Private credit funds expect rush as property loans come due

first_imgShare on FacebookShare on TwitterShare on LinkedinShare via Email Share via Shortlink Share via Shortlink With loans coming due and developers scrambling for cash, private credit funds are gearing up for a busy year. (Getty) With real estate loans coming due and developers scrambling for cash, private credit funds are gearing up for a busy year.More than $400 billion in commercial and multifamily debt is maturing in 2021, according to Bloomberg. Without fresh capital to survive the pandemic, owners of distressed property face default.The predicament for owners creates an opportunity for private lenders to buy up loans and offer new debt.“In the last 90 days, I’ve had lots of dialogue directly with banks and debt funds in terms of loan sales,” Josh Zegen of Madison Realty Capital told Bloomberg. “We’ve executed on some of it, but I see a lot more going into the first and second quarters of 2021.”Commercial real estate deals plunged this year as the hotel, office and retail markets struggled to gain momentum following the initial jolt of the pandemic.Russell Gimelstob, chief executive officer of Los Angeles–based Ascendant Capital Partners, told Bloomberg that offering new debt for distressed properties can bring in returns of between 10 percent and 12 percent.Buying distressed properties directly could bring higher returns, but those deals are rarer, for now, as lenders work with owners on finding solutions.That could all change.“We think equity and real estate trades are going to be more prevalent when the runway ends,” Gimelstob said.[Bloomberg] — Sylvia Varnham O’Regancenter_img TagsCommercial Real EstateDistressfinancelast_img read more


Fletcher Allen/UVM’s Dr Lewis First elected chair of NBME

first_imgLewis R. First, MD, MS, University of Vermont professor and chair of pediatrics, was elected chair of the National Board of Medical Examiners (NBME) at the organization’s annual meeting on April 1, 2011. He will serve a two-year term effective immediately. First, who joined UVM/Fletcher Allen Health Care in 1994, is also chief of pediatrics at Vermont Children’s Hospital at Fletcher Allen and editor-in-chief of the journal Pediatrics. He served as the UVM College of Medicine’s senior associate dean for medical education and curricular affairs from 2003 to 2008, leading the full implementation of the UVM College of Medicine’s Vermont Integrated Curriculum starting in fall 2003. Serving in many different roles, First has been associated with the NBME since 1995, when he was appointed as a member of a test development committee. In 1998, he was appointed to the Membership of the NBME as a representative of the test committees. First was elected as an at-large member of the Executive Board in 2005 and served as treasurer of the NBME from 2009 to 2011. His other NBME roles have entailed active involvement in test development and program oversight for the USMLE, including service as Chair of the USMLE Step 2 Committee. The recipient of numerous awards, First received the National Education Award from the American Academy of Pediatrics in 2006 and the Miller-Sarkin National Mentoring Award from the Academic Pediatric Association in 2007. He is also co-editor of the recently-published Rudolph’s Pediatrics, 22nd Edition textbook (McGraw-Hill Professional, March 2011). About the National Board of Medical ExaminersThe NBME is an independent, not-for-profit organization that provides high-quality examinations for the health professions. Protection of the health of the public through state of the art assessment is the mission of the NBME. The NBME develops the three-step United States Medical Licensing Examination® (USMLE®), which provides a common evaluation system for applicants seeking initial licensure to practice medicine in the United States.  The NBME’s examinations and services are also widely used by the medical education system, and the NBME provides testing, educational, consultative, and research services to a number of medical specialty boards and societies and healthcare organizations in the United States and internationally. The Membership of the NBME endorses policy for the NBME and elects its board of directors, the Executive Board. The NBME membership is composed of approximately 80 individuals representing the academic community, national professional organizations, state licensing boards, students, residents, the federal government, and the public. It meets annually in March. The Executive Board, consisting of 12 individuals, meets regularly to consider questions of policy and to act for the NBME membership between annual meetings. Source: UVM. 4.4.2011 RELATED STORY  First for Kids: Pediatrician Lewis First | Vermont Business Magazine Dec 14, 2009 … If I were to use one word to describe pediatrician Lewis R First, MD, … “Dr First has built an outstanding team of health care providers, … ###last_img read more


