News Archive

News

Bipartisan Tax Bill Would Incentivize Real Estate Conversions

July 16, 2024

Last week, Representatives Jimmy Gomez (D-CA) and Mike Carey (R-OH) announced the introduction of the Revitalizing Downtowns and Main Streets Act, which would encourage the conversion of vacant and underutilized commercial properties into housing.

Why it matters: The bill would provide $12 billion in federal funding to encourage conversions of offices and other CRE to market-rate and affordable housing. Policymakers and borrowers have touted the measure as a potential solution to some of the issues plaguing the CRE sector.

By the numbers: According to the bill fact sheet, the program would provide a federal tax credit for 20% to 35% of eligible costs of converting commercial real estate to housing.

  • The CRE conversions are not limited to office buildings, as any nonresidential real estate at least 20 years old can qualify.
  • No less than 20% of residential units created by the credit are reserved for individuals whose income is at or below 80% of area median income (AMI) for a minimum of 30 years (with an option for states to require a longer affordability period).
  • For difficult to develop and qualified low-income areas, affordability would be even deeper at or below 60% AMI. All of these units would be rent restricted to 30% or less of that income.

The bill is co-led by Representatives John Larson (D-CT) and Dan Kildee (D-MI), and cosponsored by Representatives Brian Fitzpatrick (R-PA), Claudia Tenney (R-NY), Terri Sewell (D-AL), David Kustoff (R-TN), Mike Kelly (R-PA), Don Beyer (D-VA), Carol Miller (R-WV), and Jimmy Panetta (D-CA). A Senate Companion bill is being led by Senator Debbie Stabenow (D-MI).

The big picture: The bipartisan House support from key members of the tax-writing Ways and Means Committee puts the bill in a strong position ahead of tax policy discussions in 2025. However, competing funding priorities and general concerns about government spending can be roadblocks to popular tax policies.

Please contact David McCarthy (dmccarthy@crefc.org) with any questions.

Contact  

David McCarthy
Managing Director, Chief Lobbyist, 
Head of Legislative Affairs
202.448.0855
dmccarthy@crefc.org
office building morphing into a house
The information provided herein is general in nature and for educational purposes only. CRE Finance Council makes no representations as to the accuracy, completeness, timeliness, validity, usefulness, or suitability of the information provided. The information should not be relied upon or interpreted as legal, financial, tax, accounting, investment, commercial or other advice, and CRE Finance Council disclaims all liability for any such reliance. © 2024 CRE Finance Council. All rights reserved.
Bipartisan Tax Bill Would Incentivize Real Estate Conversions
July 16, 2024
Last week, Representatives Jimmy Gomez (D-CA) and Mike Carey (R-OH) announced the introduction of the Revitalizing Downtowns and Main Streets Act.

News

GSE Loan Agreements Will Require Notices and Grace Period

July 16, 2024

The Federal Housing Finance Agency on July 12 (FHFA) announced mandatory tenant protections, via loan agreements, for multifamily properties financed by Fannie Mae and Freddie Mac (the Enterprises).

The regulator’s press release notes this is “the first time that tenant protections will be a standard component of Enterprise multifamily financing.”

Effective February 28, 2025, covered housing providers will be required to provide tenants with the following

  • 30-day written notice of a rent increase;
  • 30-day written notice of a lease expiration; and
  • Five-day grace period for rent payments.

What's next. The Enterprises will monitor and enforce these protections, and failure to comply could result in penalties under the loan agreement. They are also expected to publish a detailed description of the tenant protection policies in August 2024.

Background. In 2023, FHFA published a Request for Input (RFI) regarding potential tenant protections. CREFC and several other real estate trades responded to the RFI with a joint trade letter that advised the FHFA to:

“Refrain from placing new or expanded federal obligations on private rental housing providers and instead focus on leveraging federal resources in the form of incentives to bolster new affordable housing.”

Why it matters. We expect this is the first tenant protection-related policy measure; additional tenant protections could arrive under a second Biden administration. As FHFA states in its press release and accompanying blog:

“FHFA and the Enterprises will continue to evaluate options for codifying additional tenant protections that advance sustainable housing in a manner that reflects the needs of both tenants and housing providers.”

CREFC meets with FHFA on a quarterly basis to discuss developments in the multifamily sector, including relevant data trends and policy concerns.

Please contact Sairah Burki (sburki@crefc.org) with any questions.
 

