Tag: Facing

HOME VALUES

Even Facing Second Covid Lockdown, U.K. Home Prices Grow at Blistering Pace

2 months ago
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U.K. home prices grew at a blistering pace in November, rising 6.5% over a year ago—the fastest growth rate since early 2015, according to new data Tuesday. 

The home-price data from lender Nationwide captures a month in which England declared new coronavirus lockdown measures that kept the real estate industry open but shuttered a great deal of social and economic activity in the country. Nevertheless, the average home price across the U.K. in November was up nearly a full percentage point from the month prior, as roaring housing demand continues to show little sign of letting up. 

The average U.K. home cost £229,721 (US$308,124) last month, roughly £14,000 more than a year ago, according to Nationwide.


The price index comes a day after figures from the U.K.’s leading banks showed monthly mortgage approvals for home purchases soared to the highest level in over a decade in October, according to a

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FORECLOSURE HOMES

Cook County launches legal assistance initiative to help residents facing evictions, foreclosures, unresolved debt

2 months ago
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Cook County Board President Toni Preckwinkle Monday announced a new legal assistance initiative geared to help residents facing evictions, foreclosures or unresolved debt issues during the coronavirus pandemic.

The Early Resolution Program — the first of several programs operated under the new Cook County Legal Aid for Housing and Debt (CCLAHD) initiative — will provide free legal assistance, counseling, pre-court mediation and case management for residents and landlords dealing with evictions and delinquent property taxes, Preckwinkle said during a virtual news conference.

Preckwinkle said there will be a tax deed specific program planned for 2021 that will be focused on early outreach to residents who start to fall behind on paying taxes. There’s also a mortgage foreclosure specific program in the works, the county board president said.

“Cook County has been experiencing an affordable housing crisis since at least the turn of the century and the trend has only grown

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FORECLOSURE

Malls facing bankruptcy, foreclosure during COVID-19

2 months ago
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For years, box retail stores and malls have struggled to bring customers in, instead of shopping online.



a sign above a store front at night

© Provided by WISN Milwaukee


Now, since the pandemic hit, the problem has intensified, to the point of some malls failing.

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WISN 12 News’ partners at BizTimes report that Simon Property Group, which owns Southridge Mall, turned the mall over to its lenders, in what’s called a “friendly foreclosure.”

“It’s like you hand the keys back and just say, ‘Yeah, we’re throwing in the towel here on this thing and we can’t make a go of it, here you go, it’s in your hands now,'” said Andrew Weiland, BizTimes editor.

In early November, Brookfield Square’s owner, CBL, declared bankruptcy.

Both malls have lost multiple, major retailers in recent years, like Boston Store, Sears and Kohl’s.

Both malls have also replaced those anchor stores with various entertainment, including Whirley Ball, movie theaters

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HOMES

Two more Martino retirement homes facing serious orders

3 months ago
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The provincial authority that governs Ontario’s retirement homes has issued two new serious orders against properties owned and operated by the Martino families.

Cathmar Manor in downtown Hamilton and Greycliff Manor in Niagara Falls have been hit with management orders by the Retirement Homes Regulatory Authority (RHRA), requiring the two homes to immediately retain managers approved by the RHRA’s registrar to oversee all operations of the facilities until further notice.

The approved managers must be in place by Friday.

“The registrar believes on reasonable grounds that the licensee cannot or will not properly operate the home without assistance,” according to the RHRA’s orders for both Cathmar and Greycliff.

In a brief email, the lawyer for the Martino families said arrangements have been made for the homes and the RHRA has been notified.

In the past year, the RHRA has reported more than 120 violations in five homes owned by the

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CONTRACTOR

HVAC contractor accused of filming girls in school bathrooms facing charges in 3rd N.J. county

3 months ago
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An HVAC contractor facing charges in three counties now has accusations from the Gloucester County Prosecutor’s Office, which announced Tuesday that he secretly recorded young girls in bathrooms in their jurisdiction.

Gregory Mahley, 51, of West Deptford was charged with multiple counts of endangering the welfare of a child for manufacturing child pornography and was served with these criminal complaints Tuesday while he was being held at Camden County Jail for crimes that occurred in that county, the office said.

Authorities did not say exactly where he recorded girls in Gloucester County and only said their investigation revealed that he “surreptitiously recorded juvenile females utilizing bathroom facilities.”

A spokesman for the office could not immediately be reached Tuesday evening.

Mahley was first arrested on Sept. 9 for recording girls in the stalls at Glen Landing Middle School in Camden County, officials said.

There, he installed mirrors onto the back of

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FORECLOSURE HOMES

Facing foreclosure, Pinecrest shopping center relinquished to New York lending company following coronavirus-related financial woes

3 months ago
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CLEVELAND, Ohio – A New York-based lender who gave a $171 million loan to the developers of Pinecrest in Orange Village now owns Northeast Ohio’s newest shopping and dining center, thanks to financial issues related to the coronavirus pandemic.

Cuyahoga County Fiscal Office records show that an affiliate of Square Mile Capital Management owns the 750,000-square-foot complex as of Wednesday. The firm in January 2019 issued a loan so that Fairmount Properties and DiGeronimo Companies, which developed Pinecrest, could refinance their construction obligations.

Crain’s Cleveland, which broke the story, reported that the transfer happened through a “deed in lieu of foreclosure,” which signals that the developers gave up the property instead of facing a foreclosure lawsuit. Cleveland.com and The Plain Dealer could not immediately obtain a copy of the land transfer documents, though court records show the previous owners did not face any foreclosure lawsuits in the county.

Fairmount Principal

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CONDOS FOR SALE

Wonder Works Construction’s Vitre Condo Facing Foreclosure

3 months ago
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The Vitre at 302 East 96th Street with Wonder Works Construction's Joseph Klaynberg and Daniel Klaynberg (Google Maps; Wonder Works)

The Vitre at 302 East 96th Street with Wonder Works Construction’s Joseph Klaynberg and Daniel Klaynberg (Google Maps; Wonder Works)

An Upper East Side condo developed by Wonder Works Construction is facing UCC foreclosure, the latest in a spate of recent actions taken against struggling condo developers.

A team of JLL brokers, including Brett Rosenberg and Jeffrey Julien, has been retained by mezzanine lender Nahla Capital to shop the loan for the Vitre condo at 302 East 96th Street, according to marketing materials reviewed by The Real Deal.

It was not immediately clear how much Nahla’s mezzanine loan was being offered for in the UCC foreclosure auction — subordinate debt is not recorded with the city. However, the tower secured $68 million in refinancing last year, which included a $43 million loan from Deutsche Bank.

Wonder Works, Nahla and JLL did not respond to requests for comment. Compass broker Alyssa

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