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Volume 2 - Number 2 | January 27, 2005
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TOP STORY: Offshore Investors Continue To Head For US Real Estate—But Might Stop Soon
By Benjamin Mark Cole
A recent report issued by Wachovia Securities indicates that the cheap US dollar continues to signal a buying opportunity for offshore investors. Debt issued in America, whether by private-sector corporations, or government-backed agencies such as Ginnie Mae and Fannie Mae, continues to sell well, especially to foreign buyers, according to the bank’s Market Summary Package report released on Jan. 19.
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10 MINUTES WITH...Jody Thornton Jr., Holliday Fenoglio Fowler LP
By Erika Morphy
As executive managing director of Holliday Fenoglio Fowler and one of the nine members of the HFF operating committee, Jody Thornton might see some $22 billion worth of deals every year. And with good reason: Thornton is responsible not only for the Dallas office, where he is based, but also for the overall direction of the firm’s 16 other offices scattered across the country.
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Sub-Prime Lenders Moving From Core Activities; Some Moves Concern Analysts
By Erika Morphy
Subprime real estate lenders—a group typified by companies such as Ameriquest Mortgage, Countrywide Financial and New Century Mortgage Corp.—are positioning themselves for the inevitable decline in the cash-out refi boom in a variety of ways. Some are getting set to make a play for the prime market. Others are diversifying their core product set. Much depends on the individual company, of course, but, generally speaking, analysts favor the former and are less than thrilled about the latter.
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Convention Center Financing Increasingly Complex; Chicago Center May Default On Bonds
By Benjamin Mark Cole
There is a national glut of convention center space, and the industry appears to be in a long-term funk, if not decline. Indeed, some favorite convention towns, such as Atlanta and New Orleans, have seen their convention center bookings—critical to maintaining revenue on this valuable real estate—whacked in half or more since the late 1990s. And now it seems the nation’s largest meeting complex, Chicago’s McCormick Place, will soon have to turn to a state rescue to pay off its bonds, according to Moody’s Investors Services.
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