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Atlanta, Dallas Hotels Nearer to 'Big Mac' Affordability
CWCapital Puts on Two Hats for CMBS Bridge Loan
U.S. Treasury Under Secretary Fisher to Leave
Eastern Village Could Help in Revitalization of D.C. Suburb
Treasury Issues Favorable Final Regs on Terrorism Insurance
Legislative Affairs
Hambly Leads MORPAC Effort in Dallas
MBA's 2004 Commercial Real Estate Finance/Multifamily Housing Convention & Expo Web Site Open for Registration
Analysts Build on XML Functionalit
Atlanta, Dallas Hotels Nearer to 'Big Mac' Affordability
MBA (7/10/2003) Murray, Michael
Jones Lang LaSalle Hotels has released its first worldwide Hotel Affordability Index, using McDonald's Big Mac as a point of comparison in a particular country to hotel rates in a metropolis within that respective country. The results show that Atlanta, Ga., has the best hotel rates relative to the cost of a Big Mac in the United States, followed closely behind by Dallas, Texas. Only Mexico City, Mexico, and Sao Paulo, Brazil, rate as more affordable.
Jones Lang LaSalle Hotels' Hotel Affordability Index compares the average daily rate (ADR) of a city's hotel market with the local price of a McDonald's Big Mac in the native currency, as published by The Economist magazine.
 "In Atlanta and Dallas you can get a good night's rest for only 29 times the cost of a Big Mac," said Arthur Adler, Managing Director and CEO-Americas for Jones Lang LaSalle Hotels. "Orlando [Fla.], Los Angeles [Calif.], Phoenix [Ariz.] and Miami [Fla.] hotels also provide a good value, at 33 to 38 times the cost of two all beef patties, special sauce, [etc.]"
The economic turndown has resulted in bargains for travelers, but not necessarily for consumers of fast food, Adler said.
"This, combined with the popularity of driving vacations, bodes well for the occupancy levels of U.S. hotels this summer," Adler said.
In Europe, however, London hotels rank as the most expensive in the world where a room costs 110 times the cost of a Big Mac. London is followed by Paris, Milan and Rome. Among U.S. cities, New York hotels hit the wallet hardest at 65 times the price of a Big Mac
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CWCapital Puts on Two Hats for CMBS Bridge Loan
MBA (7/10/2003) Murray, Michael
CWCapital, Needham, Mass., has launched a floating-rate bridge loan program for short-term financing of multifamily and commercial properties. The program allows CWCapital to be the originators and underwriters in a B-piece execution.
CWCapital Bridge Finance, LLC, a new subsidiary of CWCapital, will manage the program and coordinate the program's principal aspects from a new office in Greenwich, Conn. CWCapital's network of brokers and correspondent lenders will originate the loans under the bridge loan program, securitized at regular intervals in floating-rate commercial mortgage-backed securities (CMBS) offerings.
Kent Daiber has been named COO of the subsidiary, responsible for oversight of the program, which includes origination, production, securitization and asset management for the new bridge loan.
Daiber said that Bridge Finance's ability to act as a principal investor is a key competitive advantage for its borrowers.
"Our ability to retain, in our own fund, the riskiest piece of each of our loans, while utilizing the capital markets for securitization, places us in a very strong competitive position in the floating-rate marketplace," Daiber said. "We will also be one of the few shops that will provide borrowers with loan servicing to maturity. As both originators and underwriters of the B-piece in the transaction, we will be able to offer brokers and borrowers a high degree of certainty of execution."
CWCapital Bridge Finance plans perform the role of a principal investor during origination by underwriting the ownership of the riskiest portions of its loans, the non-investment grade securities derived from the securitizations. CWCapital Bridge Finance then plans to fund the purchase of the non-investment grade securities through a series of private equity funds.
CWCapital has already obtained a commitment for the first fund, company officials said.
Todd Schuster, CWCapital's CEO, said that while the program competes with Wall Street originations platforms, it is unique in its retention of the riskiest portions of the loans.
"This will distinguish CWCapital from many Wall Street competitors, who in recent years have gravitated toward the use of 'A-B' loan structures and investment grade-only securitizations," Schuster said.
