February 21, 2017

Mapletree Acquires Oakwood Worldwide


In a move to step up its acquisition and development of corporate housing, Singapore-based Mapletree Investments Pte Ltd. has acquired Los Angeles-based Oakwood Worldwide for an undisclosed price. The acquisition covers all of Oakwood’s global operations.

Oakwood is the largest provider of corporate housing and serviced apartments globally with a presence in more than 95 countries. Oakwood manages a portfolio of more than 50 branded properties globally.

In the US, Mapletree currently owns eight Oakwood-branded corporate housing properties with more than 1,200 units. The corporate housing properties are in Silicon Valley, Raleigh, Los Angeles, Portland, Dallas and Seattle.

It also owns a portfolio of seven student accommodation assets across six states,

“This acquisition is strategic and commercially significant to Mapletree. Our full ownership of Oakwood will allow us to enhance efficiencies and the growth momentum of our corporate housing and serviced apartment business,” said Hiew Yoon Khong, Mapletree’s Group CEO.

Mapletree intends to step up the acquisition and development of corporate housing and serviced apartment assets, Khong added.

Article source: http://www.costar.com/News/Article/Mapletree-Acquires-Oakwood-Worldwide/188935?ref=/News/Article/Mapletree-Acquires-Oakwood-Worldwide/188935&src=rss

Product, Appraisal News; Upcoming Events; FHA/NHF/Sapphire Drama; SoFi, Altisource, Blackstone

In lender and regulator news, SoFi (Social Finance) is reportedly
close to raising $500 million in fresh funds from an investor group led by Silver Lake
SoftBank.

Bloomberg reported that during
an earnings call this week Blackstone
Mortgage Trust plans to expand construction loan business.
With plenty of undeployed equity at Blackstone, CEO Steve Plavin observed that
it is a challenging environment for banks to compete and there is still demand
from developers, and that BXMT has a unique opportunity. Banks “are not really
in it” and BXMT wants to fill void. He believes that higher rates can produce a
“very attractive ROI.”

At the other end of the
spectrum shares of PHH Corp fell as much as 20% yesterday.
Apparently, investors are disappointed it did not announce a sale on the
investor/earnings conference call. KBW analyst Bose George says the earnings
call “raised concerns about future expenses and the timeline to capital
return” and wondered how much money PHH could lose over next couple of
years. From the company’s perspective, it sees operating losses in its
servicing segment until it hits a break-even in 2018, profitability in 2019.

And another stock took a tumble
of over 20%. Headline earnings from Altisource Portfolio Solutions (ASPS
-22.2%) beat some forecasts, but the company suggests 2017 earnings will be
much less than previously forecast. This week Altisource also disclosed that the CFPB is
considering potential enforcement action over violations concerning certain
technology services provided to Ocwen Financial. “Our biggest concern
would be a compromising of the relationship between Ocwen and ASPS due to
regulatory action,” says Piper Jaffray’s bearish Kevin Barker.

Bloomberg’s Matt Scully
writes, “Altisource Portfolio Solutions SA said the CFPB is weighing an
enforcement action over mortgage technology services that the company provided
to its former parent, Ocwen Financial Corp. Altisource received the warning in
November and responded in December that it doesn’t believe an enforcement
action is warranted, per a securities filing Thursday. The matter involves an
alleged violation of federal law related to ‘certain technology services
provided to Ocwen,’ the company said. Altisource said it’s ‘committed to
resolving any potential concerns of the CFPB’ and premature to estimate any
financial impact.” Remember that Ocwen, a mortgage servicing giant, spun off
Altisource in 2009.

In FHA news, there is change afoot
with the National
Homebuyer Fund (NHF)
highlighting the maze of overlapping state vs. federal rules governing lenders.
Last Friday, FHA Headquarters staff started calling lenders to advise them of
FHA’s concerns with the origination of loans using NHF programs. FHA has told
lenders that the issue pertains to questions about NHF’s “not for profit”
status and its eligibility to offer down payment assistance programs.
Apparently in 20 counties in California, NHF is considered an instrument of the
local government.

Respected consulting firm Potomac Partners noted, “This issue
apparently stems from a HOC loan review that was then escalated to FHA Headquarters.
 FHA’s management reviewed the transaction and apparently concluded that
the NHF programs did not comply with the law (thereby precipitating the FHA
phone calls to lenders). We understand that NHF obtained a legal opinion from a
reputable law firm justifying their position, and NHF also sent an email to
lenders on Monday night.”

