New York developer Silverstein Properties Inc. built a $4 billion pipeline of real estate deals just weeks after starting. None of the money was for buildings it will own.
The developer of prominent New York city skyscrapers such as 3 World Trade Center has jumped into property lending as demand for financing grows and yields are more attractive. Silverstein set up its first lending venture earlier this month and already has a slew of potential deals going to projects in New York City. Others, including Oxford Properties Group, also have big plans to finance other builders.
“Supply and demand characteristics in New York and throughout the country are good—we think that there’s years to run in this cycle,” Michael May, president of Silverstein’s new lending venture, said in a telephone interview. “In New York, the dollars are big enough and Silverstein’s footprint here is big enough that I think we could run the entire business just doing New York if we wanted to.”
As big banks have pulled back, a flood of more lightly regulated non-banks has rushed in to fill the void across industries. In real estate, that includes debt funds, mortgage REITs and developers, often backed by private equity or other institutional capital. Property research firm Green Street Advisors LLC estimates that U.S. originations by these lenders surged more than 40 percent in 2017 compared with the year before to almost $60 billion, and should rival that of life insurance companies and commercial mortgage-backed securities this year.
The opportunity is partly due to what Silverstein sees as a “gap in financing” that has its origins in the 2008 financial crisis. Since then, large banking institutions have faced heightened regulation and become more stringent in underwriting projects. That has taken a toll on their ability to lend to the construction industry, where there tend to be more risks and higher costs.
“You end up with accounting treatment reserves and with regulatory capital treatment on a lot of these asset classes, which has become extremely challenging for banks,” said May, who had previously worked at Credit Suisse Group AG and Cantor Commercial Real Estate Lending LP, overseeing the origination and distribution of real estate products. “We can be more nimble, move more quickly and we’re not impeded by an overlay of rules and regulations that challenge our assessment of risk.”
Silverstein hasn’t closed on any lending deals yet. The company is also looking at financing projects in other U.S. markets including Los Angeles, Seattle and Boston.
Blackstone Mortgage Trust Inc., managed by a subsidiary of Blackstone Group LP, the biggest private-equity real estate investor, originated a $1.8 billion construction loan earlier this year for an office tower in Manhattan’s Hudson Yards.
Silverstein’s lending platform is backed by a sovereign wealth fund and a pension fund with “deep pockets” and has no maximum loan amount.
Then there’s Oxford, the property unit of Canadian pension fund OMERS, which has invested more than $3 billion in loans and plans to more than double that amount in three years.
Ares Faces Onslaught of Rivals After Pioneering Direct Lending
A key opportunity for Silverstein is lending to projects that are too pricey from an equity perspective. The returns they get are still attractive, but less risky, May said.
“There’s a lot of demand for capital and there’s a lot of good quality assets being built, but maybe at pricing that we think is higher than we would want to operate,” May said. “Those projects need capital, in a spot where we’re very comfortable lending.”
Foreign investors have also been betting on higher-risk loans to developers as increases in Libor, a major benchmark for global interest rates, make yields on U.S. developments more attractive, and help add liquidity to the debt market — more than “at any point in this cycle,” said Aaron Appel, Jones Lang LaSalle Inc.’s vice chairman and head of New York City capital markets debt & equity.
“Despite the political environment, the U.S. is still the most stable place to invest globally of any country.” He added that national property rights laws and federal efforts to elongate current economic growth have also favored foreign investment.
“If there’s a decline in asset values, the lender is more protected than the equity investor,” Dave Bragg, managing director at Green Street, said by phone. “The incentive for many players is the perception that returns on debt are higher than what one could underwrite on the acquisitions of real estate today.”
The growing number of lenders has resulted in a market where capacity outweighs demand, especially for assets that already are generating income, Bragg said. Yields for riskier construction loans are higher and there are fewer lenders competing to provide them. Banks are still the primary source of that financing but are limited by regulation because of the longer time line and and larger amounts of capital required.
“Construction is one of the few spots where you can get to double-digit yields in this market as a lender,” Silverstein’s May said, adding that the company has a competitive advantage because of its experience as a developer and better understanding of the underwriting risk. Oxford’s head of New York and global credit Kevin Egan also sees a gap in construction loans and high-yield loans and plans to make more.
Lenders in real estate have for the most part been prudent, but as more lenders rush in to capitalize on this opportunity, there are concerns that could lead to a decline in lending standards and a construction glut. The non-bank lenders are more lightly regulated, which means there is less transparency, said Peter Muoio, chief economist at Ten-X Research.
“Most real estate cycles ultimately reach a period of excessive construction,” Bragg said. “If that happens in the cycle, the debt funds and mortgage REITs would be contributing to that and would ultimately lead to weaker fundamentals and perhaps lower asset values several years down the road.”
