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Volume 3 - Number 9 | May 8, 2006
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TOP STORY: Immigration Boosting Real Estate Values
By Benjamin Mark Cole
Illegal aliens--a group as large as 20 million by some estimates--are boosting property values, especially in decaying neighborhoods revitalized by immigration. They constitute a large and growing force in the political, economic and investment spheres in the United States, experts say.
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Secondary Securities Market Could Emerge
By Erika Morphy
A San Francisco-based private equity firm that buys real estate interests in the secondary markets has closed what it believes to be the largest trade to date, prompting principals at the firm to declare that an active secondary market for private equity funds is imminent. Liquid Realty Partners announced last week that it purchased a real estate portfolio of United Kingdom-based Jersey property unit trusts valued at more than US$775 million.
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Capital Watch: Church Mortgages Securitized
By Benjamin Mark Cole
Foundation Capital Resources Inc. has successfully pooled and sold $137 million in notes in what is being described as the first true securitization of mortgages backed by church assets. The Jackson, MS unlisted REIT reports the mortgages are backed by 177 church properties representing 30 denominations in 32 states.
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Terrorism Insurance Concerns Hit CMBS Radar
By Erika Morphy
When Congress extended the Terrorism Risk Insurance Act last December, it was only a temporary reprieve. The admonitions by many in Congress and the Bush Administration have made it clear that a federal backstop is unlikely to be extended again, at least without the insurance and real estate industries shouldering a greater proportion of the risk.
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