Dividend Capital Total Realty Trust has become the full titleholder of the Comerica Bank Tower after foreclosing on a nonperforming mezzanine loan on the 1.5 million-square-foot office property in Dallas. The loan was for $20 million.
UBS has introduced the world's first exchange-traded note investing in real estate investment trusts. The ETRACS Monthly Pay 2X Leveraged Dow Jones International Real Estate ETN is designed to deliver 200% of the performance of the Dow Jones Global ex-U.S. Select Real Estate Securities Index.
Limited supply in the pipeline, growing numbers of just-graduated renters, and strong debt and equity markets are all driving multifamily development, says Susan Ansel, executive vice president and chief operating officer of Gables Residential. "We have the demographics behind us with the age cohorts, and we'll continue to grow into the foreseeable future," Ansel said, adding that Gables Residential has several projects under construction for these reasons.
Caterpillar is expanding a manufacturing facility in Xuzhou, China, increasing production capacity for hydraulic excavators by 80% by 2016. The company also plans to produce wheeled excavators at the factory starting in 2014. Caterpillar has 17 plants in China and an additional nine under construction.
Federal Reserve Chairman Ben Bernanke said that although Europe is taking action to address its financial problems and the threat to the U.S. has lessened, some concerns remain. In testimony before the House Committee on Oversight and Government Reform, Bernanke said U.S. money markets could be "structurally vulnerable." He said recent stress tests showed that a majority of major U.S. banks would have enough capital to survive a severe recession, and he said it's unlikely that the U.S. will lose money from supporting the European Central Bank.