Join the thousands of real estate professionals that subscribe to the California AM Alert. Each and every morning, we deliver the important stories, data, analysis as well as the opinions and insights of industry thought leaders to provide you with market intelligence and a daily business advantage.
Become a registered member today and dont miss another important story in the California market. Let GlobeSt.com be your source for everything real estate.
At GlobeSt.com, we are passionate about bringing you the best possible user experience. We listened to your feedback and now offer the ability to access information on GlobeSt.com without interruptions! Supercharge your viewing experience by disabling these ads.
(Save the date: RealShare Apartments comes to the Westin Bonaventure, Los Angeles, October 24.)
SAN DIEGO-Gerson Law Firm APC represented lenders in a succession of loan closings and loan-asset recoveries during May, closing more than $120 million of commercial and multifamily loans for credit unions as well as for Fannie Mae and Freddie Mac. Lenders were engaged in loan closings in Alabama, California, Colorado and Ohio, and a major loan assumption in Indiana was also handled by Gerson’s finance team.
Gerson also engaged in several receivership actions throughout Southern California counties during May, as well as working with local counsel in Nevada and Oregon in successfully obtaining orders for receivers. Gerson’s asset-recovery lawyers also worked with counsel in several other states throughout the country in commercial real estate foreclosures. Foreclosures were completed on two Jiffy Lube locations in Tennessee, and others are ongoing in several other states.
“Expertise counts when money matters,” said Gordon Gerson, managing principal of the firm, in a prepared statement. “We are loan dollars-centric in our practice. It sharpens your focus when you approach every engagement as your own dollars at risk.”
As GlobeSt.com reported in January, multifamily is one of the stars for San Diego and is predicted to grow slowly over the next five years. And as supply grows tights, rents will go up, sources say. Jones Lang LaSalle’s San Diego multifamily specialists Darcy Miramontes and Diane Miramontes told GlobeSt.com’s sister publication Real Estate Forum in a December 2011 article on the San Diego market that “occupancy is currently 96% or better across type, age and submarket and is expected to hold at that level through 2012.”
At that time, Cassidy Turley BRE Commercial also noted that San Diego continues to be one of the strongest multifamily investment markets in the country. In the firm’s recent forecast, it pointed out that ample sources of low-interest financing, combined with a scarce amount of supply have made multifamily real estate the top performer and projects that the product type will continue to perform well in 2012. “The San Diego apartment sector has and is expected to continue to compete aggressively on a national level due to the desirability of the region and strong market fundamentals,” says the forecast.
Carrie Rossenfeld Carrie Rossenfeld is a reporter for the West Coast region of GlobeSt.com and Real Estate Forum. She was a trade-magazine and newsletter editor in New York City for 11 years before moving to Southern California in 1997 to become a freelance writer and editor for magazines, books and websites. Rossenfeld has written extensively on topics ranging from intellectual-property licensing and giftware to commercial real estate. She recently edited a book about profiting from distressed real estate in a down market and has ghostwritten a book about starting a home-based business.