CWCapital's floating-rate bridge loan program features loan sizes from $10 million to $100 million; funding for all commercial properties, including multifamily, retail, office, industrial, self-storage and hotel; loan terms from 24 months to 36 months; up to an 80 percent loan-to-value; and CWCapital loan servicing from closing to maturity.
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U.S. Treasury Under Secretary Fisher to Leave
MBA (7/10/2003) Murray, Michael
The U.S. Department of Treasury confirmed Wednesday that Peter Fisher, the U.S. Treasury undersecretary who eliminated the 30-year bond, will leave his post in October. Meanwhile, the White House announced that President Bush intends to nominate Susan Schwab as Treasury Deputy Secretary and Kenneth Leet as Treasury Under Secretary for Domestic Finance. Leet is managing director at Goldman Sachs Group Inc., and Schwab is Dean at the University of Maryland School of Public Affairs.
In a released statement, Treasury Secretary John Snow praised Fisher for his efforts to stabilize the nation's financial markets after the terrorist attacks of September 11, 2001, and "improve and streamline federal financial policies."
Fisher said in his resignation letter to President Bush that it was best for his family that he return to New Jersey and proposed that his resignation be effective October 10, 2003.
In the letter, Fisher said he was proud of particular accomplishments, including reopening the financial markets, stabilizing the airline industry and enacting terrorism risk insurance after September 11, 2001.
"His experience and insight will be missed," Snow said, "and I wish him the best in his future endeavors."
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Eastern Village Could Help in Revitalization of D.C. Suburb
MBA (7/10/2003) Murray, Michael
 Just outside the nation's capital in Silver Spring, Md., Montgomery County officials have been working with private sector participants to revitalize the area into a 24-hour live/work community. The latest piece to this redevelopment puzzle is a deal between BB&T Bank and Fannie Mae for Eastern Village, a four-story mixed-use development south of downtown Silver Spring.
As a co-housing development, future owners of units at Eastern Village work with the developers and artchitect to co-create the community with construction to start soon on 40 of the 55 reserved units, ACF officials said.
Martin Poretsky, president of Poretsky Building Group and Don Tucker of Eco Housing and principal with EDG Architects, are development partners for Eastern Village Cohousing LLC.
Development will include the 93,000 square-foot structure with 55 condominium units and 12,000 square feet of commercial space.
Financing includes an $11 million construction loan from BB&T Bank and a $1.49 million mezzanine debt investment from Fannie Mae's American Communities Fund (ACF).
"This project is an important part of the redevelopment effort going on here in Silver Spring, which will eventually bring more than 1,000 new housing units to the area," said Douglas Duncan, county executive of Montgomery County (and no relation to MBA Chief Economist Doug Duncan).
Todd Lee, community development director for the northeast region at Fannie Mae ACF, said that 73 percent of the condominium units have been reserved by potential homebuyers on prices that range from $140,000 to $400,000.
Lee said that 25 percent of the units are at or below 80 percent of the median income and 65 percent of the units are at 100 percent or below of the median income.
"The deal underwrote well," Lee said.
Montgomery County officials have tried to revitalize the Silver Spring area for a number of years, but Lee said that it had not been economically viable without private sector participation. However, when Discovery Communications recently moved its headquarters from Bethesda to Silver Spring, and the American Film Institute repertory theater moved from the Kennedy Center to Silver Spring, the downtown area started to develop new office, retail and residential properties.
The National Community Reinvestment Coalition (NCRC) plans to move south on Georgia Avenue toward the District of Columbia (D.C.) to further revitalize the area.
A majority of planned multifamily units in Silver Spring are rental, but Eastern Village provides homeownership opportunities in the form of condominiums at the D.C./Maryland border with the transformation of a vacant office building into ecologically modern residences.
The developers are seeking a Leadership in Energy and Environmental Design (LEED) Silver Certification to make the development eligible for state of Maryland Energy Tax Credits. Eastern Village will re-use an existing structure but with a geothermal heat pump system that supports Green Building concepts for heating, ventilation and air conditioning (HVAC).
"This is an ideal location, with great access to transportation and services," Tucker said.
Eastern Village is a "transit oriented" development that is close to the Silver Spring subway stop and the Silver Spring Arts District, and works well with pedestrian walkways, Lee said.
