Ware Malcomb Promotes Leslie Espiritu and Moses Gonzales in Irvine, CA Corporate Office

 

Leslie Espiritu 

IRVINE, CA – Ware Malcomb, an award-winning international design firm, announced promotions of two leaders in the Irvine corporate office instrumental to supporting the firm’s continued growth. 

Moses Gonzales

Moses Gonzales has been named Principal, Information Technology and is responsible for management of the IT team firmwide.

 Joining Ware Malcomb more than 20 years ago, Gonzales has assisted in the firm's global expansion by adding new systems and technologies to support its larger platform, creating efficiencies and enabling innovation, all while maintaining the necessary cyber security protections.

 

 Radwan Madani

Gonzales earned a Bachelor of Science degree in Business from California State University Fullerton, along with an MBA in Business from University of Phoenix. 

“As Associate Principal, Moses has built a burgeoning team of IT professionals who support our 28 offices,” said Radwan Madani, Vice President, Operations. “He is a true Ware Malcomb Cultural Ambassador and we are pleased to recognize his role in building our growing organization.” 

 Leslie Espiritu has been promoted to Associate Principal, Human Resources, responsible for Ware Malcomb’s Human Resources team.

 Espiritu joined the firm in 2013 and brings more than 30 years of experience to her leadership role. She has led the considerable growth and expansion of the firm’s HR and recruiting teams, including the introductions of new technologies to improve processes and achieve greater workflow efficiencies.

Ruth Brajevich

 She has also helped support significant company growth during her time with the firm, with now more than 850 team members. 

 Espiritu earned a Bachelor of Arts degree in English Language and Literature from University of California, Santa Barbara along with a Certificate in Human Resource Management from University of California, Irvine. 

 She is a member of the Society for Human Resource Management (SHRM) and holds a SHRM-SCP accreditation.

Tobin Sloane

“Leslie has built a strong reputation across the company as a caring, dedicated leader who embodies the Ware Malcomb ‘One Team’ culture,” said Ruth Brajevich, Vice President, Strategic Initiatives at Ware Malcomb. 

“Leslie’s leadership in HR and recruiting has helped us build and retain an exceptional team,” said Tobin Sloane, Chief Financial Officer and Executive Vice President for Ware Malcomb. “We congratulate her on this well-deserved promotion.”

 

 

 

CONTACTS:

 

Rachel Devany

VP Public Relations

 KCOMM for Ware Malcomb

rachel@kcomm.com

Maria Rodgers, Director,

 PR & Communications, 949.660.9128,

 mrodgers@waremalcomb.com

 

Maureen Bissonnette,

 Principal, Marketing, 949.660.9128,

 mbissonnette@waremalcomb.com

 

"Cash in" vs. "cash out" refinancing is new theme for debt-seeking property owners, notes RECI

John Oharenko

 

Chicago, IL – The Fed's quarter-point interest rate hike earlier last month marks the tenth-rate hike since the start of 2022, observes The Real Estate Capital Institute® (RECI).

And more negative news about slowing housing markets, lower rent increases, and the ongoing malaise plaguing the office markets. 

Yet, real estate capital markets continue functioning, albeit at a slower pace based on the following debt underwriting trends:

Loan Proceeds:   Debt service coverage ("DCR") remains one of the most important underwriting variables due to the extraordinarily high mortgage rates compared to recent years. 

 

The new theme for property owners seeking debt focuses on "cash in" vs. "cash out" refinancing.   Said another way, borrowers must contribute additional cash to pay off an existing loan. 

 

The goal is to recapitalize overleveraged debt based on using debt service requirements.   Mortgage rates have often doubled compared to the original loan underwriting structured during the past decade.

 

Floating Rate:  Floating rate deals now price at 200 to 300 [or more] basis points over SOFR, translating to 7% or more.  Higher rates for value-add and higher-leverage (>55% LTC) are priced over 8%. 

 

 In particular, construction loans are difficult to find based on the shortage of active lenders in the market, mostly banks.    Regulators heavily monitor this funding sector.  And since banks carry about half of all commercial mortgage maturities which mature this year, burdening on stressing balance sheets.

Fixed Rate:  During the month, five-year benchmark rates climbed nearly fifty basis points, while the 10-year rate increased about as much. 

