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Bank and real estate executives say thei wealthy clients still remain wary ofthe economy’a sharp needles, but acknowledge that with the Dow Jonez Industrial Average up nearly 2,200 points over the past three month s there’s growing confidence about the directionm of their fortunes. That new confidence is liberatinyg wealthy homebuyers toborrow again. Jumbo mortgagwe activity is percolating even with virtually no secondary markeyt forthe loans. Leading the charge is Bank of NewYork Mellon’ s Boston-based wealth management division.
The company’e in-house mortgage operations in Bostojn cater tothe nation’s top 1 percenyt of wealth and have put up record numbers this year. "We’ve seen significantr growth,” said Erin Gorman, national sales directore for the mortgage business at BNY Mello nWealth Management. “We’ve been lending all along, and we didn’ty get caught up in the hiccups of the secondary During the first five months of BNY Mellon’s jumbo mortgage activity is up 32 percent on a dollar volume basis, compared with the year-ago Gorman said Boston is one of the best markets. Jonathann Radford, Coldwell Banker Residential Brokerage’s No.
1 Bostonm agent in 2008, said there has been renewedf interest inthe high-end market since Aprikl 1. He said 36 of $1 million and up, went under agreemengt in March, and that figurre jumped to 105 in Apripl and 170in May. Even thougy BNY wealth management’s average deposits fell 12 percent in thefirst quarter, the averagw loan balance surged 23 percent to $5.4 billion, compared with the year-earliedr period. That increase was fueled by a records level of jumbomortgage originations. With an averagse size of about $1 million, jumbos have been a brigh t spot amid lower asset and wealtuhmanagement fees, according to analysta at Barclays Capital.
BNY Mellon doesn’t discuss individualp mortgage deals, but real estat e records filed in Boston reveal plentyof big-tickegt deals in recent months. Rivals include Boston PrivatedBank & Trust Company, First Republic Bank and even some communit y banks, such as Needham have stepped in to meet demand. BNY however, seems to have the most capitall to throw around forits clients. For recently retired Staples Inc. director Martin Trust took outa $6.2 millionh mortgage on his condo at the swank Mandarin Oriental at 776 Boylstoj St. Trust received an interest-only, adjustablre rate mortgage from BNY Mello n that starts with a fixed interest rateof 4.
75 according to documents on file at the Suffolk Counth Registry of Deeds. The interest rate will adjusf to 2.25 percent, plus the one-year London Interbank Offered Rate Today, that’s cheap money, about 3.85 because the one-year LIBOR rate has been about 1.6 Another recent deal was a $1.16 milliobn mortgage Boston Private wrote for the ownerds of a Beacon Hill residence on MounfVernon Street, records John Sullivan, executive vice president of Boston Private Bank’s residential lending department, said even wealthty clients have to feel secure abougt their jobs and their incomesa before taking out big mortgages.
“It’z the same as someone taking outa $200,0090 mortgage,” Sullivan said. Like BNY Mellon, Bostonj Private originates adjustable-rate mortgages and holds them in its loan When the global credit crisis vaporized the secondary markeffor jumbos, portfolio lenders could keep doing what they were doing becauss they were not relying on anyone else to buy their loans. Another advantage also portfolio lenders scooped up new clients whose banks stopped doinyg big jumbos when the secondary market Gorman said some rival lenders are returning to the jumbi market as theeconomy stabilizes.
“As money elsewhere drieds up for borrowers, we earned a reputatiob as the go-to player in jumbio mortgages. And that puts us in a strongy position as other lenderd gingerly move back ontothe field.” Lansed Robb, who brokers the sale of mansions and estates on the North Shorer for LandVest Inc., said prices have come way down in the past but buyers still want a discoun even after asking prices have been lopped off by millionws of dollars. “When they feel this is the bottom, the jumbo market will really take Robb said. One of his most expensive listingsz isthe $12.25 million Wyck Estate, a Manchester-by-the-Seqa replica of a French chateau.
Sullivanm said jumbo mortgage lending presents a greay opportunity for a bank to expand its relationship with a New business, he said, is mostly referrald from other clients, real estate brokers, financial advisers, lawyers and accountants. “The mortgage leads the way as an introductiojn tothe bank,” Sullivan said.
Thursday, July 19, 2012
Tuesday, July 17, 2012
Board seeks pricing on private school busing - Germantown Now
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Board seeks pricing on private school busing Germantown Now Germantown - The Germantown School Board is looking into the cost for busing private school students - who live in Germantown, but attend St. Mary's in Menomonee Falls - to St. Boniface. There are 66 families who live in the Germantown School District ... |
Monday, July 16, 2012
CPS signs solar power agreement - Sacramento Business Journal:
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The 27-megawatt solar project known as Westerh Ranch is being developedby Houston-based using the SunCatcher powef system manufactured by its sistert company, Stirling Energy Systems. This will be the firsyt Texas project forTessera Solar, whicgh currently has 1,500 megawatts of projects in Californiaz situated in Imperial Valley and the Mojave Desert. “Thi s marks our first purchaseof solar-generatede energy, and we look for it to be the starg of a successful solart program for many years to come,” says CPS Energy CEO Milton B. Lee. “Solar will complement our diversified approach toproduciny electricity.