NHF’s email said, “It has come
to our attention that HUD has reached out to several NHF’s client lenders
indicating that, under certain circumstances and depending upon the location of
the underlying property, NHF’s DPA program loans may not be eligible for FHA
insurance. This is surprising and we disagree with HUD’s position. We
are reviewing this issue with HUD cooperatively and will report back on our
progress soon.”

Of course, any lender who
originates this product should contact their FHA or HUD office with questions
about the NHF program. Supposedly for loans in the pipeline, while FHA has told
lenders that they will not be “punitive”, there is the risk of FHA requesting
indemnification if the loans are reviewed.   

Lenders reacted. For example,
Freedom Financial’s retail division was on top of it, and sent out, “The NHF
Sapphire program was suspended on February 15th. Freedom does not want this
suspension to affect borrowers in the active pipeline who need the Sapphire
grant money to close their loan. Sapphire loans currently in the pipeline with
an Encompass status of Initial Disclosures Finished or greater will be
permitted to close. These loans must be registered with NHF and locked by the
close of business Friday, February 17th. No new NHF registrations or locks will
be accepted after Friday, February 17th.”

The
Mighty Capital Markets

No
one can reliably predict the future with precision. Any LO out there paying for
rate forecasts should save their money – they’d learn just as much from asking
the local used car dealer or contractor how business is. But there is a
growing consensus
 among bond traders that US
Treasury yields will experience a downswing before rising again. The prediction
could change if inflation forecasts of about 2% turn out to be wrong.

In
terms of the bond markets, which set interest rates, prices improved Thursday,
and agency MBS prices improved relative to Treasury prices. ThomsonReuters
observed that, “Of interest…as the noticeable shift in demand as 4.5% and 4%
saw much more buying than 3%, which remain one of the largest components of the
MBS Index.” The 10-year note hit a low yield of 4.44% but closed at 4.45%
rallying almost .5 in price. The 5-year note and MBS prices improved about
.250, depending on coupon and security.

Besides
Leading Economic Indicators at 10AM ET there is no scheduled news today of any
consequence, and although there is no early close ahead of Monday’s holiday
(the bond markets are closed) things could get quiet after lunch Eastern time. We find rates better this morning: the 10-year is at
2.40% and agency MBS prices better by .250 vs. last night.

 

Training events of note?

Get referrals from Facebook without begging or annoying your friends and followers. Join National Mortgage Professional Magazine on Thursday, February 23 at 2PM EST for a 45-Minute complimentary webinar, presented by The TBWS Group, about getting Facebook referrals without upsetting friends and family. “How many loan officers do you know that can say Facebook is a critical referral source? Very few I bet. Yet, per State of Inbound Marketing, 42% of marketers report that Facebook is critical to their business. During this webinar you’ll get proven strategies to get social media referrals without selling. Company compliance doesn’t allow you to market on social media? That’s OK…that’ll be covered too. This might seem mind-boggling, but they’ll even share with you how to get compliance revved up about social media marketing.” Sign up for this complimentary webinar here.

“Don’t miss next week’s Dave Savage interview with LEIF BABIN a decorated former Navy SEAL officer and author of Extreme Ownership: How U.S. Navy SEALs Lead and Win. This is great leadership for loan officers and mortgage leaders. CLICK to sign up and be sure to watch with your team on Tuesday.

Also on Tuesday, February 21st, Mountain West Financial is providing a training webinar on Cyber Security tips.

Register for California MBA’s FREE Legal Issues Committee webinar on February 21st.

Time is running out to register for the Georgia Real Estate Fraud Prevention and Awareness Coalition (GREFPAC) 2017 Annual Fraud Prevention Conference at the Cobb Galleria on Tuesday, March 7th. Representatives from HUD, Fannie Mae, Freddie Mac, and the FBI will be joining Rachel Dollar and others to provide the latest updates on fraud, fraud trends and ethics. “Get exposure to excellent speakers at a bargain price plus eligible CE and Ethics credits. Lunch is included and parking is free. Also, only a couple of sponsorship opportunities remain. Visit our website to register for the conference or become a sponsor.”