Shooting the Hooch with Robert Fuller

first_imgRobert Fuller, a professor of environmental science at the University of North Georgia, recently spent four months paddling the length of the Chattahoochee River system, from its source spring in North Georgia to the Gulf of Mexico. Then he turned around and paddled up the Etowah River system, knocking out 1,504 river miles and monitoring the water quality of the troubled Chattahoochee along the way. We talked to Fuller about eating freshwater fish, dodging wild hogs, keeping sand out of your tent.That’s a hell of an adventure. What made you decide to yo-yo these river systems?Fuller: The two rivers start so close together in North Georgia, and enter the Gulf of Mexico only 200 miles apart. A friend suggested paddling the Etowah into Alabama, but I thought it would be interesting to follow a mass of water down the Chattahoochee, then paddle the Gulf and come back home on the Etowah. It was more than I thought it would be in every sense: tougher, longer, and more rewarding.How do you follow a mass of water? Fuller: I traced a fluorescent dye going down the river from the Chattahoochee Spring, testing the temperature, pH levels, and conductivity. Conductivity tells you a lot about the dissolved minerals in the water. It shows if something is being added in the water. I saw some pristine water at the Chattahoochee Spring. As soon as you get into the suburbs of Atlanta, there’s a steady increase in conductivity, indicating the runoff of minerals, most likely fertilizer from lawns.What sort of boat were you paddling? Fuller: A Kruger Sea Wind. It’s an expedition boat made of Kevlar. It’s 17 feet, 2 inches long with a rudder. I have a sail rig built in and a comfy seat. It weighs probably 70 pounds, and I had 350 pounds of gear. It made the portages interesting. I had to make a lot of trips. One portage took me seven trips, a quarter of a mile each time.Half of your trip was upriver. That sounds insane. Fuller: It was 750 miles of upriver paddling. The most difficult paddling was when I was approaching a dam. There was one dam that was releasing so much water, I averaged paddling half a mile per hour. Typically, I can paddle four miles per hour for 12 hours with an eight-minute break for lunch. That’s how long it takes to eat Beanie Weenies and canned fruit. I ate lots of Beanie Weenies. Lots of M&Ms and dried fruit too. I ate all day long, but I still lost 20 pounds.You must have gotten into the best shape of your life. Fuller: I built a lot of muscle and lost 20 pounds, but I developed issues in my upper spine from repetitive motion. I also developed a systemic infection in one knee that was debilitating. I spent a few days laid up on a sandbar with a fever. A guy I met on the river got me into a clinic and let me stay on his houseboat for a couple of nights until I was better.What was life as a river rat like? Fuller: Cold and raining. I paddled in December, January, and February. I bathed in the river. Washed my clothes in the river. My sleeping bag built up some grunge. But you slowly get used to that. The Apalachicola River has lots of sandbars, which is nice if you like camping on sandbars. I get tired of sand in the tent. I spent 13 months in Vietnam, sleeping on the ground in a monsoon. But that was 45 years ago. I’d gotten comfortable. I kept a five-gallon bucket of water by the tent and dunked my feet in before crawling inside. It worked a little.The Apalachicola is famous for its oysters. Did you get to eat any? Fuller: I have leukemia, so I have to be careful about raw fish. But after seeing all the stuff we send down into the Apalachicola Bay, I think my days of eating raw oysters are done regardless. I’m reluctant to eat fish in general from the Chattahoochee River if it’s caught below Atlanta.Any moments from the trip that stick out? Fuller: The most wonderful experience on the entire trip was when I was sailing my canoe a mile off the shore in the Gulf of Mexico, paddling at 6mph, and suddenly I was surrounded by a pod of dolphins. They started rolling close to the boat and one rolled right in front of the canoe and slapped it. It was like a bunch of teenage boys, daring each other to get closer and closer to the boat.What’s your next adventure? Fuller: Right now I’m working on a novel about the trip. But there are big paddling trips I want to do. Tampa Bay to the Florida Keys. Then way out there on the bucket list, I’d like to paddle the headwaters of the Missouri River. It’s longer than the trip I just did, but it’s all downstream.last_img read more


New-home sales see sharp decline in May

first_imgNew-home sales decreased 7.8 percent from April’s upwardly-revised 679,000 annualized units. NAFCU Research Assistant Dhruv Singh attributed the plunging figure to the rising impact of tariffs on material costs.“Average monthly sales through May are 3.7 percent lower than the average over the first five months of 2018,” Singh said. “The housing market continues to sag despite low mortgage rates and a supportive labor market. Homebuilder sentiment is down from its late-2017 peak, but remains elevated.“Fresh concerns over the impact of tariffs on materials costs weighed on the June index, however. Overall, NAFCU expects home sales to remain relatively flat through the rest of 2019,” Singh added.Sales increased in two of the four regions from a year ago: Sales in the Midwest increased 2.4 percent, followed by the South (+1.3 percent). The West posted a decline of 17.2 percent compared to a year ago, followed by the Northeast (-15.2 percent). continue reading » ShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblrlast_img read more


