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Volume 3 - Number 13 | July 10, 2006
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TOP STORY: Eminent Domain Remains a Contentious Issue
By Erika Morphy
On the one-year anniversary of Kelo v. City of New London, the Bush Administration weighed in on the still controversial issue by declaring that federal agencies cannot seize private property except for public projects like highways or hospitals. Experts say the gesture was largely symbolic.
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Profile: Transwestern’s Cliff Mendelson
By Alex Finkelstein
It sounds like a big operation with layers of personnel and support staff. But when the numbers are counted at the end of the day, only two individuals have brought in the money at Transwestern Commercial Services’ Mid-Atlantic structured finance group.
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Alternative Real Estate Assets Could Be Securitized
By Erika Morphy
A Fitch Ratings executive predicts the CMBS industry will see some interesting non-traditional real estate asset classes securitized within the next year, beginning as early as this summer. Senior director Joseph Kelly will not reveal specific property types because of client confidentiality. However, he says they go beyond esoteric collateral like golf courses and self-storage facilities--collateral outside the main CMBS groups, but familiar to rating agencies and investors.
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Behind the Deal: Challenges of Student Housing Sale
By Alex Finkelstein
It was supposed to be a routine deal: two student housing properties in Florida’s capital selling for a total of $44.6 million. But the deal turned out to be anything but routine. The two sales--which included multiple assumptions of existing conduit financing, as well as defeasance of an existing loan and the placing of new debt--took six months to complete.
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