Jobs and Announcements

In appraisal news, MyAMC, a nationwide valuation services provider that offers a full range of residential products, including origination appraisals, post-closing QC, compliance audit, and AVM, will appear at the at Ellie Mae Encompass Experience 2017 Conference, Booth #215, highlighting all their latest integration into the Ellie Mae suite of products. MyAMC’s proprietary appraiser management software factors in distance, geographic competency, product competency, exclusionary lists, licensing status, and past performance – as well as Encompass Integration expanding the already feature-rich platform with current turn times provided by an Automated Pricing Engine and Robust QC customizable with lender’s business rules, and more. At Experience 2017, the exclusive conference for mortgage industry professionals, MyAMC will be one of the exhibitors displaying their full range of products. The Ellie Mae Encompass Experience 2017 Conference will be held at Wynn Las Vegas March 6-8. Do not miss the chance to have a live session with their representatives. Contact: Roy McGregor VP of Sales.

Do you (or someone you work with) have mad skills with Encompass? A national independent mortgage lender is looking for a creative and collaborative Encompass Administrator who is also detail-oriented and can think quickly on his/her feet. As the job title implies, this person will be responsible for the development, management, and configuration of the company’s loan origination system (LOS). The company requires at least one year advanced configuration and scripting experience with Encompass, and one year of end-user experience is also preferred. Fortunately, Encompass is commonly used in the industry. Other desired abilities include: product management experience, strong Microsoft Excel skills, VB.NET or C# programming experience, and at least one year experience with mortgage lending practices and processes. Please email me directly, including your resume, if you are interested in this position.

Green Bank is celebrating its 5th year in Warehouse Lending, and now is offering a correspondent channel. “2017 will bring fresh correspondent opportunities for hybrid 57 yr. IOs, the return of 80/20’s and Non-QM, bolstered by the ‘New Electronic Underwriting of Complex Tax Returns.’ Introduction of these new products will provide an answer to a significant pent-up demand from buyers in need of these new types of products.” To find out more on product and warehousing contact Stan Bomar -Director of Warehouse Finance at Green Bank.

In retail job news, Little Rock, AR based Bank of England Mortgage, a company that checks all the boxes for what top producers are looking for, is searching for individuals that want to take their career to the next level. “After a record setting 2016, we are seeking experienced regional managers in the Mid-West, Northeast and Texas areas to help us grow our existing branch network to new heights in 2017. If you have retail multi-branch recruiting and management experience, the customer service attitude of an account executive and desire to work for a progressive company committed to your success, please contact us today. (Bank of England Mortgage is a division of Bank of England, NMLS 418481. Member FDIC. Equal Housing Lender. Equal Opportunity Employer. It is the policy of the Company to provide equal employment opportunities to all qualified applicants without regard to race, color, religion, sex, sexual orientation, gender identity, national origin, age, protected veteran or disabled status, or genetic information.)

Congrats to Tom Conklin! NewLeaf Wholesale has brought on the 35-year vet to lead the Sales Division in national growth and recruitment in expanding markets. “Tom’s energy infused, relationship based approach of business cultivation breeds trust, motivation and high level results for Clients and Team Members alike.” NewLeaf Wholesale is a division of Skyline Financial.

Article source: http://www.mortgagenewsdaily.com/channels/pipelinepress/02172017-sapphire-program.aspx

Loyola Marymount Preleases 50,000 SF at the Brickyard

Loyola Marymount University’s Film/TV School has preleased 50,000 square feet in the office building at 12105 W. Waterfront Dr. in Playa Vista, CA.

Set to deliver later this month within the Brickyard office park, the 296,737-square-foot office building broke ground in early 2015 within the Marina Del Rey / Venice submarket. Tishman Speyer is the owner and developer with Maltzan, Michael Architecture, Inc.

The school is scheduled to take occupancy of its new space in June 2018 and will house graduate classes within its film and tv program. The remainder of the building, including up to 9,500 square feet of ground-floor retail space listed with Runyon Group, remains available for lease.

John Ollen and Patrick Nally of Tishman Speyer exclusively represent the landlord in-house. Lisa St. John and Peter Best with LA Realty represented the tenant.

