of 97 units including assisted living, independent living and memory care units.   The property is located at 4 Forge Hill Road just off Interstate 495 approximately 45 minutes southwest of downtown Boston.

Ryan Maconachy
The HFF team representing the seller was led by managing director Ryan Maconachy and director Chad Lavender.

 For a complete copy of the company’s news release, please contact:


Kristen M. Murphy
Associate Director
HFF | One Post Office Square, Suite 3500 | Boston, MA 02109
tel (main) 617-338-0990 | (direct) 617-338-1572 | cel 617.543.4873 | www.hfflp.com


Consolidated Contracting Services Completes Construction of New Neighborhood Healthcare Health Center in Temecula, CA


Neighborhood Healthcare Community Center, 41840 Enterprise Circle North, Temecula, CA

Tracy Ream
SAN CLEMENTE, CA – Consolidated Contracting Services, Inc., a leading Southern California commercial builder, has completed the expansion and remodeling of the new 14,296-square-foot Neighborhood Healthcare community health center located at 41840 Enterprise Circle North in Temecula, Calif. 92950.

“Although Neighborhood Healthcare has been providing healthcare services to the residents of Temecula and surrounding communities since the mid 90s, this is the first health center designed to optimize patient flow and create a welcoming environment for the 15,000 patients who rely on Neighborhood Healthcare,” said Tracy Ream, CEO of Neighborhood Healthcare.



Charlie Young served as project leader for Consolidated Contracting, with Rory Egan and Frank Martin as superintendents, and Kim McComb as project engineer.   

MPA Architects, Inc., headquartered in San Diego, was the project architect. Darren Butts, Facilities Director, oversaw the expansion and remodeling project on behalf of Neighborhood Healthcare. Deborah Brandt of Brandt Design Group, Inc., in San Diego County, provided interior design services. 

Deborah Brandt
The scope of work by Consolidated Contracting included complete renovation of an existing 10,413-square-foot building and construction of a 3,883-square-foot addition.  Work began in April of this year, and the tenant will move into the new space this month.

The one-story, wood-framed facility encompasses 24 exam rooms, health education classrooms, lab space, and areas for adult medicine, pediatric, prenatal and teen services.  Interior renovation and construction included new interior partitions, windows, and doors; fire sprinkler upgrades; and all new electrical, plumbing, HVAC, telecommunications, fire/life safety and intrusion alarm systems.

Exterior improvements to the building included new paint, roofing, signage, hardscape, landscape, asphalt, site utilities, and ADA upgrades to the parking lot and sidewalks.  Consolidated Contracting self-performed the sitework.

Founded in 1969 and incorporated in 1971, Neighborhood Healthcare is an award-winning organization whose mission is to provide quality health care and promote wellness to everyone in its communities, focusing on those most in need. As a private, non-profit 501(c)(3) community health organization, it serves as a safety net for communities by providing 270,600 medical, dental and behavioral health visits to 69,000 people annually. Neighborhood Healthcare began as an all-volunteer neighborhood clinic in Escondido and now has nine health centers located throughout San Diego and Riverside counties.

 For a complete copy of the company’s news release, please contact:

Bonnie Kutch
Director
619-299-1010
Kutch & Company
6434 Caminito Listo | Suite B-100 | San Diego, California 92111


            

Marcus & Millichap Arranges Sale of 8-Unit Apartment Building in St. Petersburg, FL

  
Treasure Bay Apartments, 649 7th Avenue North, St. Petersburg, FL


Casey Babb
 ST. PETERSBURG, FL,  Dec.  4, 2013 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of Treasure Bay, an eight-unit apartment property located in St. Petersburg, Fla., according to Richard D. Matricaria, regional manager of the firm’s Tampa office. The asset sold for $252,500.

Casey Babb, a CCIM and senior multifamily specialist and Ari Ravi, associate in Marcus & Millichap’s Tampa office, had the exclusive listing to market the property on behalf of the seller and the buyer, local private investors based in Florida.

Treasure Bay is located at 649 7th Avenue North in St. Petersburg, Fla.  This two-story, eight unit, multifamily property is located in Pinellas County, just north of downtown St. Petersburg.  

