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Also, power generators will have to meet certain requirements to keep their place in the queue, including a financial deposit. Deadlines and penalties for transmission providers: Transmission providers will have strict deadlines to to respond to power generators waiting in the queue, and will face penalties if they miss those deadlines. Also, power generators will be able to add a source of power to a single interconnection request. It can be so expensive to build new transmission, sometimes power generators can't afford the cost and have to cancel their power generation plans completely. Also, power generators wait for an average of five years in these queues because grid operators are flooded with interconnection queue applications.
Persons: Jeffrey Lamb, LADWP, Al Seib, George Rose, Rob Gramlich, Gramlich, Joseph Rand, Rand, Gregory Wetstone Organizations: Sylmar, Pacific DC, Los Angeles Department of Water, Los Angeles Times, Getty, Aera Energy, CNBC, Lawrence Berkeley National Laboratory, FERC, Vw, American, Renewable Energy Locations: Columbia, Oregon, California, Southern California, Angeles, Los Angeles , CA, CA, San Joaquin Valley, McKittrick , California, North, Lost, Kern County, Bakersfield, United States, Milford , Utah, Milford, Smithfield, ACORE
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailAcore Capital's Warren De Haan say he's finding opportunities in multifamily real estateWarren De Haan, Acore Capital co-CEO, joins 'The Exchange' to discuss lender strength and where to find opportunity in credit and commercial real estate.
Persons: Warren De Haan Organizations: Acore
Pension funds, REITs, and insurers hold more than $1.2 trillion in commercial-real-estate debt. CalSTRS, a California pension fund, told the FT it will be writing down its real-estate portfolio. Among them are the large pension funds, REITs, and insurance companies, together accounting for more than $1.2 trillion — or 22% — of the $5.62 trillion in total commercial-real-estate debt outstanding, according to BofA Global Research. Some pension funds were already planning to reduce their exposures to commercial real estate even before the recent bank failures magnified the risks. In September, fund managers at Artemis Real Estate Partners and PGIM Real Estate said at a Bisnow conference that their investors indicated they'd be reducing allocations to real estate, just because the assets had been outperforming others.
Investors showed outsize interest in apartment buildings during the pandemic. Rents and occupancy rates were rising, interest rates remained relatively low, and rental-property prices were climbing with no sign of letting up during a surge in housing demand. Laguna Point did not respond to a request for comment. Marc McDevitt, a senior managing director at Cred iQ, said it was possible Laguna Point had lost some, or even all, of its investment in the deal. While offices have been going through a paradigmatic shift as more workers do their jobs remotely, apartment buildings have experienced robust demand from tenants.
High interest rates, office woes, and less bank funding are chilling commercial real estate. But a top commercial real estate lender said there's never been a better time for firms like his. It's a bleak time in commercial real estate, and it can be hard to find any rays of sunshine. One Bank of America analyst just warned commercial real estate presents a major risk regional banks that own a disproportionate 68% of the sector's loans. While interest rate uncertainty is clouding the commercial real estate outlook, some transactions could provide clarity to the market, de Haan said.
Investors are eyeing profits in campgrounds and RV parks as Americans flock to the great outdoors. Camp Margaritaville RV Resort and Cabana Cabins Auburndale, Central FloridaThe trend is also driven by demographics. Sam Zell's Equity Lifestyle Properties, another large REIT that invests in RV parks alongside mobile homes, has also been busy. While it's not clear how much big investors have thrown into RV campgrounds, manufactured housing communities as a whole have seen a burst of Wall Street financing. After looking hard at multifamily and industrial, he settled with RV parks.
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