Fury-Wilder rematch postponed by virus pandemic

first_imgLos Angeles, United States | AFP | The third fight in Tyson Fury and Deontay Wilder’s heavyweight rivalry has been postponed as the coronavirus pandemic grips the United States and Britain, ESPN reported on Tuesday.Britain’s Fury, who dethroned unbeaten WBC champion Wilder with a dominant victory in seven rounds last month, had been due to defend his crown in Las Vegas on July 18.But promoter Bob Arum told ESPN on Tuesday the rematch had now been rescheduled until October at the earliest because of the COVID-19 outbreak which has brought the sporting world to a standstill.With travel restrictions affecting both the US and Britain, and Las Vegas’ casinos shuttered, Arum said a postponement was the only sensible option.“You could not guarantee the fighters that the event would take place on that date. We couldn’t convince them or ourselves,” Arum said.“Where were they going to train for it? It just made no sense. You just have to take a step back. How are you going to sell tickets? “It’s absolutely ridiculous to say the fight is on when the Brits can’t even get there.”The Nevada State Athletic Commission has also banned all combat sports in the state, adding another complication.“Everybody has to take a step back. Boxing is not isolated,” Arum said. “It’s part of what’s happening in the world. So possibly the fight will be in early October.”Fury and Wilder fought to a thrilling draw in their first fight in Los Angeles in December 2018.Fury then shocked the boxing world by overwhelming Wilder with a dominant performance in last month’s rematch, battering an out-of-sorts Wilder in a one-sided victory. Share on: WhatsApplast_img read more


Firefighter killed in 9/11 identified, laid to rest 18 years later

first_imgA firefighter who died on September 11, 2001, World Trade Center attacks was laid to rest Tuesday after his remains were identified 18 years later.“Firefighters and loved ones gathered to mourn Michael Haub after his remains were conclusively identified, the Uniformed Firefighters Association,” said in a statement. “The service was to provide his family with closure and peace of mind after the medical examiner last week identified more of his remains that were recovered at Ground Zero.”Haub was a 13-year veteran of Ladder Company 4, according to UFA.“We remember him and the 342 other firefighters who perished that fateful day, and will be forever grateful for the courage they show,” UFA said Tuesday.In addition to the firefighters killed that day, hundreds more have died in the following years.New York officials confirmed about 200 firefighters had lost their lives from illnesses linked to their time working at the World Trade Center after the terrorist attacks on September 11, 2001.Exposure to the 9/11 terror attacks may have caused a range of health conditions, including acute traumatic injuries, as well as diseases of the respiratory and digestive systems, according to the Centers for Disease Control and Prevention.Those exposed to the attacks possibly developed cancers including lymphoma, leukemia, and myeloma, the CDCP reports.As of July 2019, only about 60% of the 2,753 killed in the World Trade Center attack have been positively identified, according to officials.last_img read more


Ex-Minneapolis Officer Fights to Have George Floyd Charges Dropped

first_imgThe filing calls for all the charges to be dropped by the time of Thao’s next court hearing on Sept. 11. He is currently out on a $750,000 bond.Thao and fellow officers, 27-year-old J Alexander Kueng, and 36-year-old Thomas Lane, were all charged with aiding and abetting second-degree murder and aiding and abetting second-degree manslaughter over Floyd’s death.Meanwhile, 44-year-old Chauvin, is charged with murder.All four were fired as Minneapolis officers, after video emerged of Floyd’s arrest as he repeatedly said, “I can’t breathe,” sparking weeks of nationwide protests and social unrest. One of the ex-Minneapolis police officers who is charged over George Floyd’s fatal arrest is fighting to have his case dropped, arguing that he had no way of knowing his colleagues were going to “commit a crime,” court documents reveal.Tou Thao, who appears on the video of the incident as the officer who was keeping back spectators as Officer Derek Chauvin knelt on Floyd’s neck for nearly nine minutes, filed papers on Wednesday arguing that the charges were “not supported by probable cause.”His attorney, Robert Paule, believes that prosecutors have failed to show that 34-year-old Thao, “knew former officer Derek Chauvin and others were going to commit a crime and intended his presence or actions to further the commission of that crime.”The complaint against him also “fails to establish by probable cause that Mr. Thao had the requisite mental state for aiding and abetting,” Wednesday’s filing adds.last_img read more