Shopping Centers Today

JUN 2017

Shopping Centers Today is the news magazine of the International Council of Shopping Centers (ICSC)

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MONEY GOES J U N E 2 0 1 7 / S C T 39 C O M M E R C I A L R E A L E S T A T E lending appears to be healthy for now, though banks con- tinue to tighten standards for these loans, and a study done in April indicates that the activity is slowing. The Mortgage Bank- ers Association reports that lenders closed 2016 with some $491 billion in commercial and multifamily originations, off by 3 percent from the year before. Most of the decline was in the fourth quarter, which was down by 7 percent from the 2015 comparable quarter. And preliminary data for the first quarter of this year suggest that those fourth-quarter trends have carried over, according to Jamie Woodwell, the MBA's vice president of research and economics. Further, roughly 20 percent of the respondents in the Fed- eral Reserve's loan officer survey for the first quarter say they are tightening standards, although that is down from a peak of roughly 30 percent at about the middle of last year. "This is part of a continuing theme since 2009," observed Gabriel Silverstein, managing director of New York City–based

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