Another week, another bank failure.
on Monday, FDIC Seizes First Republic Bank and sold it to JPMorgan Chase & Co, ending a tumultuous few weeks that saw the institution’s shares plunge nearly 90% over the past two months.
The sale to JPMorgan, the largest U.S. bank, could include $103 billion in residential mortgages, about $23 billion in multifamily loans and nearly $11 billion in other commercial real estate debt.
Known for lending mortgages to elite clients, First Republic is also a prime lender for landlords, becoming the largest multifamily lender in San Francisco in the first quarter of 2023, according to Colliers.
“They’re going to leave a gap in this market in the short term,” said Brad Lagomarsino, a multifamily broker with Colliers in San Francisco. “You see people being drawn to the chase of the world.”
emotional management
Barry Sternlicht, Chairman, Starwood Properties Trust, words with some options The Fed decided to raise interest rates by 0.25%.
“The government totally screwed it up,” he said Thursday on the REIT’s first-quarter earnings call.
Sternlicht called the move, which pushed rates above 5 percent for the first time in 15 years, “almost stupid” as regional banks were becoming the “biggest victims” of the government’s “stupidity.”
billionaire real estate developer Ben Ashkenazy also made no secret of his emotions in a series of text messages to Raymond GindiThe two have been sparring over the refinancing and capital requirements of their jointly owned Cross County mall in Yonkers, New York.
“It’s no wonder you lost and bankrupted the $2 billion business your father left you,” Ashkenazy wrote, according to court documents. More. ……
“Because of the harm you caused me, I will crush you to death.”
This came after Ashkenazy called Gindi a “stupid” who “couldn’t wait to punish him”.
Speaking of lewd text messages, Manny Chamizo, a business broker for One Sotheby’s International Realty in Coral Gables, was accused of having Sent several threatening messages and letters Sotheby’s said in the suit that a married couple owed Chamizo a commission on the deal.
According to county records, Chamizo allegedly ordered Eddy Fernandez and his wife, Adriana Fernandez, to pay the commission and that they “can’t hide” from Chamizo. One letter, sent in August 2020, allegedly included a matchbox containing a burnt match and a note that read, “We can find you.”
Chamizo also allegedly threatened to beat Eddy Fernandez the next time he saw him.
Criminal proceedings have been initiated.
