Supcoffconstructionlaw's Weblog

Office Market Construction & Financing Increases (Gradually)
January 23, 2014, 3:41 pm
Filed under: Commercial Real Estate, Construction Financing

Office Market Construction & Financing Increases (Gradually)

Banks held $206 billion in construction and land loans in Q3 of 2013, up slightly from a post boom low of $202 million in Q1 of 2013, but down from a high of $632 billion in 2008 (WSJ 1.22.14 citing FDIC).  Developers started construction on 79 million SF go office space in 2013, up from 57 million SF in 2010, but significantly below the 191 million  SF a year average in the US since 1980. WSJ 1.22.14 citing McGraw Hill Construction).


NJ Short Sale Residential Closing Completed
January 20, 2014, 5:01 pm
Filed under: Residential Real Estate, Uncategorized

On December 31, 2013, my Firm successfully closed a short sale residential house purchase in New Jersey on behalf of the Buyer.  The transaction was complicated because the Seller had a first mortgage with one bank and a second mortgage with another bank.  In order to complete the sale, the first mortgage lender had to negotiate with the second mortgage lender to accept a reduced amount compared with the amount owed by the Seller on the second mortgage.