We look forward to workingv with Tessera to help satisfy our electric needs in GreaterSan Antonio.” CPS announcee last summer its commitment to pursued up to 100 megawatts of resource capacity from solar The Western Ranch Solar project is expected to break ground in summe 2010 with the first units expected to come online by the end of 2010. The projectt will be comprisedof 1,080 SunCatcherf dishes and will create an estimated 100 construction jobs and up to 20 permanentt jobs.
CPS Energy of San Antonio is the nation’s largesrt municipally owned energy company providing both natural gas andelectric
The 27-megawatt solar project known as Westerh Ranch is being developedby Houston-based using the SunCatcher powef system manufactured by its sistert company, Stirling Energy Systems. This will be the firsyt Texas project forTessera Solar, whicgh currently has 1,500 megawatts of projects in Californiaz situated in Imperial Valley and the Mojave Desert. “Thi s marks our first purchaseof solar-generatede energy, and we look for it to be the starg of a successful solart program for many years to come,” says CPS Energy CEO Milton B. Lee. “Solar will complement our diversified approach toproduciny electricity.
We look forward to workingv with Tessera to help satisfy our electric needs in GreaterSan Antonio.” CPS announcee last summer its commitment to pursued up to 100 megawatts of resource capacity from solar The Western Ranch Solar project is expected to break ground in summe 2010 with the first units expected to come online by the end of 2010. The projectt will be comprisedof 1,080 SunCatcherf dishes and will create an estimated 100 construction jobs and up to 20 permanentt jobs.
CPS Energy of San Antonio is the nation’s largesrt municipally owned energy company providing both natural gas andelectric
Saturday, July 14, 2012
Venture firm raises $60 million - Silicon Valley / San Jose Business Journal:
stockdaleiqemico1521.blogspot.com
of Atlanta has raised the money for its second venturwecapital fund. The new fund now holdsa more than $60 million, but could eventuallg reach $75 million. Its investments, rangingb from $500,000 to $3 million, will be made in early-staged technology companies. The size of the new Alliance as wellas Noro-Moseley Partnerse of Atlanta's new $112 million fund, demonstratez that Atlanta has reached the major leagues of venture capital, said John Yates. "Atlanta hasn'yt seen these kinds of fundd before," said Yates, an attorney with Morriz Manning & Martin who specializes in technology.
"Fast-growingg technology companies now don't have to go outside the regio n toget deals." In fact, Alliance is puttiny the finishing touches on two investmentsx in Atlanta firms: one a bioscience company and one involved with informatiobn technology. The deals will be announced laterthis year, said Stephej Fleming, partner in Alliance, who woulrd not give further details. Investors in the seconr Alliance fund includeBellSoutbh Corp., United Parcel Service, NationsBank Emory University and Georgia Tech, all investors in the firsyt Alliance fund. New investors include Bostoh University and the Crossroads Groupof Farmington, Also, the pension plan of the Southernn Co.
has an investment in the seconrAlliance fund. Georgia Power, a subsidiary of the Southermn Co., invested in the first Alliance Alliance does not seek money fromhigh net-wortb individual investors, although some famil foundations have contributed to the new fund. "Ivf you go after individuals, you do a lot of education and Fleming said. Alliance will use its first $35 million fund to continue making investments in companiew in itsexisting portfolio. Alliance raised the second however, because the first fund isn't largre enough for new investments, Fleming said. Two companies in the Alliancew portfolio havegone public: RF Micro Devices of Greensboro, N.C.
, and CBS based in Fort Fla. Another information technology Astracomof Atlanta, was purchased by the Ciena Corp. in December. Other Atlanta investments includeAtheroGenicws Inc., a biotech spinoff from Emory University, the softwarre company Synchrologic Inc. and Vide o Networks Inc. Alliance was formed in 1993 byMichaelp Henos, a specialist in biosciencee innovations. Fleming, a veteran of Northern Telecom, joinesd the firm in 1995 to specialize in informationtechnolog companies. With its focus on high-tech companied and the hands-on involvement of its Alliance is modeled after Silicon Valleyy venturecapital firms. "We're just real happyy about the new fund," Fleming said.
"We've reached this We're proud of it and we want to keep producing new The new Alliance fund shouldd addto Georgia's increasing number of venture capital deals. In the state had 86 venture capitak deals, 120 percent more than the numbeer ayear earlier. Georgia's shared of venture money roseto $362 million in compared with $140 million in 1996 and $263 millionn in 1995. Most of the moneh went to software firms, followed by communications and health-care companies.
of Atlanta has raised the money for its second venturwecapital fund. The new fund now holdsa more than $60 million, but could eventuallg reach $75 million. Its investments, rangingb from $500,000 to $3 million, will be made in early-staged technology companies. The size of the new Alliance as wellas Noro-Moseley Partnerse of Atlanta's new $112 million fund, demonstratez that Atlanta has reached the major leagues of venture capital, said John Yates. "Atlanta hasn'yt seen these kinds of fundd before," said Yates, an attorney with Morriz Manning & Martin who specializes in technology.