Article source: http://www.costar.com/News/Article/Loyola-Marymount-Preleases-50000-SF-at-the-Brickyard/188788?ref=/News/Article/Loyola-Marymount-Preleases-50000-SF-at-the-Brickyard/188788&src=rss

Trophy Office Properties Backing Major CMBS Issuance this Year


Even as 2017 started off with the lowest level of CMBS issuance in five years, some of the nation’s largest office landlords have stepped into the void to line up more than $1.5 billion from CMBS conduits to refinance several of their premier trophy properties.

Some are doing stand-alone, single-property offerings, such as SL Green Realty Corp. (NYSE:SLG), which closed on a $450 million refinancing of 485 Lexington Avenue, a 931,000-square-foot, 32-story Midtown office building.

Paramount Group Inc. (NYSE:PGRE) and Blackstone (NYSE: BX) secured a $975 million loan to refinance their jointly owned One Market Plaza in San Francisco. That CMBS deal is hitting the streets this week.

Boston Properties Inc. (NYSE: BXP) disclosed last week that it was pursuing CMBS lending as an option to refinance the GM Building in Manhattan.

Other owners, such as Los Angeles-based The Ratkovich Co., secured $119.5 million in financing for The Alhambra, a 21-building, mixed-use urban community in the City of Alhambra, CA. A chunk of that loan is being rolled into a multi-loan CMBS offering expected to hit the streets next week.

Boston Properties said it plans to formally approach the CMBS market later this quarter to evaluate the possibility of refinancing the GM Building. The current loan on the 50-story, 1.77 million-square-foot high-rise expires in October.

“It’s possible that we could refinance it a little bit early,” said Boston Properties’ CFO Michael LaBelle, who said there are two primary sources to do such a refinancing. The first is the CMBS market “which is a very attractive market today,” LaBelle said. “Spreads have come in over the last two or three quarters nicely.”

Boston Properties added another option is to do a syndicated bank loan.

Paramount Group and Blackstone finalized a $975 million refinancing of One Market Plaza, an approximately 1.6 million-square-foot, two-tower Class A office building. The joint venture used net proceeds from the refinancing to repay the existing $873 million loan with 6.12% interest that was scheduled to mature in December 2019. The new seven-year interest-only loan matures in January 2024 with a fixed rate of 4.03%.

Eastdil Secured placed the loan with Goldman Sachs Mortgage Co., Morgan Stanley Bank, Deutsche Bank AG, New York Branch and Barclays Bank PLC. GS Mortgage Securities is rolling out the single-borrower CMBS (One Market Plaza Trust 2017-1MKT) in the coming days.

Goldman Sachs Mortgage Co. originated a $350 million first mortgage loan for SL Green Realty’ refinancing of 485 Lexington Avenue, a 931,000-square-foot, 32-story Midtown office building.

The new financing has a 10-year term, carries a fixed effective interest rate of 4.22% and replaces the previous $450 million of debt on the property.

The refinancing also includes mezzanine debt of $100 million secured by equity interests in the borrower that will not be part of the securitized offering.

In Los Angeles, HFF secured debt and equity placements to facilitate the recapitalization of The Alhambra, a 45-acre mixed-use urban community in the City of Alhambra, CA.

HFF worked on behalf of The Ratkovich Co. and their existing institutional capital partner to recapitalize the property with new equity and debt providers: Barclays Bank, UBS AG and Rialto Mortgage Finance.

The loan has a 10-year term with an interest rate of 5.025 and is interest-only for the full term of the loan. That loan will become the lead loan in BBCMS Mortgage Trust 2017-C1, expected to be offered this month.

Article source: http://www.costar.com/News/Article/Trophy-Office-Properties-Backing-Major-CMBS-Issuance-this-Year/188845?ref=/News/Article/Trophy-Office-Properties-Backing-Major-CMBS-Issuance-this-Year/188845&src=rss

GSE Profits Put Taxpayers More Than $78 bln Ahead

Fannie Mae and Freddie Mac (the GSEs) each reported positive
financial results for the fourth quarter of 2016.  The two have posted nearly uninterrupted quarterly
profits, (Freddie Mac had a net loss of $354 million in the first quarter of
2016) since 2012.  Under the conservatorship agreement, net profits are “swept” to Treasury in the form of dividends.  After the expected Q4 dividends, Treasury will have received $78.4 billion more than the GSEs borrowed.

