PEARL RIVER—Webster Financial Corporation and Sterling Bancorp jointly announced today (April 19) that their boards of directors have approved by unanimous vote a definitive agreement under which the two companies will combine in an all-stock merger deal that put the market value of the company at approximately $10.3 billion. Under the terms of the agreement,…
Read MoreWASHINGTON—Delinquency rates for mortgages backed by commercial and multifamily properties decreased again in March, reaching the lowest level since the onset of the COVID-19 pandemic, according to the Mortgage Bankers Association's latest monthly CREF Loan Performance Survey. “Commercial and multifamily mortgage delinquencies fell for the third straight month in March and are now at their…
Read MoreALBANY—The average bonus paid to employees in New York City’s securities industry grew by 10% in 2020 to $184,000, in line with the city’s most recent 9.9% projection, likely allowing the city to meet or exceed its income tax revenue projections in FY2021, according to annual estimates released today by New York State Comptroller Thomas…
Read MoreWASHINGTON—The Fannie Mae Home Purchase Sentiment Index decreased in February by 1.2 points to 76.5. Four of the HPSI’s six components fell month over month, including most notably homebuying conditions and household income components. Offsetting much of that decline, however, was increased optimism regarding job security, with consumers reporting a significantly more positive view of…
Read MoreBREWSTER—The Board of Directors of Tompkins Mahopac Bank announced on Feb. 4 that Gerald J. Klein, Jr. will retire as president and CEO of Tompkins Mahopac Bank after 26 years of service to the company. Tompkins Mahopac Bank also announced the appointment of David DeMilia, currently senior vice president, to president and CEO. Klein will…
Read MoreNEW YORK—The New York State Homes and Community Renewal, New York City Department of Housing Preservation and Development and Douglaston Development announced on Jan. 5 the closing of construction financing for a 188-unit affordable senior housing development in the Bedford Park area of the Bronx. The development will include a new supermarket on the ground…
Read MoreNEW YORK—Gotham Organization, in partnership with Goldman Sachs Urban Investment Group, has closed on a $162.35-million loan from co-lenders, Wells Fargo Bank, N.A and U.S. Bank, N.A. In addition, Goldman Sachs Urban Investment Group, in collaboration with Gotham, is also investing more than $70 million to complete the capitalization of the 55 Suffolk St. development.…
Read MoreWhat happens when real estate is not purchased with the best of intentions? In the broadest of terms, as real estate agents and brokers, the end-goal is to make the sale, (hopefully) have the buyer and seller walk away happy as a result of the deal and collect our commissions. At what point in the…
Read MoreWASHINGTON—The Federal Housing Finance Agency announced on Nov. 24 the maximum conforming loan limits for mortgages to be acquired by Fannie Mae and Freddie Mac in 2021. For high-cost areas in which 115% of the local median home value exceeds the baseline CLL, the maximum loan limit will be higher than the baseline loan limit.…
Read MoreNEW YORK—The Community Preservation Corp. a leading New York City-based nonprofit affordable housing and community revitalization finance company, has announced the launch of the new Flex Small Loan program for small multifamily properties. The new program, which includes both construction and permanent financing offering loans as low as $100,000, was created to address the unique…
Read MoreWASHINGTON—The Mortgage Bankers Association announced on Oct. 21 that purchase originations are expected to grow 8.5% to a new record of $1.54 trillion in 2021. After a substantial 70.9% jump in activity in 2020, MBA anticipates refinance originations will slow next year, decreasing by 46.3% to $946 billion. MBA's 2021 outlook was presented virtually at…
Read MoreNEW YORK—Commercial real estate finance firm Greystone reports it has arranged the closing of a $289,289,000 permanent Freddie Mac loan made to an affiliate of BLDG Management Company, Inc. (“BLDG”) for The Summit multifamily rental tower in Midtown Manhattan. The new 10-year, fixed-rate Freddie Mac loan refinances the original $251-million construction credit facility provided by…
Read MoreNEW YORK—SL Green Realty Corp reported on Sept. 8 it had closed on a new $600-million construction facility for its 410 Tenth Ave. project. SL Green is redeveloping the 636,000-square-foot office building that is anchored by Amazon and First Republic Bank. The loan was provided by a consortium of domestic and international banks led by…
Read MoreWHITE PLAINS—The Board of Directors of Westchester County’s Local Development Corporation (LDC) recently voted to approve more than $340 million in bond financing for two major not-for-profits. At its August 20th meeting, the LDC board unanimously approved $300 million in bond financing for Westchester County Healthcare Corporation, the public authority responsible for governing the Westchester…
Read MoreWASHINGTON—A little over a week after first proposing a controversial 0.5% Adverse Market Refinance Fee on Fannie Mae and Freddie Mac loans, the Federal Housing Finance Agency announced on Aug. 25 that it would delay the fee’s implementation until Dec. 1, 2020. The FHFA first announced the Adverse Market Refinance Fee on Aug. 12 and…
Read MoreWASHINGTON—The Mortgage Bankers Association reported on Aug. 17 that the share of late FHA loans rose to nearly 16% in the second quarter, up from about 9.7% in the previous quarter. The second quarter FHA delinquency rate was the highest level on record dating back to 1979. The delinquency rate for mortgage loans on one-to-four-unit…
Read MoreALBANY—While noting that July labor statistics are expected to be released soon, New York State Comptroller Thomas DiNapoli issued a report today that chronicled both the devastating impacts to the state’s labor force in the early days of the coronavirus pandemic and the recent inroads that have been made toward recovery since the state’s economy…
Read MoreALBANY—As the New York State economy continues its reopening process and the state continues to post low COVID infection numbers, local sales tax collections are improving, although still down compared to last year. Sales tax revenue for local governments in July fell 8.2% compared to the same period last year, according to New York State…
Read MoreNEW YORK—Fort Schuyler House, Inc., MDG Design + Construction, LLC, Smith & Henzy Advisory Group, Inc., Concord Management of New York, and partners recently celebrated the completion of the $52.7-million revitalization and refinancing of Fort Schuyler House, an affordable senior housing development in the Bronx. The project preserves the affordability of Fort Schuyler House’s 138…
Read MoreALBANY—The COVID-19 pandemic has negatively affected many local governments’ revenues and its impact will likely be severe for many municipalities’ finances, according to a report released on July 9 by New York State Comptroller Thomas P. DiNapoli. As sales tax revenues fall by double-digits and state aid is reduced or delayed, DiNapoli called on the…
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