Commercial Real Estate & Business News – December 21, 2016

Ratings agencies are giving the CMBS outlook a mixed report card, with Moody's Investors Service saying Monday that property-level fundamentals will continue recovering unevenly across property sectors and metropolitan areas. At Morningstar Credit Ratings, the forecast calls for a payoff rate between 50% and 60% in 2017 as heavily leveraged legacy CMBS loans face difficulties refinancing...»

The inventory of homes for sale continues to shrink. There were 2.02 million homes listed for sale at the end of October, representing only 4.3 months' supply. A balanced market would be closer to 6-to-7 months' supply. From a year ago, the raw inventory count was down 4%, which marked nearly two straight years of decline...»

 

The Tempe Streetcar project is expected to span three miles and be completed in 2017, with construction starting later in 2017 and anticipated service beginning in 2020. The $177 million project has been organized with the use of federal, regional and local funds, representatives say...»

Scottsdale-based Santé Operations LLC is planning a senior living campus in Glendale that will employ about 125 people. The new project, to be called Santé at Westgate, will begin renovations in April on an existing structure at 7410 N. Zanjero in April...»

Located less than one half mile south of The University of Arizona Campus, Cherry Park Studios student housing complex closed for $165 per square foot. Cherry Park Studios consists of 17 student housing apartments. The property was originally built in 1952, then expanded by the American Red Cross in 1985...»

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