Michael Bridges, vice president of commercial real estate at BB&T Bank, said that there is a strong demand for housing in the Silver Spring area and the result should be positive for everyone involved in the project.
"It's a win-win-win development for the county, the developers, the community and our partners," Bridges said.
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Treasury Issues Favorable Final Regs on Terrorism Insurance
MBA (7/10/2003) Tobias, Leanne and Sorohan, Mike
The U.S. Treasury Department's final regulations on the Terrorism Risk Insurance Act of 2002 (TRIA) deliver a big win to property owners and lenders because of a favorable interpretation of the $5 million loss threshold needed to activate federal reinsurance.
The final regulations, issued on July 7 contained new guidance from the Treasury Department on the $5 million loss rule. "The Act, as reflected in the interim final rule, provides that the de minimis threshold is based on losses 'in the aggregate,'" according to the Treasury Department. "One certified act of terrorism could result in insured losses from several policyholders, none of which alone would amount to $5 million, but, in the aggregate, would be in excess of that amount."
The new interpretation of the de minimis requirement ensures that losses of under $5 million suffered by individual policyholders due to a certified act of terrorism would be eligible for TRIA coverage as long as aggregate insured losses incurred by all policyholders as a result of that event exceed $5 million.
The Mortgage Bankers Association (MBA) indicated to the Department of Treasury that the failure to cover the first $5 million of damages under the federal program inappropriately shifts terrorism risk to property owners and lenders.
"Ever since TRIA was signed into law, MBA has been in the lead in pointing out to Treasury that most U.S. commercial properties are valued at under $5 million and need protection," said Robert Vestewig, COO of GEMSA Loan Services Inc., Houston, Texas, and chair of MBA's Insurance Task Force. "MBA and its members are very pleased that the final regulations clarify that multiple losses under $5 million can be aggregated in determining if the $5 million threshold for certification has been met.
"We will continue to ask that the insurance industry step up to the plate to provide appropriate terrorism coverage in circumstances where total losses do not exceed $5 million, and for other terrorism losses not covered by the federal program," Vestewig said.
MBA was one of nearly 40 organizations to submit comments to the Treasury Department on the final rule. Insurance companies, industry trade associations, the National Association of Insurance Commissioners, two cities and two members of Congress also provided comments, Treasury Department officials said.
In addition to the clarification of the $5 million loss threshold, the final regulation addresses definitions under TRIA that were set forth in an interim final rule with a request for comment that was published in the Federal Register on February 28. That rule set forth the purpose and scope of the program and key definitions that the Treasury Department intended to use in implementing the program.
"The comments Treasury received on the interim final rule provided many helpful suggestions as Treasury moved forward with finalizing this rulemaking," said Treasury Assistant Secretary Wayne Abernathy, who oversees the Terrorism Risk Insurance Program. "We anticipate continuing to benefit from the thoughtful input of insurance market participants and other interested parties, as well as from our continuing consultations with the National Association of Insurance Commissioners, as we move forward with implementing the Terrorism Risk Insurance Act."
The Treasury Department said that in general, the final rule reflects the interim final rule. However, the Treasury Department made revisions and clarifications in several areas, based on comments received. For example, revisions were made to the debatable presumptions to controlling influence determinations under the definition of "affiliate," and clarifications were made to the definitions of "direct earned premium" and "commercial property and casualty insurance." The final rule also sets forth procedures for requesting general interpretations of the act or regulations.
Under the final regulation, the act requires that "commercial property and casualty insurance" that falls within the scope of "insured loss" and that is written by an "insurer," is part of the program, and thus eligible for federal payments and also subject to other provisions of the act. Losses arising from a certified act of terrorism that do not meet these requirements are not eligible for federal payments under the program. For those losses that are eligible, the amount of federal payment that an insurer could receive would be subject to the insurer's "insurer deductible," which is determined by a calculation based on the insurer's "direct earned premium."
The MBA, in its comment letter earlier this year, urged Treasury to implement TRIA "in a manner that recognizes the security interests of the commercial and multifamily real estate finance industry." MBA has asked the Treasury Department to collect data from the lending and servicing sectors to help determine TRIA's effectiveness as a means of determining the availability and pricing of terrorism insurance.
The Treasury Department will move forward to implement TRIA by finalizing other outstanding rulemakings and developing additional regulations to address issues such as claims procedures.