Contact 

Sairah Burki
Managing Director, Head of Regulatory
Affairs & Sustainability
703.201.4294
sburki@crefc.org
The information provided herein is general in nature and for educational purposes only. CRE Finance Council makes no representations as to the accuracy, completeness, timeliness, validity, usefulness, or suitability of the information provided. The information should not be relied upon or interpreted as legal, financial, tax, accounting, investment, commercial or other advice, and CRE Finance Council disclaims all liability for any such reliance. © 2024 CRE Finance Council. All rights reserved.
GSE Loan Agreements Will Require Notices and Grace Period
July 16, 2024
The Federal Housing Finance Agency on July 12 (FHFA) announced mandatory tenant protections, via loan agreements, for multifamily properties financed by Fannie Mae and Freddie Mac (the Enterprises).

News

Unprecedented Turmoil in Presidential Races

July 16, 2024

Both political campaigns paused their ad campaigns this weekend after the assassination attempt on former President Donald Trump. Ahead of this weekend, President Joe Biden and Democrats were trying to contain the fallout from his poor June 27 debate performance.

  • A flurry of post debate polls have shown Biden’s position slipping to Trump’s and many election forecasters have increased Trump’s chance of victory following the presidential debate.
  • 19 House Democrats have publicly called for President Biden to step aside while Senator Peter Welch from Vermont is the only Senate Democrat to urge Biden to quit.
  • Biden still has strong public support among many members of his party, despite reservations about his viability as presidential candidate raised in public and behind-the-scenes.

The bottom line: Biden has enough delegates to secure the nomination, so the decision to remain in the race is his alone.

  • 1,976 delegates are required to win the Democratic nomination, and Biden has 3,894. Two other candidates have a combined seven with another 36 uncommitted.
  • However, if Biden is convinced to drop out, there is little to no precedent for what will happen next. He could give a speech at the Democratic National Convention outlining who he would like his delegates to vote for and this would strongly inform their opinions and actions.

The delegates that Biden won during the primaries are only bound by their conscience to cast their votes for Biden. The key phrase in the DNC rules is below.

“All delegates to the National Convention pledged to a presidential candidate shall in all good conscience reflect the sentiments of those who elected them.”

Last Thursday, President Biden said delegates are “free to do whatever they want” at the Democratic National Convention, including nominating a different candidate. Shortly after, he mock-whispered into the microphone, “It’s not going to happen.”

To read more analysis from The Associated Press about the upcoming convention, click here.

What’s next: The Democratic Convention begins on August 19 in Chicago, While any change to the ticket beforehand will be disruptive, the process after the conventions becomes much more complex.

Please contact James Montfort (jmontfort@crefc.org) with any questions.
 

Contact 

James Montford
Manager, Government Relations
202.448.0857
jmontfort@crefc.org 

POTUS seal on an historic air force one.
The information provided herein is general in nature and for educational purposes only. CRE Finance Council makes no representations as to the accuracy, completeness, timeliness, validity, usefulness, or suitability of the information provided. The information should not be relied upon or interpreted as legal, financial, tax, accounting, investment, commercial or other advice, and CRE Finance Council disclaims all liability for any such reliance. © 2024 CRE Finance Council. All rights reserved.
Unprecedented Turmoil in Presidential Races
July 16, 2024
Both political campaigns paused their ad campaigns this weekend after the assassination attempt on former President Donald Trump.

News

NCREIF Expands Property Index; Colliers Analyzes Office Sector Performance

July 16, 2024

On April 24, 2024, the National Council of Real Estate Investment Fiduciaries (NCREIF) released its first-quarter 2024 results for the expanded NCREIF Property Index (NPI).

  • The index now encompasses all property sectors, expanding from the previous five sectors to include 12,745 properties valued at nearly $900 billion.
  • Despite this broadening of the index, the market value of properties has declined for the seventh consecutive quarter, with a 16% decrease since the peak in Q2 2022.

Last week, Colliers published an article examining the implications of the expanded NPI, focusing on the office sector.

  • Colliers notes that a disparity remains between major price indices from CoStar, Green Street, MSCI, NAREIT, and NCREIF, and while all show that asset values are down, their rates vary widely.
  • The article highlights how the expanded NPI now provides more granular insights, with the office sector segmented into the following categories: Central Business District (CBD), Secondary Business District, Suburban, Urban, Life Science, and Medical Office.
  • Using the pandemic as a starting point, Colliers uses the expanded NPI to see how the various office subsets have performed since.

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  • Their analysis shows CBD office declining 40%, with Life Science still up 17% and Medical Office down just 2%. The other sets show declines of between 25% and 31%.