Ari Ravi
Built in 1950 of concrete block construction, the community sits near Mirror Lake Park and is a quick walk to 4th Street North, which is the primary retail and commercial corridor in St. Petersburg. 

Units consist of seven studio apartments on the ground floor and a single three-bedroom, one bath unit on the second floor.

“The seller of Treasure Bay had a business opportunity and needed to access his equity in the property very quickly,” says Ravi.  “We were able to deliver for him with an all-cash purchaser who did a five-day due diligence and closed five days later.

“ Right now, there are approximately five to 10 times more buyers than sellers, which provides for a healthy marketplace with good liquidity for sellers,” adds Ravi.

 For a complete copy of the company’s news release, please contact:

Richard D. Matricaria
Regional Manager, Tampa
(813) 387-4700


RealtyTrac Reports High-End Foreclosures Up 61 Percent Year-to-Date in 2013, Bucking Trend




By Daren Blomquist
Daren Blomquist
RealtyTrac Vice President


 Overall U.S. foreclosure activity is down 23 percent year-to-date through October 2013, but foreclosure activity on homes in the $5 million-plus value range is up 61 percent from the same time period in 2012.

The number of these ultra high-end properties with a foreclosure notice in 2013 is relatively miniscule — fewer than 200 compared to 1.2 million total properties in all value ranges with foreclosure notices this year — but each of these high-value homes represents a much bigger potential loss for the foreclosing lender compared to a median priced home.

This trend may indicate lenders are now financially stable enough to more comfortably weather the big-ticket losses that these properties potentially represent. In addition, an improving housing market means more prospective buyers, even for these ultra high-end homes. A bigger buyer pool translates into higher sales prices on these properties, allowing lenders to recoup more of their losses on these jumbo loans gone bad.

Emmett Laffey
“A home selling for $5 million or above represents the ultra-luxury end of the market, and so far in 2013 we’ve had 34 properties close over that price with the average sale being $7.7 million,” said Emmett Laffey, CEO of Laffey Fine Home International, covering the five boroughs of New York. 

“Any foreclosure properties in this type of ultra-luxury market usually get purchased very quickly since there is one thing all super rich buyers want – an outstanding deal on a real estate transaction, and in most cases foreclosures of this magnitude come with several million more dollars of built-in value.”

The delayed rise in foreclosure activity on these high-end properties may not all be instigated by the lenders, however. Some of the homeowners may have had the means to hold out against foreclosure longer than most homeowners.

Not surprisingly Florida and California together accounted for more than 60 percent of all ultra high-end foreclosure activity so far in 2013. In both states a combination of a severe housing boom and bust over the past seven years along with a plethora of high-value coastal property, have resulted in relatively high numbers of high-end foreclosures — although high-end foreclosure activity in California was actually down compared to a year ago.



Because a listing price is not consistently available on properties in foreclosure, for the purposes of this analysis, RealtyTrac categorized properties into value ranges using three different data points available in its real estate database: estimated amount of outstanding loans on home; estimated market value; and assessed value from the tax assessor.

If any of these three amounts was above $5 million, the property was included in the $5 million-plus category.

 For a complete copy of the company’s news release, please contact:

 Jennifer von Pohlmann
PR Manager
Office: 949.502.8300 ext 139



Grass Roots America to Move to One Biscayne Tower in Downtown Miami; Year-to-Date Leasing Tops 74,000 Square Feet


One Biscayne Tower, Downtown Miami, FL

Andrew Trench
Miami, FL  -- Performance improvement company, Grass Roots America is relocating to One Biscayne Tower in downtown Miami from offices in South Beach.  The firm leased 11,000 square feet in a 10 year, $4 million deal at the downtown office tower.

 Grass Roots America is part of a trend for companies upgrading their office space and/or location. 

“Downtown has a buzz to it right now,” said Andrew Trench, Taylor & Mathis Leasing Director, who brokered the transaction.

“Companies are attracted to the artsy feel of the district with the Gusman Center for the Performing Arts and the Miami Art Museum sites nearby. 