MBA worked closely with the Bush Administration to secure TRIA's passage, and spearheaded comments from the real estate finance industry on the new program through multiple comment letters to the Treasury Department, a March 2003 leadership meeting with Treasury Under Secretary Peter Fisher (see Industry News), and ongoing contacts with Treasury Department staff.
"The final rule adopted by Treasury testifies to the effectiveness of maintaining a constructive, ongoing dialogue," Vestewig said. "This relationship has proven to be very productive."
MBA continues to stress insurance initiatives in its 2003 advocacy efforts, including a survey initiative on the federal terrorism insurance program. MBA is requesting feedback from its lender and servicer membership to determine whether the new TRIA program is meeting its objective of ensuring adequate and affordable terrorism insurance coverage.
Click here to view the final regulation, previously issued regulations, interim guidance notices, and other information related to TRIA.
MBA is also working to improve the standard ACORD insurance certificate to ensure that lenders and servicers receive more comprehensive coverage information on terrorism and other perils.
The effort has been greeted enthusiastically by the Council of Insurance Agents and Brokers (CIAB) and the National Association of Insurance Commissioners (NAIC).
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Legislative Affairs
MBA (7/10/2003) Pfotenhauer, Kurt
Although Congress was out of session last week for the July 4th Recess, several issues remained on its front burner, including Class Action Reform.
Class Action Reform Legislation
This year offers the best chance in many for real class action reform to make its way through Congress. On June 12, the House of Representatives passed H.R. 1115, the "Class Action Fairness Act of 2003," by a vote of 253-170. A very similar bill has been introduced in the Senate, S. 274, and is also referred to as the 'Class Action Fairness Act of 2003." There are some minor differences between the bills, and the Senate is still about 3 votes away from obtaining sufficient support for passage of S. 274.
H.R. 1115 and S. 274 include a plaintiff's bill of rights that would, among other things, establish new rules for written notification to class members. Additionally, the bills would make it more likely that a class action suit will be placed under federal rather than state jurisdiction. This is significant because while federal judges are appointed, state judges are elected, and therefore more susceptible to bias.
MBA supports class action reform and will work for its passage to help protect MBA member companies from abuse.
For more information, contact Erick Gustafson at 202/557-2913.
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MBA Files FLSA Comments with Labor
On Monday, June 30, MBA submitted formal comments to the Labor Department expressing general support for and recommending several changes to the Department's proposed rule that would amend the "white collar" exemptions under the Fair Labor Standards Act (FLSA). Among other things, the comments focus on the concern of the mortgage banking industry regarding the applicability of the administrative employee exemption to loan officers. As you are aware, lenders have been targeted in law suits alleging violations of the FLSA due to the confusion surrounding the applicability of the administrative employee exemption to loan officers.
The proposed changes to the FLSA would exempt employees as "acting as advisors and consultants to their employer's clients or customers." MBA points out in its comments that the mortgage banking industry has changed dramatically since the substantive parts of FLSA were developed. As the industry has changed, the job of loan officers has grown to include, among other duties, analyzing consumers' financial abilities and needs, helping consumers select from hundreds of mortgage products, and assisting consumers to qualify for mortgage loans. The proposed rule has the potential to clear-up the confusion surrounding the applicability of the administrative employee exemption to loan officers.
On June 30, MBA also sent a joint trade letter to the Labor Department in support of its proposed changes to FLSA. MBA led the effort to assemble an alliance of lender trade associations - America's Community Bankers, American Bankers Association, and Consumer Bankers Association - to ensure that the Department is fully aware of the lending industry's unity on this important matter. The letter expresses joint support for the proposed rule, particularly the new test for highly compensated employees, and the replacement of the duties test with a "position of responsibility test" under the administrative exemption.
Labor groups are concentrating their efforts on lobbying for a legislative solution to prevent the rule from becoming effective, and MBA is acting in concert with other industry groups to stop any such legislative action.
For more information, contact Rod Alba at 202/557-2930.
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MBA Presents Issuer Side on Ginnie Mae Advancing Obligation
MBA staff learned that another trade association asked Ginnie Mae and FHA to shift the liability for payment of post-settlement interest for the payoff month from the borrower to the servicer. MBA last week met with high-level Ginnie Mae staff to brief them on the adverse impact this idea would have on the issuer community and on the value of FHA mortgage product.
