Commercial Real Estate & Business News – May 14, 2013

Big CMBS Play Will Put KeyBank into Top Tier of Servicers

KeyBank Real Estate Capital, the CRE business unit of KeyCorp, Cleveland, has entered into a series of agreements that reportedly will make it the nation’s third-largest named servicer of commercial/multi-family loans, with a commercial mortgage servicing portfolio of about $205 billion… Read more

Lodging Industry Glass More Than Half Full

In keeping with the cautiously buoyant mood of the larger commercial real estate industry, the lodging sector is optimistic about the opportunities the near-term market offers. While there are some potential bumps in the road), the outlook for hotels of all stripes and in virtually all locales seems pretty promising… Read more

Retail Sales Post Strong Gains in April

Retailers reaped some benefit from a strengthening economy, as sales at the nation’s stores posted an increase of 0.6 percent in April, according to the U.S. Department of Commerce. With an improving employment picture, as well as rising housing and stock prices, consumers felt confident in April to splurge a bit more than they have of late… Read more

Arizona Biltmore Sold to Arm of Singapore Government

The iconic Arizona Biltmore Resort & Spa in Phoenix has been purchased by an arm of the Government of Singapore for an undisclosed amount, officially pulling the troubled property out of a two-year string of bankruptcy proceedings, according to public records… Read more

Freddie Mac Settles $369M Senior Housing K-Deal

Freddie Mac will be settling $369 million in K Certificates this week, in a transaction it first announced in April. The deal is backed exclusively by senior housing collateral, the first such deal by the GSE. It is Freddie Mac’s seventh K Certificate offering this year… Read more