Go deeper: For more detailed information, you can access the NCREIF press release on the expanded NPI here and the Colliers article here.

Please contact Raj Aidasani (raidasani@crefc.org) with any questions.

Contact 

Raj Aidasani
Managing Director, Research
646.884.7566

The information provided herein is general in nature and for educational purposes only. CRE Finance Council makes no representations as to the accuracy, completeness, timeliness, validity, usefulness, or suitability of the information provided. The information should not be relied upon or interpreted as legal, financial, tax, accounting, investment, commercial or other advice, and CRE Finance Council disclaims all liability for any such reliance. © 2024 CRE Finance Council. All rights reserved.
NCREIF Expands Property Index; Colliers Analyzes Office Sector Performance
July 16, 2024
On April 24, 2024, the National Council of Real Estate Investment Fiduciaries (NCREIF) released its first-quarter 2024 results for the expanded NCREIF Property Index (NPI).

News

Basel Update and FDIC Chair Nominee Hearing

July 16, 2024

Federal Reserve Chair Jerome Powell appeared
before the Senate Banking and House Financial Services Committees last week, where he shared the Fed would prefer the Basel capital proposal be reproposed:

“It is my view, it is the strongly held view of members of the Board, that we do need to put a revised proposal out for comment for some period. When there are broad and material changes, that has been our practice, and we don’t see a reason to deviate from that practice.”

  • Powell also noted that a reproposal would be likely published with the results of a quantitative impact study for a notice and comment period that could run 60 days.

The other banking agencies, the Federal Deposit Insurance Corporation (FDIC) and the Office of the Comptroller of the Currency (OCC) have not publicly stated their positions on next steps, but Powell is “very hopeful” they will reach an agreement.

Why it matters: Given the presidential election and potential change in administration, a reproposal and, possibly, publication of a final rule in early 2025 would subject the new requirements to significant pushback.

Under a Trump administration, new bank regulators could work to unwind the capital requirements, if finalized.

  • A Republican trifecta could also use the Congressional Review Act to swiftly disapprove the final capital rules should they be finalized.
  • We would also expect to see litigation challenging a final rule.

Last week, the Senate Banking Committee held a nomination hearing for Christy Goldsmith Romero to become the next FDIC Chair. She likely has the votes to be confirmed, but it’s unclear whether she will be confirmed before the election.

According to BTIG research analyst Isaac Boltansky:

“Republicans are unlikely to allow her nomination to be fast-tracked, which means that Democrats would have to burn floor time to get this nomination over the finish line. In our experience, Senate Majority Leader Schumer (D-NY) typically prioritizes the confirmation of judges given that they carry lifetime appointments.”

Why it matters. Goldsmith Romero vowed to clean up the FDIC, pledging a “complete overhaul of the FDIC’s workplace culture” to address “deep-seated cultural issues that have caused pain for many employees.”

  • In terms of capital requirements, she indicated she was “inclined” to support a reproposal of Basel III Endgame if confirmed. “I’m not looking to get something done fast,” she said. “I’m looking to get something done right.”

CREFC continues to closely monitor developments related to bank capital requirements. If there is a reproposal, CREFC will relaunch the working group that developed and submitted comments on the original proposal.

Please contact Sairah Burki (sburki@crefc.org) with any questions.
 

Contact 

Sairah Burki
Managing Director, Head of Regulatory
Affairs & Sustainability
703.201.4294
sburki@crefc.org
The information provided herein is general in nature and for educational purposes only. CRE Finance Council makes no representations as to the accuracy, completeness, timeliness, validity, usefulness, or suitability of the information provided. The information should not be relied upon or interpreted as legal, financial, tax, accounting, investment, commercial or other advice, and CRE Finance Council disclaims all liability for any such reliance. © 2024 CRE Finance Council. All rights reserved.
Basel Update and FDIC Chair Nominee Hearing
July 16, 2024
Federal Reserve Chair Jerome Powell appeared before the Senate Banking and House Financial Services Committees last week.

News

Powell and Yellen Hearing Recaps 

July 16, 2024

Last week, Federal Reserve Chairman Jerome Powell testified before the House Financial Services Committee (HFSC) and the Senate Banking Committee (SBC) to deliver the Semiannual Monetary Policy Report. Treasury Secretary Janet Yellen separately testified before the HFSC.

Why it matters: Monetary policy and the Basel Capital proposal (covered above) were key topics in the Powell hearings while Yellen’s discussion focused on a variety of policy issues, including beneficial ownership reporting.