By the end of the meeting, Ginnie Mae assured MBA that any change to the payoff month advance would be made prospectively and only after a rulemaking process. MBA will be working closely with Ginnie Mae on the impact of the proposal on MBA members.
For more information, contact Vicki Vidal at 202/557-2861,
or Kathy Gibbons at 202/557-2870.
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Hambly Leads MORPAC Effort in Dallas
MBA (7/10/2003) Mills, Denise
 Ann Hambly, chair of the Commercial Real Estate Finance Board of Governors (COMBOG), and president of Prudential Asset Resources, hosted a Mortgage Political Action Committee (MORPAC) fundraising reception at her home outside of Dallas, Texas, on Sunday, June 22nd for Rep. Martin Frost, D-Texas, chair of the Democratic Caucus and Ranking Member of the Rules Committee. MBA Chairman John Courson co-hosted the event.
Frost, who has been supportive on a number of MBA's legislative issues, spent the afternoon speaking with MBA members. Hambly said that she was pleased with the reception and hopes that other MBA members will join her in organizing fundraising events with MORPAC in an effort to forge relationships with members of Congress.
MORPAC chair Marianne McCarty underscored the importance of MBA members' interaction with members of Congress.
"As someone who has spent decades building relationships with members of Congress to better our industry, I can say for certain that the face-time we get at events like the one Ann hosted is invaluable," McCarty said. "In addition to building MORPAC, we must continue to hold events such as this one if we are going to make an impact in Washington."
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MBA's 2004 Commercial Real Estate Finance/Multifamily Housing Convention & Expo Web Site Open for Registration
MBA (7/10/03) MBA Staff
MBA's Commercial Real Estate Finance/Multifamily Convention & Expo-the most important commercial/multifamily event in the industry will take place next February, but the Website is open now for a sector of the real estate finance industry that continues to grow and develop. The convention takes place February 1-4, 2004, at the Walt Disney World Dolphin Hotel in Lake Buena Vista, Fla.
This premier industry event links prominent investors with firms delivering mortgage banking expertise; invites industry leaders to explore lending criteria, target volumes and business outlooks for the year ahead; assesses the continuing convergence of technology and real estate; and promotes alternative financing for affordable multifamily housing offers a superb forum for exchanging ideas and strategies with colleagues.
The convention also provides one-stop shopping for products, services and information vital to the commercial and multifamily real estate finance industry. It also delivers important information and provides extensive networking opportunities for commercial and multifamily real estate finance professionals.
Click here to register online.
Click here for the registration form and fax back to (202) 721-0247.
Click here for more information.
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Analysts Build on XML Functionality
MBA (7/10/03) Szparaga, Dan
Progress continues on development of the Mortgage Industry Standards Maintenance Organization's (MISMO's) commercial mortgage data standards. MISMO's residential standards have been available for several years, but some industry participants have been asking what it takes to use a MISMO standard.
MISMO's standards are specifications for the transfer of data between trading partners using XML. They might be thought of as the rules for the format of a file that is extracted from one database and sent to another database.
Often, a MISMO specification takes the form of a request and a response, representing the bi-directional flow of information required for the completion of some activity. For instance, a lender might request a flood insurance policy from an agent by sending an XML file that contains the necessary information in a format specified by the applicable MISMO standard. The agent, in turn, could return an electronic version of an insurance policy or its approval embedded within an XML file, which also contains data describing the policy in a format specified by the MISMO standard.
This was the topic of a panel called "Implementing MISMO" at the recent MBA Commercial Real Estate Finance/Multifamily Asset Administration & Technology Conference in New Orleans, La. The "Implementing MISMO" panel focused on the steps firms have taken or should take to develop XML functionality.
"Firms need to assess their particular needs when considering deployment of MISMO, including data going in and coming out of their systems and the development of appropriate interfaces," said Michael Oakes, vice president at Decade Systems Corp.
One of the benefits of MISMO is the simplification of building interfaces. Ultimately, firms will only need a single interface to transfer data back and forth. This lowers systems expenses, which is a bonus in addition to the other efficiencies and cost savings ultimately arising from standardized data transfer.