Fannie Mae reported annual net income of $12.3 billion
and comprehensive income of $11.7 billion in 2016.  In the fourth quarter income was $5.0 billion
and comprehensive income was 4.9 billion. 
Income in the third quarter was$3.2 billion and for all of 2015 it was
$10.6 billion

Freddie Mac’s full-year net income was $7.8 Billion and
Comprehensive Income was $7.1 Billion. 
The full-year net in 2015 was $5.80 billion.  Fourth quarter comprehensive income come in
at $4.86 billion compared to $2.31 billion in the Quarter Three.

Fannie Mae said its net revenues, composed of net
interest income and fee and other income, was $6.2 billion for the fourth
quarter
compared to $5.6 billion in the third quarter and net for the year was
$22.3 billion compared with $22.8 billion for all of 2015. Net interest income
made up $5.8 billion of the 4th quarter total compared to $5.4 billion in the
third quarter.  The increase was due to
higher guaranty fee income driven primarily by amortization income. The slight
decrease in annual net revenues, $21.3 billion compared to $21.4 billion, was
due primarily to lower net interest income from the companies retained mortgage
portfolio, almost entirely offset by an increase in guaranty fees.

The company said the continued reduction in its
retained mortgage portfolio
has meant an increasing portion of its net interest
income comes from guaranty fees. This is augmented by the increase in those fees
which was implemented in 2012.  The
company expects this trend, two-thirds of its 2016 net interest income derived
from its guaranty business, will continue.

Single-Family net income was $4.5 billion in the
fourth quarter of 2016, compared with $2.7 billion in the third quarter of
2016. The increase in net income in the fourth quarter was driven primarily by
a shift to fair value gains, partially offset by a shift to credit-related
expense. For the year, the Single-Family business had net income of $10.2
billion, compared with $8.6 billion in 2015. The increase in was driven
primarily by a shift to credit-related income.

“Our strong 2016 results reflect a multi-year drive to
improve Fannie Mae’s business model, strengthen the housing finance system, and
deliver innovation and certainty to customers,” said Timothy J. Mayopoulos,
president and chief executive officer. “We delivered new technologies that
reduce risk and cost for our Single-Family customers and help them make the
mortgage process simpler, more certain, and easier for borrowers. Our
Multifamily business achieved record volume in 2016, and we deepened our
commitment to delivering solutions that support affordable and workforce
housing. We look forward to another year of progress as we continue to improve
our operations and deliver greater value to our partners, the industry, taxpayers,
and the housing market.”

Freddie Mac said its fourth quarter increase in net
income of $2.5 billion was primarily driven by two market-related items:  an estimated $2.0 billion, after-tax,
estimated fair value gain as longer term interest rates increased, and a $0.3
billion after-tax gain compared to $0.5 billion in the third quarter as market
spreads tightened less quarter-over-quarter.

The company’s net interest income was $14.4 billion
for all of 2016, a decline of $567 million from full-year 2015.  The company said the change reflects a
decline in the balance of the company’s investment portfolio, partially offset
by an increase in guaranty fee income from its single-family book of
business.  That was, in turn, driven by
higher amortization of upfront fees as loans were liquidated at a higher rate
due to the low interest rate environment and by higher average guarantee fees.

Fourth quarter net interest income was $3.9 billion,
an increase of $239 million from the third quarter.  This was also due to higher amortization fees
coming through increased liquidations.

Daniel Layton, Freddie Mac’s CEO said, “2016 marked
Freddie Mac’s fifth consecutive year of profitability, reflecting not only an
improving economy but also the very successful work we have done to transform
the company.  Our single-family business
continues to grow, and we were once again the nation’s leading multifamily
lender. We have the best overall credit quality in nearly a decade.  Additionally, we are the leading innovator in
credit risk transfer and the efficient reduction of legacy assets – enabling us
to systematically reduce taxpayer exposure to mortgage risks.

At the end of the fourth quarter Fannie Mae’s net
worth was $6.1 billion
and Freddie Mac’s was $5.1 billion.  Under the terms of their Preferred Stock
Purchase Agreement with the Treasury Department, the two will pay 4th quarter
dividends of $5.5 billion and $4.5 billion respectively; their total net worth
less a capital reserve which is reduced quarterly.  The capital reserve will be zero beginning on
January 1, 2018.