Web & Domain Protection Software Market SWOT Analysis by Key Players: Leaseweb, Namecheap, SiteLock, Verisign, Sucuri
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Global Web & Domain Protection Software Market By Application/End-User (Value and Volume from 2019 to 2025) : Large Enterprises & Small and Medium-sized Enterprises (SMEs)
Market By Type (Value and Volume from 2019 to 2025) : , Cloud-Based & On-Premise
Global Web & Domain Protection Software Market by Key Players: ZeroFOX, Comodo, Domain.com, GoDaddy, Register.com, Leaseweb, Namecheap, SiteLock, Verisign, Sucuri, Cloudflare, Pointer Brand Protection, Sasahost, WebARX, AppRiver, Rebel.com
Geographically, this report is segmented into some key Regions, with manufacture, depletion, revenue (million USD), and market share and growth rate of Web & Domain Protection Software in these regions, from 2012 to 2022 (forecast), covering China, USA, Europe, Japan, Korea, India, Southeast Asia & South America and its Share (%) and CAGR for the forecasted period 2019 to 2025.
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Some of the important question for stakeholders and business professional for expanding their position in the Global Web & Domain Protection Software Market :
Q 1. Which Region offers the most rewarding open doors for the market in 2019?
Q 2. What are the business threats and variable scenario concerning the market?
Q 3. What are probably the most encouraging, high-development scenarios for Web & Domain Protection Software movement showcase by applications, types and regions?
Q 4.What segments grab most noteworthy attention in Web & Domain Protection Software Market in 2019 and beyond?
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Key poles of the TOC:
Chapter 1 Global Web & Domain Protection Software Market Business Overview
Chapter 2 Major Breakdown by Type [, Cloud-Based & On-Premise]
Chapter 3 Major Application Wise Breakdown (Revenue & Volume)
Chapter 4 Manufacture Market Breakdown
Chapter 5 Sales & Estimates Market Study
Chapter 6 Key Manufacturers Production and Sales Market Comparison Breakdown
Chapter 8 Manufacturers, Deals and Closings Market Evaluation & Aggressiveness
Chapter 9 Key Companies Breakdown by Overall Market Size & Revenue by Type
Chapter 11 Business / Industry Chain (Value & Supply Chain Analysis)
Chapter 12 Conclusions & Appendix
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BY SYLVIA SANCHEZ
Bombastic barrister Michael Avenatti facing new indictment for Nike ‘shakedown’
Prosecutors slapped trash-talking attorney Michael Avenatti with a new charge Wednesday for his alleged shakedown of Nike while also reducing the legal risk for celeb lawyer Mark Geragos, who is implicated in the case.
The new indictment filed in Manhattan Federal Court eliminated conspiracy charges against Avenatti, who is accused of attempting to extort the shoe giant for more than $20 million or he’d go public with claims the company secretly paid college basketball prospects.
Avenatti and Geragos were representing Gary Franklin Sr., a prominent figure in the youth basketball world, when prosecutors say Avenatti crossed the line from legal advocate to criminal.
A conspiracy charge requires an agreement with a second person, raising the possibility that Geragos was the other person involved in the alleged extortion plot. But in the new indictment, prosecutors replaced two conspiracy charges with an honest services fraud charge against Avenatti. The evidence in the case remains the same.
“I’ll go take $10 billion off your client’s market cap… I’m not f—–g around,” Avenatti told Nike lawyers on March 20, according to a criminal complaint.
Avenatti, 48, demanded Nike hire him and Geragos to conduct an internal investigation paying up to $25 million, the complaint reads.
Avenatti has pleaded not guilty and said he’s the victim of “vindictive prosecution” due to his criticism of President Trump. As part of his defense, Avenatti seeks to introduce evidence of Nike payments to college basketball players.
Geragos, a Los Angeles-based attorney who has represented celebrities including Winona Ryder, Kesha, Colin Kaepernick and Michael Jackson, did not respond to an email. He has not been charged.
“I am extremely pleased that the two counts alleging I engaged in a conspiracy against Nike have just been dismissed by Trump’s DOJ. I expect to be fully exonerated when it is all said and done,” Avenatti tweeted.
A trial is set for January.
Avenatti is separately charged in Manhattan with stealing $300,000 from a book deal made by his former client, porn star Stormy Daniels, who claims to have had an affair with Trump. Avenatti became famous in large part through his aggressive representation of Daniels.
By STEPHEN REX BROWN
Elon Musk picks Berlin for Tesla’s Europe Gigafactory
Elon Musk said Tuesday during an awards ceremony in Germany that Tesla’s European gigafactory will be built in the Berlin area.
Musk was on stage to receive a Golden Steering Wheel Award given by BILD.
“There’s not enough time tonight to tell all the details,” Musk said during an on stage interview with Volkswagen Group CEO Herbert Diess. “But it’s in the Berlin area, and it’s near the new airport.”
Tesla is also going to create an engineering and design center in Berlin because “I think Berlin has some of the best art in the world,” Musk said.
Musk took to Twitter after the ceremony and provided a bit more detail, including that this factory will build batteries, powertrains and vehicles, beginning with the Model Y.
Will build batteries, powertrains & vehicles, starting with Model Y
— Elon Musk (@elonmusk) November 12, 2019
Diess thanked Musk while on stage for “pushing us” towards electrification. Diess later said that Musk and Telsa is demonstrating that moving towards electrification works.
“I don’t think Germany is that far behind,” Musk said when asked about why German automakers were behind in electric vehicles. He later added that some of the best cars in the world are made in Germany.
“Everyone knows that German engineering is outstanding and that’s part of the reason we’re locating our gigafactory Europe in Germany,” Musk said.
By Kirsten Korosec
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