Mike Bixby, president of Bixby Consulting, a consulting firm with a client list that includes INFO1, a credit reporting company, described the availability of various XML tools in the market and how those tools could adapt to enterprise systems.
Bixby is a member of MISMO's Governance Committee and has been involved in numerous implementations of MISMO throughout the residential industry.
There are numerous off-the-shelf and customized products that provide a wide range of XML functionality. However, it is critical for firms to assess their needs and particularly their own capabilities as they consider interfaces.
The availability of everything from XML translators to Enterprise Application Integration (EAI) products makes it possible for firms of any size and with any systems budget to begin to reap the benefits of XML.
Firms often rely on vendor expertise for many of their domain-specific automation needs.
McCracken Financial Software offers a product called Strategy that has one of the largest installed customer bases in the commercial industry.
Shaun Brady, managing director at McCracken Financial Software, described how Strategy has been retooled to include the use of XML internally and the capability for external interfaces for XML.
"Strategy has the functionality to generate XML files, both to almost any XML format now and to MISMO's commercial standards when they become available," Brady said.
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Real Estate Issues Leave Bad Taste for Restaurant Owners
MBA (7/10/2003) Murray, Michael
Rising energy costs, construction costs and pressures for cost efficiency have hurt corporate decision-making and created a "perfect storm" for the restaurant industry, according to analysts at Ernst & Young, New York City.
"Issues like rising energy costs, construction costs, and pressures for cost efficiency are piling-on to complicate and sometimes even paralyze corporate decision making," said Jack Thompson, the Dallas-based leader for the Ernst & Young Real Estate Advisory Group.
Meanwhile, E&Y analysts warn that other major areas of concern for clients may include seemingly mundane issues like new tax issues resulting from the recent tax legislation as well as forward-planning and regulatory compliance, among others.
Michael Gottlieb, Director of National Restaurant Services for Ernst & Young and a former restaurant operator, said that the depth and duration of the economic downturn since 9/11 has created a distasteful mix for the restaurant industry.
"The industry has to be on top of its game," Gottlieb said.
In addition to the economic fallout from the terrorist attacks and the recent war, chief executive officers and chief financial officers of all public companies, and a number of large privately-held firms, have to focus much more of their attention on governance and compliance issues from regulatory agencies in the United States, Gottlieb said.
Gottlieb, who oversees the Ernst & Young's financial and advisory services to restaurant clients nationwide, ranging from quick-service restaurants to full-service dinner houses, said that the rising cost of energy is another issue that has severely complicated restaurant operations all over the country, especially in key markets such as California.
"Rising energy costs, and their impact on overall profitability and operational efficiency, have become a critical day-to-day issue," Gottlieb said.
Meanwhile, Thompson said that E&Y will many times audit actual expenses against lease terms as well as billing accuracy and reasonableness. At the same time, E&Y might find opportunities to recover funds from landlords for "erroneous billing."
"This information can often be used strategically to recover cash, negotiate more favorable lease terms, or even receive construction allowances for remodels, thereby improving bottom line results," Thompson said.
"As they try to weather the storm, restaurant companies are looking closely at ways to improve both the top and the bottom line performance," Thompson said. "There are savings to be recognized in expenses that are generally paid without much scrutiny."
Thompson pointed to common area maintenance charges as a typical area where costs could be controlled.
"With restaurant sales trending downward, companies have also been forced to rationalize their entire restaurant network by focusing on closing under-performing locations and remodeling 'good' performers," he said. "This kind of intense focus requires a stringent approach to planning markets and analyzing sites to make better strategic decisions and more accurately forecast returns on investments."
Thompson feels that it's not just the restaurants that are being monitored, but he said that with new store development slowing, real estate departments are getting much closer scrutiny in areas such as staffing levels, streamlining processes, and opportunities to do more with less from technology.
"This, in combination with the network rationalization, should set the stage for more profitable growth as the economy strengthens," Thompson said.
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About
MBA Commercial/Multifamily NewsLink
Publisher: Cheryl Crispen,
Senior Vice President - Communications and Marketing
Editor. Electronic Publications: Mike Sorohan 202/557-2855
michael_sorohan@mbaa.org
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202/557-2851 michael_murray@mbaa.org
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