Including the expected 4th quarter dividend payment, Fannie
Mae will have paid Treasury $159.9 billion in dividends and Freddie Mac $105.9
billion.  Under Federal Conservatorship
the two have drawn $116.1 billion and $71.3 billion respectively from the
Treasury, debts that are still outstanding (that puts taxpayers in the black to the tune of $78.4 bln). 
Neither has required a draw since the fourth quarter of 2011.

Article source: http://www.mortgagenewsdaily.com/02172017_gse_financial_results.asp

CoStar’s People of Note (Feb. 17)


It’s time to update those contact managers with CoStar’s People of Note, reporting news on significant new CRE hires and promotions. This week’s issue includes the following markets: Orange County, New York City, South Florida, Los Angeles, Chicago, Salt Lake City, Dallas / Ft. Worth, Sacramento, Washington DC and Charlotte.


ORANGE COUNTY

Savills Studley Acquires Cresa Orange County

Sharf, Murphy to Co-Lead Combined Tenant Rep Office in SoCal
By Justin Sumner

Savills Studley has acquired Cresa Orange County in a move to increase the firm’s presence in the region while growing its tenant-representation platform across the country.

Savills Studley has had an office in Orange County since 1987, founded by Royce Sharf, executive vice president with Savills Studley, who will work alongside long-time friend and industry veteran Pat Murphy (pictured, right), former managing principal of Cresa Orange County, to co-manage the expanded operation. Between the two offices, there will be a total headcount of 56, making Savills Studley the largest tenant advisory group in the region.


NEW YORK CITY

Savills Studley Acquires RP Capital to Bolster CMG

By CoStar News Staff

Savills Studley acquired the New York City-based investment advisory firm RP Capital, headed by Michael Rotchford and David Heller, to form a new capital markets group within the firm to be co-headed by Rotchford and current Savills Studley investment sales leader Woody Heller.

In addition, Paul Leibowitz and David Krantz from CBRE have joined the new capital markets group at Savills Studley. The new members of Savills Studley’s expanded capital markets team have been involved in a several notable transactions.


CoStar’s People of Note is published each Friday covering the latest commercial real estate executive level promotions and new hires.
Click on the headline of each article to jump to full coverage.
Follow the news on Twitter @TheCoStarGroup and @JSumner2.

Send new executive hires and promotion announcements to news@costar.com.


Marcus Millichap Announces String of Promotions in Fort Lauderdale Office

Marcus Millichap, a leading commercial real estate investment services firm with offices throughout the United States and Canada, announced several executive-level promotions in the firm’s Encino, CA and Fort Lauderdale, FL offices.

Marcus Millichap Announces Even More Promotions in Encino Office

By Justin Sumner Arlene Reyes


CHICAGO

MBRE Elevates Graff to EVP of Project Services

By Bryce Meyers

MB Real Estate has promoted David Graff to executive vice president of its project services division.

Graff has spent more than a decade with MBRE. During that time, he has managed more than $1 billion worth of projects. Before that he served as a senior vice president of development at The Walken Co. and later as a principal with Keystone real Estate Services.


SALT LAKE CITY

CBC Advisors Recruits Kirk to Lead SLC Expansion

By Eduardo Miranda

Coldwell Banker Commercial (CBC) Advisors has recruited Chris Kirk (pictured, left) to head up its expansion efforts in the Salt Lake office sector. The newly-named managing director will lead CBC’s new office opening next month.

With more than 20 years in commercial real estate, Kirk most recently served as an executive director with Cushman Wakefield/Commerce and is the current incoming president of the Utah Chapter of the Society of Industrial and Office Realtors (SIOR).

Travis Yates (pictured, right) joins the new office as a vice president. He previously worked with Kirk at CW/Commerce.


DALLAS / FT. WORTH

Karanges Joins Innovative Developers

By James Lutz

Nick Karanges has been named senior vice president of real estate services at Innovative Developers, a full-service commercial real estate developer headquartered in Fort Worth, TX.

Karanges is a former agent with Transwestern who has been involved with office, leasing, industrial sales and residential sales. Most recently, he served as a publisher/senior account executive for the Fort Worth Business Press.


SACRAMENTO

29th Street Capital Appoints Acquisition Director

By Jerome Nool

29th Street Capital has hired Saim Chaudhry to oversee the firm’s activity in Sacramento as acquisition director. In his new role, Chaudry will head up multifamily acquisition efforts and asset management strategies in the market. He will also manage capital projects and select third-party management partners.

Chaudry previously worked at Golden State Homes and Davis Berk Realty.


