Market fundamentals, including employment and financing, are seen as the important drivers for the housing market, rather than government intervention. “It really has to recover on its own,” said David Tobin.
Midland Loan Services has put on the sales block a pair of nonperforming loans with a combined balance of $40.8 million against properties in Lansing, Mich., and Parsippany, N.J. The special servicer has tapped Mission Capital Advisors to orchestrate the sale. It has set a March 8 deadline for indicative bids and will hold a final round of bidding on March 20, with a quarter-end closing target.
Construction lending is making a comeback in Brooklyn because rental and condo prices are rising at a faster rate than land costs.
It’s really hard to build rentals in Manhattan because of the land costs, said Jordan Ray, managing director of debt and equity at Mission Capital Advisors. The deals (in Brooklyn) make sense from a return on cost perspective, whereas it wouldn’t in places like Manhattan where there’s just no land.