Commercial Real Estate Financing News + More: Office Lease Up (November 14) Select Comfort Leases 211,000 SF at AMEX Minneapolis + MORE 11/14/2016

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Sourcing And Seasoning Assets. Seasoning of Ownership!

This particular problem will not be relevant to all business borrowers. However, if it is relevant, you should seek out a lender without sourcing and seasoning requirements or limitations. Most banks have strict guidelines for sourcing and seasoning of assets or ownership to qualify for commercial real estate loans. For a purchase, commercial lenders will frequently want documentation about where the down payment is coming from (sourcing). Commercial lenders will also frequently have very specific requirements stipulating that the funds must have been in a specific account for a specific period of time, often 3-6 months or longer (seasoning). Seasoning of ownership is similar to seasoning of funds, except this requirement involves the minimum time someone has owned a commercial property before they can refinance the property.

A leading choice to be Donald Trump’s Treasury secretary is a campaign fundraiser and ex-banker who profited from both the housing meltdown and Bernie Madoff’s ponzi scheme.

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Sterling Equities sold the Park Tower office building at 400 N. Tampa St. in Tampa, FL for $79.75 million, or about $169 per square foot, to a joint-venture consisting of affiliates of City Office REIT, Inc. (NYSE: CIO), Feldman Equities Management and Tower Realty Partners.

The seller acquired the asset in 2006 from Colonnade Properties LLC for $50 million ($106 pSF), according to CoStar data…

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After years operating on the far-right fringe of American politics, Steve Bannon will now be one of the most influential members of Donald Trump’s White House.

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Select Comfort, the manufacturers of Sleep Number beds, has signed a new office lease for 211,000 square feet in the AMEX Minneapolis office building at 1001 S. 3rd Ave. in Minneapolis, MN.

The tenant plans to relocate its headquarters from suburban Plymouth, MN in October 2017 to this downtown facility…

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Conservative radio talk show host Laura Ingraham’s next microphone could be behind the White House press briefing room podium.

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American Apparel, one of the largest apparel manufacturers in North America and with 110 retail stores in the U.S., has filed for bankruptcy reorganization for the second time in a year.

Following emergence from its first Chapter 11 filing early this year, the company has continued to face persistent and widespread unfavorable market conditions and its turnaround strategy has failed, according to Mark Weinsten, chief restructuring officer for American…

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