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November 11, 2009   Top Story  At least a dozen REITs working on new TALF-enhanced CMBS deals The Goldman Sachs-underwritten deal to market a new $400 million CMBS deal sweetened with TALF financing for Developers Diversified Realty Corp. is getting a lot of attention because it has been a long time since any kind of CMBS deal got done. The number of REITs trying to put together TALF-enhanced CMBS issues has reached at least 12. A close look at the specific requirements of TALF suggests they're going to have to do a lot of work to get these deals to the capital markets. Financial Times/FT.com Alphaville (tiered subscription model) (11/11) $400 million TALF-backed deal could help revive CMBS market: A $400 million securitized-debt deal for Developers Diversified Realty could help breathe life into the frozen commercial mortgage-backed securities market, experts said. It will be the first new CMBS deal offered through the Federal Reserve's Term Asset-Backed Securities Loan Facility. "While it's only a toe in the water, banks are actually taking the execution risk of a securitized exit," said Christopher Hoeffel, a managing director at Investcorp International. Goldman Sachs is the lead underwriter. SCT Newswire (11/9), The Wall Street Journal (tiered subscription model)/Dow Jones Newswires (11/9), Bloomberg (11/9), Reuters (11/9), CNBC (11/9)   Industry Tracker  Daniel Hurwitz to helm Developers Diversified Developers Diversified appointed Daniel B. Hurwitz president and chief executive. Hurwitz, a veteran of Boscovs and Shopco, will succeed Scott A. Wolstein on Jan. 1. CNBC/The Associated Press (11/9) Commercial mortgage restructuring guidelines getting results Two-thirds of the $800 billion in CRE loans held by banks and scheduled to mature by 2014 are underwater, according to Foresight Analytics. Federal bank regulators recently issued new guidelines to help banks renegotiate and extend such loans, but regulators say not all loans will qualify for such workouts. "We will push banks to be realistic," said Tim Long of the Office of the Comptroller of the Currency. The Wall Street Journal (tiered subscription model) (11/12) Canadian developer buys Arizona center North American Development Group acquired Val Vista Towne Center in Gilbert, Ariz., from Weingarten Realty Investors for $13.2 million. The 93,400-square-foot center is anchored by Target, Ross Dress for Less, Staples and Petco. American City Business Journals/Phoenix (11/9) Study: Buyers will find CRE deals in 2010 The Emerging Trends in Real Estate 2010 study released last week by PricewaterhouseCoopers and the Urban Land Institute predicted 2010 will be a buyer's market in commercial real estate. Survey respondents predicted commercial property prices will sink 40% to 50% below their 2007 peaks. "Our report participants find that a sense of nervous euphoria is growing among liquid investors who can make all-cash purchases," said Stephen Blank, ULI's senior resident fellow for real estate finance. DSNews.com (11/9) Other News REITs posted some of the biggest gains in Monday's rally MarketWatch (11/9) U.K. sees big gains in CRE values Financial Times (tiered subscription model) (11/9) CREIT seeking up to $500 million in deals The Globe and Mail (Toronto) (11/11)   Retail News  Rue21 banks on aspirational teens Since emerging from a 2002 bankruptcy, teen apparel retailer Rue21 has grown to 500 stores in 43 states. As it prepares to go public at a time when some fashion retailers are struggling, the company is betting its success on a merchandise lineup that appeals to those who want to be, or just look, 21. Investor's Business Daily (11/9) "Fast fashion" chains expand in Japan as luxury exits Forever 21 and Hennes & Mauritz, shops that feature inexpensive, trendy clothes, are plotting their expansions in Japan as major luxury brands shrink their expansion plans or withdraw altogether. Japan is known for its brand-obsessed culture, making the success of the "fast fashion" chains another indication of a shift in consumer mentality. The Wall Street Journal (tiered subscription model) (11/9) Sears exec expects to build on brand In his second day on the job, John Goodman talks about his plans to boost sales and profitability in Sears' and Kmart's apparel and home-goods division, without completely revamping the brands. Goodman, 45, came up through the retail ranks, with a resume that includes stints at Gap, Bloomingdale's and Charlotte Russe. Chicago Tribune (11/11) Other News Best Buy jumps on fitness Philly.com (Philadelphia)/The Associated Press (11/11)   Finance & Economics  Fed: Banks extending commercial real estate loans Banks aren't refinancing many commercial real estate loans, but they are modifying existing loans to extend their maturities, a Federal Reserve survey found. About three-quarters of the banks said they were extending more than 25% of the construction and land development loans set to come due in September. Bloomberg (11/10), The Washington Post/The Associated Press (11/9) Fed survey shows fewer banks are tightening loan standards   Source: CNBC The Federal Reserve's survey of loan officers found that a smaller proportion of banks are continuing to tighten lending terms. In the three months through October, about 15% of banks tightened standards on lending to companies. In the previous three months, about twice as many banks imposed stricter standards. 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