ARCHIVE - Tag: Commercial Mortgages
Andy Little

RICHMOND TIMES-DISPATCH

by Andrew Little, Special Correspondent

Several recent big sales of apartment complexes in the Richmond region make it clear that, as the lyrics from the rock band Buffalo Springfield’s “For What It’s Worth” song indicate, “there’s something happening here, what it is ain’t exactly clear,”

The first was a Oct. 26 trade of the 192-unit Copper Mill Apartments in western Henrico County for $33 million. The 1987-era apartment complex was well-occupied at closing,


Andy Little

RICHMOND TIMES-DISPATCH

by Andrew Little, Special Correspondent

No one should be humming the lyrics to rock band My Morning Jacket’s 2008 song “I’m Amazed” as interest rates on commercial mortgages march higher.

Yet those in the midst of refinancing or closing a loan were rudely awakened to that fact earlier this month when data confirmed what we already know: The economy is picking up steam.

The unfortunate side effect to a stronger economy for real estate investors is that long-term interest rates move up.


Andy Little

RICHMOND TIMES-DISPATCH

by Andrew Little, Special Correspondent

British rock band Faces released its first album in 1970, and it included a hit that aptly describes commercial real estate today, particularly in Richmond.

The song’s title was “Flying.”

Money continues to pour into the real estate sector and, with values steadily higher in most major markets, Richmond is attracting abundant out-of-town capital because its cap rates and values are still viewed as attractive.


Andy Little

RICHMOND TIMES-DISPATCH

by Andrew Little, Special Correspondent

The Eagles could have been referring to today’s commercial real estate owners in the 1970s rock band’s hit “Peaceful Easy Feeling” as different parts of the economy are conspiring to enable strong property fundamentals and happy landlords.

On the demand side, the preliminary gross domestic product registered 4.1 percent growth in the second quarter, producing jobs and modest price increases.

Over 10 million more people are employed today than in July 2007,


Andy Little

RICHMOND TIMES-DISPATCH

by Andrew Little, Special Correspondent

Canadian rapper Drake could have been referring to the hotel industry over the past eight years in his song “Started from the bottom, now we’re here.”

More than 19 percent of the loans secured by hotels in June 2010 were delinquent or had been foreclosed upon and were still being held by special servicers. Hotels were the worst-performing loans by far back then.