125 posts tagged “philip blumberg”
Blumberg Capital Partners was featured in a Commercial Mortgage Alert article titled "Blumberg to Market $1 Billion Fund".
An excerpt:
After running into some snags early this year, Blumberg Capital Partners is scheduled to kick off a roadshow next month aimed at raising $1 billion of equity for a fund that would invest in distressed assets.
Market players said that company founder Philip Blumberg will open talks with sovereign wealth funds and other foreign investors after Labor Day.
The equity goal seems ambitious, given the tough environment for raising capital. Few funds of that size have been launched this year. But Blumberg’s real estate investment management firm, which was formed in 1979, boasts on its Web site of having produced a 17% average annual return for its investors from 1992-2008.
To read the full article, click here.
Reuters spoke with Philip Blumberg in an article titled "Equity in US commercial property may evaporate" about US commercial real estate at risk of being completely wiped out by price collapses. An excerpt: "By the end of 2010 you'll have begun to see terrible, terrible capital structure disintegration," said Philip Blumberg, chairman and chief executive of Blumberg Capital Partners. "The first thing to go is the equity." About $165 billion of commercial mortgages this year will mature and need to be refinanced or sold. Some $11.8 billion matured in June, according to mortgage data analysis provider First American CoreLogic. The number of distressed properties in the top 10 markets topped 5,000 in March, the most recent recording period, for the first time since CoreLogic began keeping record in January 2003. "The maturities haven't really gotten into full play yet," Blumberg said. "We are seeing the early edge of the hurricane of debt in real estate." To read the full article, visit Blumberg Capital Partners.
Philip Blumberg was interviewed by Nikkei Veritas in a piece titled "Still early to buy U.S. commercial real estate" and expressed his view that the U.S. commercial real estate market still has a way to go before bottoming out. An excerpt:
It seems you earned 17.6% in profits last year.
"Our past three years of devoting ourselves to sales, without buying, bore fruit. We built up cash savings and released ourselves from the need to rely on debt. We made sure that buildings we own or manage are fully set up, with gyms and cafeterias, which kept rents from going down."
"I've been predicting the confidence collapse for more than two years. With so much risk investment, which relied on cheap leverage, prices went up to an unrealistic level."
To read the full article, click here.
Philip Blumberg sat down with Jeanne Yurman of Reuters on June 23rd for a Commercial Real Estate report.
Blumberg Capital Partners says commercial real estate "will be another real stomach blow" to commercial banks where writedowns could be more than 50-percent.
Philip Blumberg, speaking at the 2009 Global Real Estate Summit in New York, says "it's no wonder why these commercial banks aren't lending." Separately, Blumberg says he expects to make some investments in the London property market where "they've taken writedowns and are closer to the bottom."
For more information, visit Blumberg Capital Partners.
Philip Blumberg appeared on Reuters Video today in a segment titled "Relief Still Elusive in Real Estate".
For more video and news visit Blumberg Capital Partners.
Blumberg Capital Partners was featured today in an article on Commercial Real Estate Direct titled "Fund Managers Brace for Changes in Dealings with Investors". An excerpt:
Blumberg Capital Partners, a value-add debt and equity investor in Coral Gables, Fla., is launching a closed-end fund and its chairman, Phillip Blumberg, expects its limited partners to set restrictions on the use of debt financing. He also expects those co-investors to seek terms that would enable them to cash out of the fund early, even though closed-end funds typically require investors to commit for their full life cycle.
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Real Estate Forum published "A Conversation With Blumberg Capital Partners' Philip Blumberg: Finding investment opportunities in a down market". An excerpt:
What types of investments do you play for the new fund?
We are clearly looking to make investments in the US debt markets. I think there are some outstanding opportunities on the debt side. That means buying existing loans at significant discounts where you feel you're within a margin of safety and can generate double-digit returns.
To read the full article, click here.
Philip Blumberg appeared on CNBC Squawk Box Europe today on a segment titled "The Reality of Real Estate".
To view the full transcript, visit Blumberg Capital Partners.
Blumberg Capital Partners was featured today in a New York Post article, "Banks Worry About Next Wave of Loan Defaults".
An excerpt:
Phillip F. Blumberg, chairman of Blumberg Capital Partners, thinks banks are really worried about the commercial real estate loans they issued during the orgasmic 2000s. That’s the reason, says Blumberg, banks are remaining conservative in their lending.
Credit cards may be bad but commercial real estate is worse.
"It’s absolutely frightening," says Blumberg, who adds that he sold most of his real estate holders before the bust. And the most dangerous time for banks will be 2010 to 2013 when $1 trillion in commercial real estate loans will mature and — like homeowners before them — owners of commercial properties will need to refinance.
To read the rest of this article, click here.
Blumberg Capital Partners was recently featured in a Real Estate Channel article by Alex Finkelstein titled "Blumberg and Maguire See Nothing but Gloom Ahead for Commercial Real Estate Markets".
An excerpt:
Despite some recent highly publicized signs of economic improvement, two of the savviest commercial real estate strategists in the U.S. today see nothing but gloom ahead for the commercial real estate markets.
Phillip F. Blumberg, chairman and CEO of 30-year-old Blumberg Capital Partners in Coral Gables, FL, and Robert F. Maguire III, chairman and CEO of 29-year-old Maguire Investments in Santa Monica, CA, agree that burgeoning debt is the killer in the commercial market and will remain that way until 2013.
Blumberg says he is certain the commercial real estate market will be "getting significantly worse. Every job layoff pegs to our commercial real estate market. It's a contraction in tenant space. The real story isn't the performance in the market--it's the debt.
"Think about this: in the next three years, 2010, which is when it really starts, to 2013, we've got about 300 million CMBS, of which 70 to 100 billion is not refinanceable."
To read the rest of this article, click here.
