High-end construction in 12 metros intensifies; Fitch doesn't expect ratings impact. More
Experts still see apartments being brought to market as pricing sits at all-time... More
Strong fundamentals, supply concerns, and surprising transactions highlight 3Q takeaways. More
Add Fitch Ratings to the number of people seeing apartment rents hitting their pre-recession peak. Last week, the New York-based ratings agency said its sector was approaching highs in rent, vacancies and pricing. More
Multifamily apartment owners and developers weigh placemaking and economies of scale against the increasingly complex operations and vocal opposition to the creation of megacommunities. More
Hotel loans have surpassed multifamily loans for the dubious distinction of highest CMBS delinquency rate, but multifamily's position in the No. 2 spot may be short-lived. More
While the largest banks have been bolstered by TARP funds, equity-raising efforts, and asset sales, smaller community and regional banks are still struggling with balance sheets bloated with bad commercial real estate loans. More
A default is imminent as Capmark Financial Group weighs bankruptcy and a sale of its mortgage origination and servicing businesses. More
A partnership between Tishman Speyer and BlackRock Realty may soon default on one of the largest loans in multifamily history. More
In the past week, New York-based Fitch Ratings has downgraded Denver-based AIMCO and Birmingham, Ala.-based Colonial Properties Trust. The two REITs are saddled with debt levels of about 80 percent, which makes them the two most highly leveraged REITs in the apartment space, according to Green Street Advisors, a Newport Beach, Calif.-based firm that tracks public real estate companies. Fitch downgraded Denver based AIMCO from BBB- to BB+ issuer default rating, essentially dropping it to junk bond status. Last fall, it had moved the company’s outlook to negative. The main issue: AIMCO’s only having less than 10 percent of its assets with unencumbered debt. Its stock has dropped more than 30 percent this year. More
