China Vanke sure is receiving some unwanted attention these days. The world’s largest property developer — with stakes in New York properties like the Bush Tower and Aby Rosen’s 100 East 53rd Street — is fighting a takeover attempt from Baoneng Group, a privately-owned Chinese property-to-finance behemoth. Baoneng is China Vanke’s largest shareholder at 22 percent.Vanke will issue more shares in an asset restructuring in an attempt to reduce Baoneng’s power, the Wall Street Journal reports.So who would gobble up newly-issued shares? State-owned China Resources Group, with a 15 percent stake in Vanke, could potentially step up, according to the Journal.However, with Vanke’s stock having soared 68 percent in the past month, any new investor would likely receive a discounted rate. And a discount would certainly upset existing shareholders like Waldorf Astoria Hotel owners Anbang Insurance Group, which recently bought a 5 percent stake. Along with Baoneng, Anbang could try to block Vanke’s share issuance, according to the Journal.The restructuring could also mean that Vanke purchases assets, the Journal reported.Vanke has a controlling stake in the 30-story office building known as the Bush Tower and also bought into Aby Rosen’s condo project at 100 East 53rd Street.In November, Vanke paired with Adam America and Slate Property Group for a development site at 10 Nevins Street in Downtown Brooklyn. The trio have planned a 33-story condo tower.
The real estate investing arm of Prudential Financial just paid a whopping $83 million for the 355 Alhambra office tower in downtown Coral Gables.
An affiliate of Prudential Real Estate Investors, which has an asset portfolio valued at $62.6 billion, purchased the 16-story tower through a deed filed Tuesday, according to Miami-Dade County records. The price breaks down to about $168 per square foot.
The seller is AEW Capital Management, an investment management firm that owned the building on behalf of institutional clients. Records show AEW paid $87.3 million for the building in 2008 — about $4.3 million more than its current price.
The tower, at 355 Alhambra Circle, was first built in 2001 and measures 492,820 square feet. A big portion of that square footage is located in the building’s multi-story parking garage, which affords three parking spaces per 1,000 square feet of rentable space, according to the building’s website. The remaining 224,241 square feet is divided into leasable offices. Tenants include Merrill Lynch, Moore & Co. and Spencer Stuart.
This is the second high-profile office purchase in the downtown Coral Gables area to close in December: two weeks ago, a Deutsche Asset & Wealth Management fund paid $119 million for the Alhambra office complex.
The number of homebuyers considering a riskier mortgage — a kind of loan that became notorious during the housing boom and crash — has doubled since the presidential election.
Last week, 9 percent of total home loan applications were for adjustable-rate mortgages, or ARMs. That’s twice the level seen in the first week of November 2016. It’s also the highest level since October 2014, according to the Mortgage Bankers Association.
“We’ve had more inquiries about ARMs, hesitantly, but the questions are there,” says Pava Leyrer, chief operating officer of Northern Mortgage Services. “It’s just not about the rate. Housing is so extremely tight with bidding wars that people feel pressured to raise their price and need a lower rate, but in many cases, it’s not enough to make a difference.”
The average rate for 30-year fixed-rate mortgages was at 4.46 percent last week, while the 30-year fixed-rate loan backed by the FHA — popular among first-time homebuyers — increased to 4.33 percent from 4.29 percent the week before.
By contrast, the average rate for a 5/1 ARM — fixed rate for five years and variable after that — fell to 3.41 percent from 3.45 percent.
The difference can really add up. The monthly payment for a 30-year loan at the current rate on a $180,000 mortgage is $807 (not including taxes and insurance). For a 5/1 ARM at the current rate, it’s $710 (without taxes or insurance). However, that payment can adjust either up or down after five years, depending on the interest rates at the time.
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How to Pay Yourself When Buying an Apartment Building with Investors
1. Fill Your Emergency FundYour emergency fund is a pool of savings you set aside to pay for emergencies. It’s self insurance for things you can’t insure.
2. Pay Off High Interest DebtNext, or concurrently with the emergency fund, pay off all high interest debt. If you are paying interest on credit card debt, you should be investing in yourself and paying down your debt as quickly as possible before investing.
3. Get “Free Money” From Your EmployerIf you’re working for a company and the company offers a retirement package, make sure you take full advantage of any financial benefits they offer. Many employers that offer 401(k) plans will offer an employer match to your contributions.
4. Build a Financial RoadmapYou need to build a financial road map. This road map will help you understand where the real estate investments fit in your broader financial picture.
5. Be Aware of Common Investment ScamsFinally, study the common real estate investment scams and scandals of the last twenty or thirty years. Be aware of what happened, how they could be avoided, how they could be mitigated, and how you can spot them as they happen.
This value-add offering provides the unique opportunity to purchase the asset with a tenant in place for the next 2 years picking up 100% of the expenses for the property including repairs. If the new owner wished to extend the existing tenants lease, it is possible to negotiate a new long-term agreement with the tenant who does not intend to relocate.
The property consists of an ±11,700 square foot structure with +23 parking spaces and 1 Bay on 0.55 acres that is at the time of inspection is in good condition for its intended use. The property has concern in that it is within the 100 year flood elevation and took on water in Hurricanes Sandy and Floyd. The owner and tenant share the flood insurance expenses equally. The electric and mechanical systems are operational and in good working order and the property shows pride in ownership on the part of the tenant.