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Southfield Center Shopping Mall Struggles To Keep Afloat
/in SE Michigan /by Tracy WillisThe Southland Center shopping mall is struggling. According to New York City-based Trepp LLC, the shopping mall is underwater on its commercial mortgage-backed securities debt (CMBS). The mall was appraised for $66.9 million in September after it went into special servicing. It owes $64.5 million on its 2012 $78.75 million Barclay’s loan. Rialto Capital Advisors LLC is the special servicer and can determine whether to foreclose on the loan or arrange an agreement or loan modification. Special servicers are appointed upon default of a loan.
Mortgage Rates Surge Upward As Q3 Earnings Post
/in National, SE Michigan /by Tracy WillisRising interest rates are having a big effect in Southeast Michigan. According to Freddie Mac, the 30-year fixed mortgage rate is higher than 7%. This surge hasn’t been seen since April 2002. The U.S. Federal Reserve is hiking rates in order to control inflation. Detroit-based Rocket Mortgage parent company Rocket Companies Inc. will soon be reporting its third-quarter earnings on Nov. 3, providing a better picture of how mortgage companies will fare in the future months. Ann Arbor-based Home Point will report its earnings on Nov. 10. Pontiac’s UWM has not released the date of its third-quarter report.
New Costco Business Center Is On The Horizon
/in SE Michigan /by Tracy WillisThe planned Costco Business Center in Southfield is one step closer to happening. Southfield City Council approved Contour Companies LLC’s sale of the property at the southwest corner of the former Northland Center site. When complete, it will be Michigan’s first Costco Business Center. The center would be geared toward small businesses, restaurants and the hospitality industry. Michigan’s Costco Business Center would be one of 15 located in the United States. Project demolition has started, and framework for the buildings has begun. The overall plan will bring more than 2,800 housing units to the site.