WASHINGTON DC

Ross Cos Hires New VP of Acquisitions

By Christopher Fano

Ross Cos. has hired Michael P. Daugard as its new vice president of acquisitions.

Daugard brings more than 17 years of experience to the firm. Prior to joining Ross, Daugard served as a vice president with private real estate investment management and advisory firm, Rubenstein Partners. He spent the majority of his career with Washington Real Estate Investment Trust, leaving as the firm’s director of acquisitions and portfolio management.


CHARLOTTE

New Forum Appoints CFO

By Rudolph V. Walker III

New Forum, a real estate development, management and operating firm, has appointed Amanda Gardner to CFO. In her new role, Gardner will oversee all investor and banking relationships, as well as manage the firm’s financials.

Amanda Gardner joined New Forum in 1998 and has held several roles in accounting, finance, development and human resources. Most recently, she served as executive vice president and controller.


WASHINGTON DC

JBG Smith Properties Appoints Theriot to CFO

By Bryce Meyers

Vornado Realty Trust CFO Stephen W. Theriot has been selected as CFO of JBG Cos. and Vornado Realty Trust’s new public company set to launch next quarter. Effective February 15th, Theriot will oversee all financial aspects of JBG Smith Properties, the result of Vornado’s spin-off of its Vornado/Charles E. Smith affiliate as a separate business and subsequent merger with certain select assets of The JBG Cos.

Theriot has served as CFO of Vornado Realty Trust since 2013. An industry veteran with more than 30 years of experience in finance and accounting, he has also served as a partner with Deloitte Touche where he managed the firm’s Northeast real estate practice.


CHICAGO

Quantum Real Estate Advisors Adds Associate

By Olivia Schneider

Quantum Real Estate Advisors has hired Zack Hilgendorf as an associate. In this position, Hilgendorf will broker the acquisition and sale of investment properties throughout the U.S.

Prior to joining Quantum, Hilgendorf worked as a retail investment broker for a local brokerage and investment firm where he was tasked with targeting, analyzing and acquiring properties for the company’s investment strategy. He also has experience in property management.


Follow the news on Twitter @TheCoStarGroup and @JSumner2.
Check out last week’s edition of People of Note.


Article source: http://www.costar.com/News/Article/CoStars-People-of-Note-Feb-17-Savills-Studley-Marcus-Millichap-Making-Moves-on-Both-Coasts/188890?ref=/News/Article/CoStars-People-of-Note-Feb-17-Savills-Studley-Marcus-Millichap-Making-Moves-on-Both-Coasts/188890&src=rss

MBS RECAP: Week Ends Roughly Where it Began, with Bonds Drifting

For all the sturm and drang seen in the middle of the week, trading levels somehow managed to hit today’s 3pm close almost perfectly in line with Monday morning’s levels.  As expected, Monday and Friday were relative non-events, given that neither contained any interesting data or events on the calendar.

This week’s drama was primarily reserved for Tuesday and Wednesday.  The biggest event of the week for bonds was arguably the release of Yellen’s prepared congressional testimony at 10am on Tuesday morning.  Markets were looking for some read–ANY read–on the Fed’s most timely thoughts on rate hikes.  When the first few newswires specifically mentioned the need to hike sooner vs later, it was off to the races for bond yields.  

Wednesday saw the weakness continue.  At issue were two pieces of strong economic data in the form of Retail Sales and the Consumer Price Index.  By their powers combined, market participants quickly increased the odds of a March rate hike from the Fed.  10yr yields and MBS followed the weakness at first, but the move ended up fizzling out in short order.  It looked like the bond market was ready to put it’s foot down after 5 straight days of weakness.  

While Wednesday ended with rates in weaker territory than Tuesday, an intraday push back had already begun.  The positive momentum remained through today, leaving us very much in the middle of the post-election consolidation range–about as far away from momentum signals as we can be.

Note: bond markets are closed on Monday for Presidents Day.

Article source: http://www.mortgagenewsdaily.com/mortgage_rates/blog/707372.aspx

Marcus & Millichap Announces Longer String of Promotions in Encino Office (UPDATE)

Marcus Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, announced several executive-level promotions in the firm’s Encino, CA office, according to Jim Markel, regional manager.