CRE Mentions: Commercial real estate was not a key focus of the hearings, but the issue came up several times.

Sen. Tina Smith (D-MN) and Rep. Brittney Pettersen (D-CO) touched on the risks posed by commercial real estate with Powell, focusing specifically on the effect it could have on smaller banks. Powell emphasized the issue does not appear to be systemic and that examiners and banks are working through the issues:

“We know from the stress tests and from our own work that the large banks, they're going to be okay, here. Some of the regional banks and smaller banks have what you would expect, which is high concentrations in their local community in real estate. We are aware of those [and] the banks are aware of it.” -Fed Chair Powell

Chinese Land Investments. Both Republicans and Democrats including Reps. Lucas (R-OK), Zach Nunn (R-IA), and Ralph Norman (R-SC) expressed concern that China continues to buy up land in the vicinity of U.S. military bases.

  • However, Rep. David Scott (D-GA) and other Members praised the Biden administration for adding 50 new facilities (see story below) to the list where surrounding property transactions may be reviewed by the Committee on Foreign Investment in the U.S. (CFIUS).
  • Secretary Yellen stated that Treasury is working very closely with the U.S. Department of Defense to add those 50 new facilities and the DoD just issued rulemaking after undertaking a comprehensive assessment of military installations across the country.

Beneficial Ownership. Members on both sides of the aisle, including Chairman Patrick McHenry, Rep. Norman (R-SC), Rep. Nydia Velazquez (D-NY), Rep. Joyce Beatty (D-OH), and Rep. Nunn (R-IA) expressed their concern that small businesses across the United States are unaware of the new beneficial ownership requirement.

  • Republicans took it a step further to request that FinCEN extend the deadline for small businesses to come into compliance with the beneficial ownership rule.
  • Yellen said the Biden administration is conducting extensive outreach and education to ensure small businesses are aware they need to come into compliance with the new rule. Secretary Yellen added that Treasury has been able to reach 2.7 of 3.1 million small businesses.
Please contact David McCarthy (dmccarthy@crefc.org) with any questions.
 

Contact

David McCarthy
Managing Director, Chief Lobbyist, 
Head of Legislative Affairs
202.448.0855
dmccarthy@crefc.org
Dollar bill with a microphone in front of George Washington
The information provided herein is general in nature and for educational purposes only. CRE Finance Council makes no representations as to the accuracy, completeness, timeliness, validity, usefulness, or suitability of the information provided. The information should not be relied upon or interpreted as legal, financial, tax, accounting, investment, commercial or other advice, and CRE Finance Council disclaims all liability for any such reliance. © 2024 CRE Finance Council. All rights reserved.
Powell and Yellen Hearing Recaps
July 16, 2024
Last week, Federal Reserve Chairman Jerome Powell testified before the House Financial Services Committee (HFSC) and the Senate Banking Committee (SBC).

News

Capital Markets Update Week of 7/16

July 16, 2024

Private-Label CMBS and CRE CLOs

One CMBS transaction priced last week:

  • CONE 2024-DFW1, a $687.1 million SASB backed by a floating-rate, five-year loan (at full extension) for CyrusOne to refinance a 644,000 sf data center in the Dallas-Fort Worth area

According to Commercial Mortgage Alert, six additional offerings totaling ~$5 billion are currently in various stages of marketing.

Year-to-date private-label CMBS and CRE CLO issuance totaled $50.2 billion, well ahead of the $19.3 billion for the same period last year.

Spreads Mixed

  • Conduit AAA and A-S spreads were unchanged at +100 and +140. YTD, AAA and A-S spreads are tighter by 16 bps and 25 bps, respectively.
  • Conduit AA spreads and A spreads were wider by 10 bps at +150 and +220. YTD AA and A spreads are tighter by 75 bps and 155 bps, respectively. ­
  • Conduit BBB- spreads were unchanged at +575. YTD, BBB- spreads have tightened by 325 bps.
  • SASB AAA spreads were unchanged at +150 to +155, depending on property type. They have narrowed from +160 to +188 at the start of the year.
  • CRE CLO AAA spreads were wider by 10 bps at +170 / +175 (Static / Managed). BBB- spreads tighter by 65 bps and 70 bps at +575 / +575 (Static / Managed).

Agency CMBS

  • Agency issuance totaled $4.4 billion last week, consisting of $1.2 billion in Fannie DUS, $3 billion in Freddie K and Multi-PC transactions, and $179.8 million in Ginnie transactions.
  • Agency issuance for the year is $51.9 billion, 14% lower than the $60.5 billion for the same period last year.