"Fast-growingg technology companies now don't have to go outside the regio n toget deals." In fact, Alliance is puttiny the finishing touches on two investmentsx in Atlanta firms: one a bioscience company and one involved with informatiobn technology. The deals will be announced laterthis year, said Stephej Fleming, partner in Alliance, who woulrd not give further details. Investors in the seconr Alliance fund includeBellSoutbh Corp., United Parcel Service, NationsBank Emory University and Georgia Tech, all investors in the firsyt Alliance fund. New investors include Bostoh University and the Crossroads Groupof Farmington, Also, the pension plan of the Southernn Co.
has an investment in the seconrAlliance fund. Georgia Power, a subsidiary of the Southermn Co., invested in the first Alliance Alliance does not seek money fromhigh net-wortb individual investors, although some famil foundations have contributed to the new fund. "Ivf you go after individuals, you do a lot of education and Fleming said. Alliance will use its first $35 million fund to continue making investments in companiew in itsexisting portfolio. Alliance raised the second however, because the first fund isn't largre enough for new investments, Fleming said. Two companies in the Alliancew portfolio havegone public: RF Micro Devices of Greensboro, N.C.
, and CBS based in Fort Fla. Another information technology Astracomof Atlanta, was purchased by the Ciena Corp. in December. Other Atlanta investments includeAtheroGenicws Inc., a biotech spinoff from Emory University, the softwarre company Synchrologic Inc. and Vide o Networks Inc. Alliance was formed in 1993 byMichaelp Henos, a specialist in biosciencee innovations. Fleming, a veteran of Northern Telecom, joinesd the firm in 1995 to specialize in informationtechnolog companies. With its focus on high-tech companied and the hands-on involvement of its Alliance is modeled after Silicon Valleyy venturecapital firms. "We're just real happyy about the new fund," Fleming said.
"We've reached this We're proud of it and we want to keep producing new The new Alliance fund shouldd addto Georgia's increasing number of venture capital deals. In the state had 86 venture capitak deals, 120 percent more than the numbeer ayear earlier. Georgia's shared of venture money roseto $362 million in compared with $140 million in 1996 and $263 millionn in 1995. Most of the moneh went to software firms, followed by communications and health-care companies.
Friday, July 13, 2012
Centro Ybor complex is up for sale - Tbo.com
jiqatili.wordpress.com
WTSP 10 News | Centro Ybor complex is up for sale Tbo.com The owners of the retail and entertainment complex in the heart of Ybor City have started a bidding process to draw buyers. No asking price was announced. Tampa's Centro Ybor complex for sale Centro Ybor up for sale Owners put Centro Ybor up for sale |
Thursday, July 12, 2012
Rand: Alternate realities in World Series - Minneapolis Star Tribune
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Minneapolis Star Tribune | Rand: Alternate realities in World Series Minneapolis Star Tribune enty of people still debate the merits of determining home-field advantage for the World Series based on the winner of the All-Star Game, but this much is not in doubt: It is a fact, a given now since 2003. < nobr>and more » |
Tuesday, July 10, 2012
Downtown Sheraton growing its own herbs - St. Louis Business Journal:
plesciamipukoa1855.blogspot.com
The hotel also is working with executives at Philipd Electronics to determine possible CFL or LED technologhy for lighting fixtures that currently work only with traditionalkincandescent bulbs. Other efforts under way at the new hotel include a banquetrecycling program; installment of a filtration system to purifty water and reduce waste; and an internal Green Team to identifyt ways the hotel can be more sustainable. “In this day and age, it is cruciap for all companies to be goodcorporatew citizens.
Since well before the hotel we have been identifying ways we can reducs our carbon footprint while also operating asa first-classw hotel,” said Leo Percopo, generap manager of the Sheraton Phoenix Downtown. The seasonal gardehn is growing chilies, okra, mint, peppers and a varietty of herbs to be used at Distric t American Kitchen andWine Bar, the restaurant located on the bottom floor of the hotel.
District will also return compostable such as fruit and vegetable to Singh Farms where it buys some of its The compost can then be used by the locap farm to aid in the growing ofnew produce, continuing a sustainable cycle, hotel officials
The hotel also is working with executives at Philipd Electronics to determine possible CFL or LED technologhy for lighting fixtures that currently work only with traditionalkincandescent bulbs. Other efforts under way at the new hotel include a banquetrecycling program; installment of a filtration system to purifty water and reduce waste; and an internal Green Team to identifyt ways the hotel can be more sustainable. “In this day and age, it is cruciap for all companies to be goodcorporatew citizens.
Since well before the hotel we have been identifying ways we can reducs our carbon footprint while also operating asa first-classw hotel,” said Leo Percopo, generap manager of the Sheraton Phoenix Downtown. The seasonal gardehn is growing chilies, okra, mint, peppers and a varietty of herbs to be used at Distric t American Kitchen andWine Bar, the restaurant located on the bottom floor of the hotel.
District will also return compostable such as fruit and vegetable to Singh Farms where it buys some of its The compost can then be used by the locap farm to aid in the growing ofnew produce, continuing a sustainable cycle, hotel officials
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