Keith Darby
“Grass Roots wanted the live, work, play environment of One Biscayne Tower for their new offices which will have a modern and cool, funky vibe.”


The building’s large, efficient floor plates were also a selling point. The deal was co-broker by Keith Darby of Rise Realty.

 Founded in 1980, Grass Roots is an international performance improvement company. With 27 offices in 17 countries, Grass Roots partners with companies to reward, incentivize, and inspire the people with whom they work.

Grass Roots America is the sixth significant deal at One Biscayne Tower in recent months several of which were law firms. One Biscayne Tower has the largest percentage of law firms in downtown and has seen a surge of leasing this year due to its proximity to the courthouse and other government offices as well as the building’s efficient floor plates and spectacular views.

Biscayne Bay
  Taylor & Mathis has secured over 74,000 square feet of leasing at the 700,000 square foot Class A office tower this year.

 Leases have included Sedgwick LLP (15,000 square feet), Veritext Legal Solutions (12,000 square feet), Northwestern Mutual (10,066 square feet), Peretz Chesal Herrman (6,200 square feet), Young, Bill, Roumbos & Boles, P.A. (5,000 square feet) and the 15,000 square foot renewal and expansion of Foreman Friedman.

The office building which offers incredible views of Biscayne Bay is one of downtown Miami’s best values for office space. 

 For a complete copy of the company’s news release, please contact:

Brian Gale bgale@taylormathis.com  or
Andrew Trench atrench@taylormathis.com (305)476-8880




Trepp Reports US CMBS Delinquency Rate Continues to Improve




NEW YORK, NY -- The Trepp CMBS delinquency rate continued its impressive turnaround in November, which marked the sixth consecutive month of improvement. With a rate decrease of 32 basis points in November, the delinquency rate for US commercial real estate loans in CMBS is 7.66%.

The Trepp delinquency rate has dropped 268 basis points since reaching an all-time high of 10.34% in the summer of 2012. 

As we noted last month, with only one month of data remaining in 2013, there could still be more meaningful gains for the delinquency rate before New Year’s Day.

Still to come will be the sale of more than $3 billion of distressed assets and additional note sales by special servicer CWCapital.

 Preliminary bids for the assets were due in mid-November, so we assume some of these will close in time to hit the December remittance cycle.

Removing over $3 billion of non-performing assets from the delinquent loan category would result in a 50-basis-point decrease in the rate, so a delinquency rate that threatens the 7% level may not be out of the question.

 Regardless of whether these sales hit in December or January, the CMBS delinquency rate should continue to improve in the near-term.

For a complete copy of the company’s news release, please contact:



MBA ReportsCommercial/Multifamily Delinquencies Continue Decline in Third Quarter

  



 WASHINGTON, DC — Delinquency rates for commercial and multifamily mortgage loans continued to decline in the third quarter of 2013, according to the Mortgage Bankers Association’s (MBA) Commercial/Multifamily Delinquency Report.


Jamie Woodwell

During the third quarter of 2013, the 60+ day delinquency rate for commercial and multifamily mortgages held in life company portfolios decreased 0.02 percentage points to 0.06 percent.

 The 60+ day delinquency rate for multifamily loans held or insured by Freddie Mac decreased 0.04 percentage points to 0.05 percent. 

The 60+ day delinquency rate for multifamily loans held or insured by Fannie Mae decreased 0.10 percentage points to 0.18 percent. 

The 90+ day delinquency rate for loans held by FDIC-insured banks and thrifts decreased 0.23 percentage points to 1.95 percent. 

The 30+ day delinquency rate for loans held in commercial mortgage-backed securities (CMBS) decreased 0.30 percentage points to 7.51 percent.

“Commercial and multifamily mortgage performance continues to reflect overall economic gains,” said Jamie Woodwell, MBA’s Vice President of Commercial Real Estate Research. “Improvements in underlying property performance and property values, and the continued availability of commercial and multifamily mortgage financing, led to declines in delinquency rates for every major investor group.”

For a complete copy of the company’s news release, please contact:

Shawn Ryan
(202) 557-2727