By Jim Freer
Special Correspondent
CondoVultures.com
The past year’s disruptions in the financial markets are leading to new commercial real estate lending opportunities for some South Florida-based banks.
Two of those banks are U.S. Century Bank , based in Doral, and Stonegate Bank , based in Fort Lauderdale.
They are receiving loan requests from some owners of larger office buildings, major retailers and other commercial projects that previously obtained permanent financing from lenders that are often generically referred to as “Wall Street.” Those loans are generally for purchase, refinancing or operations of properties.
For years, the list of lenders on those projects has included large multi-state banks and other so-called “conduits” that package loans into commercial mortgage backed securities (CMBS).
Life insurance companies and pension funds also have been long-time players in that lending.
But that financing has been drying up. Some large lenders are scaling back and many institutional investors, who are stilling seeking to overcome losses on subprime residential loans, are reducing their overall real estate investments.
Data from the Commercial Mortgage Securities Association shows the huge decline in the CMBS market.
A record $230 billion in loans were packaged into CMBS deals in the United States in 2007, according to that trade group.
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