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New York

Commercial mortgage market rises 23 percent

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Relatively strong property values and low interest rates, coupled with an improving economy, is helping to boost the commercial mortgage market in Manhattan, according to a new report from CB Richard Ellis. In the first nine months of 2010, the total amount of new commercial mortgages rose 23 percent compared to the same period a year ago, the first year-over-year gain since 2007, the CBRE index shows. “In the last few months, you have seen banks becoming more aggressive about making loans,” Max Herzog, senior vice president of debt and equity finance at CBRE, told Crain’s. “The economy has stabilized a bit, and there is a belief we already hit the bottom.” Foreign banks have contributed the most. The Bank of China just refinanced 245 Park Avenue with an $800 million loan, while Germany’s Dekabank and Britain’s HSBC joined forces to refinance 745 Fifth Avenue with a $180 million loan. [Crain’s]

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