 

The best mortgage rates start in the low-5% interest rates for five-year debt.  Longer-term debt is priced in the 6%-or-more.  Life companies have become much more competitive in the shorter-term, fixed-rate debt, providing financing options traditionally led by banks, of which many are sidelined.

The Real Estate Capital Institute director John Oharenko predicts, "As more lenders remain shy about offering competitive debt terms, seller-financing will gain momentum for closing sales transactions."

 

The Real Estate Capital Institute® is a volunteer-based research organization that tracks realty rates data for debt and equity yields.  The Institute posts daily and historical benchmark rates, including treasuries and bank prime.  

 

 

CONTACT:

 

John Oharenko, Executive Director

director@reci.com / www.reci.com

 

^The   Real Estate Capital Institute^®

Chicago, Illinois USA 60622

 

JLL expands Value and Risk Advisory Multi-housing sector

  

Kelly Hyde

 

 CHICAGO, IL – JLL's Value and Risk Advisory group has expanded its Multi-housing sector practice with five key hires in the Dallas, Denver and Phoenix markets. The new hires will report to Kai Pan, Executive Managing Director and National Head of the Multi-Housing Property sector. 

Kai Pan

The continued growth demonstrates the strength of the Value and Risk Advisory sector-aligned strategy, which launched in April 2023.

 

In Dallas, the team has added Director Michael Stavinoha, who began his career at JLL as an Analyst in 2017. After four years in that role, he went on to work at two commercial real estate companies in the Dallas area before returning to JLL this month.

Michael Stavinoha

Senior Director Kelly Hyde, MAI, has joined the Denver team to focus on multi-housing valuations in the Rocky Mountain region. She has more than 10 years of experience in the industry in both the Denver and Houston markets.

 

The Phoenix team, focusing on the growing Southwest region for the group, consists of Senior Director Jason Beakley and Analysts Micah Brittain and Scott O’Connor. Beakley has more than eight years of experience appraising and analyzing commercial real estate and was most recently a Senior Analyst valuing multifamily and manufactured housing properties in the Phoenix metro area.

 

“We are really excited to welcome Michael, Kelly, Jason, Micah and Scott to the team,” said Pan. “We are starting to see more green shoots in the market and as a result want to ensure we are ready to address our clients’ needs around value and risk in the coming months.”

Jason Beakley

“Additionally, feedback from our clients has indicated that they value our service more when we specialize,” Pan added.

 

“They expect appraisers to understand their business, have deep insights into the industry and deliver a consistent level of service and product. We’re laser focused on bringing in talented multi-housing specialists to deliver a world-class experience.”

 

JLL Value and Risk Advisory is the essential guide to the changing face of real estate values and risk. 

 

 "Our expert value and risk specialists are here to help investors and lenders identify, mitigate and monitor risk, and optimize real estate values across all sectors and geographies.  

Micah Brittain 

2,500 experts in over 35 countries analyze $3 trillion of real estate, delivering actionable risk and value insights, so investors and lenders stay ahead in the market. 

 

A global community of sector-based specialists, the team delivers tailored client solutions for your real estate and business asset interests, giving an accurate picture of value and risk across any opportunity. 

 

For more news, videos and research resources on JLL, please visit our newsroom.

 

 

U.S. property valuation and tax consulting services are performed by JLL Valuation & Advisory Services, LLC, a wholly owned indirect subsidiary of Jones Lang LaSalle Incorporated.

 

Scott O’Connor

 About JLL

 

For over 200 years, JLL (NYSE: JLL), a leading global commercial real estate and investment management company, has helped clients buy, build, occupy, manage and invest in a variety of commercial, industrial, hotel, residential and retail properties.

 

 A Fortune 500 company with annual revenue of $20.9 billion and operations in over 80 countries around the world, our more than 103,000 employees bring the power of a global platform combined with local expertise.

 

Driven by our purpose to shape the future of real estate for a better world, we help our clients, people and communities SEE A BRIGHTER WAY^SM.

 

 JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated.

CONTACT:

 

Kristen Murphy

Director, Public Relations, Americas

JLL

One Post Office Square, Suite 1100

Boston, MA 02109

T +1 617 848 1572

M +1 617 543 4873

Kristen.Murphy@jll.com

 

jll.com