Strong pace for commercial mortgages in second quarter
Commercial/multifamily mortgage originations continued a strong pace in the second quarter of 2015 according to figures from the Mortgage Bankers’ Association. Originations were 16 per cent higher than this year’s first quarter and 29 per cent higher than the second quarter of 2014. The strongest property type by dollar volume year-over-year was multifamily buildings where loan originations increased by 58 per cent in Q2 2015 compared to the same period last year. The strongest property type by dollar volume quarter-to-quarter was retail which surged 81 per cent.
"Driven by increasing property values, improving property fundamentals and still low interest rates, commercial and multifamily lending and borrowing continued its strong pace in the second quarter," said Jamie Woodwell, MBA's Vice President of Commercial Real Estate Research. "The rate of year-over-year growth slowed from the first quarter, but year-to-date lending is up for every major lender group. Mortgage bankers' originations for Fannie Mae and Freddie Mac are near record quarterly levels."
California office building is most expensive online auction property
An office building in Manhattan Beach, California has become the most expensive property ever to be sold via an online auction. Auction.com says it sold the 309,734 square foot, 30-year old property for $96.1 million. The auction site’s executive vice president Rick Sharga told CNBC that it represents a sea change: "The big difference here is people not just looking at and researching real estate online, they're buying real estate online. Traditional, non-distressed, high-quality properties.”
Jeopardy star buys NYC townhouse for his son
Alex Trebek, legendary host of Jeopardy, has bought his son a New York City townhouse for $1.92 million. The NY Post reports that the TV star bought the home at 310 West 140th Street in Harlem for 25-year-old Matthew who plans to open a restaurant in the suburb.
Insurer plans to build new iconic Boston tower
John Hancock has submitted plans to build a new tower in Boston, the city where it has a long history of iconic real estate. The insurance firm, founded in the city more than 150 years ago, is known for the iconic glass building at 200 Clarendon Street, known as John Hancock Tower; and 200 Berkeley Street, known as the Old John Hancock Building. The new tower, expected to be proposed to the city Wednesday, would be a glass-fronted 26-story tower at 380 Stuart Street, Bay Back. If approved the 625,000 square foot building would replace a 9-story John Hancock office building on the site.