Commercial Real Estate & Business News – May 4, 2017

Development in Phoenix is rising, and it is causing even more obstacles for affordable housing advocates. There are only 18 affordable units available per 100 renter households in metro Phoenix, according to the National Low Income Housing Coalition. Only four cities in the U.S. have fewer affordable units...»

Watt Communities of Arizona today announced that it has reached 100 percent sold out at Dorsey Lane, the residential townhome community near downtown Tempe that marked the company's entrance into Arizona's upscale urban infill housing market. Today, Watt's presence has expanded into a $73 million project pipeline, with six properties either under construction or now selling in submarkets across metro Phoenix...»
Portland on the Park's first residents have moved into the condominium community developed by Phoenix-based Habitat Metro and Sunbelt Holdings. The project, which is Phase II of the completed Portland Place project, is now 72 percent sold. Prospective residents can now tour custom-furnished models while taking in incredible views of the Valley...»
Over the next six months, roughly $55.8 billion in CMBS debt will come due, according to Trepp's April CMBS report. Experts believe that tighter regulations in the financial markets have made it more difficult and more expensive for these loans to be refinanced. With retail and office loans comprising roughly 53 percent of the volume maturing through September, the commercial real estate financing industry has been taking greater caution and adopting more conservative underwriting standards...»
The delinquency rate has been increasing since the fourth quarter of 2016, when it was 5.9 percent, to 7.8 percent as of April, according to S&P Global data...»

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