Jeff Louks has been named an executive managing director investments. Previously Louks was an executive vice president investments. He specializes in multifamily property investments and is a senior director of Marcus Millichap’s National Multi Housing Group. Louks has been with the firm since 1987 and has been consistently one of the top agents in the country over his 30 year career.

Earle Hyman has been named as a senior managing director investments. Previously Hyman was a senior vice president investments. He specializes in multifamily property investments and is a senior director of Marcus Millichap’s National Multi Housing Group. Hyman has been with the firm since 1986.

Brandon Michaels has been named as a senior managing director investments. Previously Michaels was a first vice president investments. He specializes in retail and office property investments and is a senior director of Marcus Millichap’s National Retail Group. Michaels has been with the firm since 2004.

Mike James has been named as a senior managing director investments. Previously James was a first vice president investments. He specializes in net-lease retail property investments and is a senior director of Marcus Millichap’s Net Leased Properties Group. James has been with the firm since 2009.

Dave Lincoln has been named as a senior vice president investments. Previously Lincoln was a first vice president investments. He specializes in office and industrial property investments and is a member of Marcus Millichap’s National Office and Industrial Properties Group. Lincoln has been with the firm since 1980.

Article source: http://www.costar.com/News/Article/Marcus-Millichap-Announces-Longer-String-of-Promotions-in-Encino-Office-UPDATE/188822?ref=/News/Article/Marcus-Millichap-Announces-Longer-String-of-Promotions-in-Encino-Office-UPDATE/188822&src=rss

Marcus & Millichap Announces String of Promotions in Encino Office

Marcus Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, announced several executive-level promotions in the firm’s Encino, CA office, according to Jim Markel, regional manager.

Jeff Louks has been named an executive managing director, investments. Previously Louks was an executive vice president investments. He specializes in multifamily property investments and is a senior director of Marcus Millichap’s National Multi Housing Group. Louks has been with the firm since 1987 and has been consistently one of the top agents in the country over his 30 year career.

Earle Hyman has been named as a senior managing director, investments. Previously Hyman was a senior vice president investments. He specializes in multifamily property investments and is a senior director of Marcus Millichap’s National Multi Housing Group. Hyman has been with the firm since 1986.

Brandon Michaels has been named as a senior managing director, investments. Previously Michaels was a first vice president investments. He specializes in retail and office property investments and is a senior director of Marcus Millichap’s National Retail Group. Michaels has been with the firm since 2004.

Mike James has been named as a senior managing director, investments. Previously James was a first vice president investments. He specializes in net-lease retail property investments and is a senior director of Marcus Millichap’s Net Leased Properties Group. James has been with the firm since 2009.

Dave Lincoln has been named as a senior vice president, investments. Previously Lincoln was a first vice president investments. He specializes in office and industrial property investments and is a member of Marcus Millichap’s National Office and Industrial Properties Group. Lincoln has been with the firm since 1980.

Article source: http://www.costar.com/News/Article/Marcus-Millichap-Announces-String-of-Promotions-in-Encino-Office/188822?ref=/News/Article/Marcus-Millichap-Announces-String-of-Promotions-in-Encino-Office/188822&src=rss

MBS Day Ahead: Longer-Term Bonds Trying to Resist

Today begins with another glut of economic data at 8:30am, although it’s fairly tame compared to yesterday’s CPI/Retail Sales duo.  Housing Starts are expected to come in at 1.222 mln after last month’s 1.226 mln reading.  The analogous numbers for Building Permits are 1.23mln vs 1.228 mln previously.  The only other consequential data at 8:30am is the Philly Fed Index, expected in at 18.0 vs 23.6 previously.  Jobless Claims comes out at the same time, but it’s not a market mover these days.

Beyond that, bond markets–especially longer-dated bonds (7, 10, 30yr yields and Fannie 3.5 MBS, for a few examples) will be doing their best to cling to edge of the consolidation range broken yesterday.  In terms of technical analysis, most chartists consider the first day of a technical breakout to be a “test”–a sort of arming of a market bomb.  A second day spent on the other side of the recently-broken line is required for “confirmation.”  

In that sense, if 10yr yields are able to close below 2.48 today, yesterday’s breakout would be robbed of some validity.  At the very least, it would strongly reinforce the broader horizontal range between 2.3 and 2.53% for 2017.

Article source: http://www.mortgagenewsdaily.com/mortgage_rates/blog/706810.aspx