The Economy, the Fed, and Rates…

Economic Data

  • The June Consumer Price Index (CPI) showed a year-over-year increase of 3%, down from 3.3% in May and below expectations of 3.1%. This was the first time inflation had hit 3% since June 2023. On a month-over-month basis, the CPI fell by 0.1%, the first decline since 2020.
  • Core CPI (excluding food and energy) rose 3.3% year-over-year and only 0.1% since May – the mildest increase since January 2021, when large swaths of the economy were still frozen by the pandemic.
  • June’s CPI report could be especially comforting to policymakers because it showed housing costs are slowing after an enormous run-up following the pandemic. Housing inflation, which reflects the cost of renting and accounts for about one-third of the CPI, has kept overall prices high. Housing costs were up 2% on a monthly basis, the smallest increase since August 2021.
  • The June Producer Price Index (PPI) rose by 0.2% from the previous month, slightly above expectations. Year-over-year PPI increased by 2.6%, lower than the previous month, while Core PPI (excluding food, energy, and trade) was unchanged.
  • The University of Michigan's Consumer Sentiment Index fell to 66 in early July, an eight-month low. This unexpected decline was attributed to ongoing high prices affecting Americans' views on their finances and the economy.

Fed Policy

  • The latest data significantly increases the likelihood of the Federal Reserve cutting interest rates as soon as September. Fed officials, including Chair Jerome Powell and San Francisco Fed President Mary Daly, have signaled openness to easing monetary policy, contingent on continued favorable inflation and labor market data.
  • Market expectations have shifted, with futures markets now pricing in a near-100% chance of a September rate cut. There is also speculation about the possibility of a larger, half-point rate cut instead of the standard quarter-point reduction.
  • Fed officials have emphasized the importance of not causing unnecessary damage to the labor market while managing inflation. Fed officials remain cautious about potential future shocks, including political uncertainties and external economic factors.

Treasury Yields

  • Treasuries rallied sharply last week, wiping out their 2024 losses, as traders fully priced in September and December rate cuts. Yields, which move inversely to prices, tend to broadly reflect investors’ expectations for short-term rates set by the Fed.
  • The policy-sensitive 2-year yield ended the week down 15 bps to 4.45%, the lowest since February 7, while the 10-year yield declined by 10 bps to 4.18%, the lowest since March 12.

You can download CREFC’s one-page MarketWatch with statistics covering the economy and the CRE debt capital markets here.

Please contact Raj Aidasani (raidasani@crefc.org) with any questions.

Contact  

Raj Aidasani
Managing Director, Research
646.884.7566

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The information provided herein is general in nature and for educational purposes only. CRE Finance Council makes no representations as to the accuracy, completeness, timeliness, validity, usefulness, or suitability of the information provided. The information should not be relied upon or interpreted as legal, financial, tax, accounting, investment, commercial or other advice, and CRE Finance Council disclaims all liability for any such reliance. © 2024 CRE Finance Council. All rights reserved.
Capital Markets Update Week of 7/16
July 16, 2024
According to Commercial Mortgage Alert, six additional offerings totaling ~$5 billion are currently in various stages of marketing.

News

CFIUS Proposes Expanding List of Military Bases

July 16, 2024

Last week, Treasury announced a proposal to expand the Committee on Foreign Investment in the United States’ (CFIUS) scope over real estate located near sensitive government facilities.

Why it matters: Federal and state lawmakers have been increasingly concerned about foreign adversary ownership interest in real estate.

  • In 2018, Congress expanded CFIUS’s authority to review certain real estate transactions near sensitive national security sites involving foreign persons.
  • For the first time ever, CFIUS ordered divestment of real estate when it disapproved of a Chinese-owned bitcoin mining facility near an Air Force base in Wyoming.
  • This proposed rule would add over 50 military installations across 30 states to the existing list of installations around which CFIUS has jurisdiction, including over land purchases. This latest update would vastly expand the reach of CFIUS’s real estate jurisdiction while maintaining its sharp focus on national security.

The proposed rule would enhance CFIUS’s authorities through the following key changes:

  • Expand CFIUS’s jurisdiction over real estate transactions to include those within a one-mile radius around 40 additional military installations;
  • Expand CFIUS’s jurisdiction over real estate transactions to include those within a 100-mile radius around 19 additional military installations;
  • Expand CFIUS’s jurisdiction over real estate transactions between 1 mile and 100 miles around eight military installations already listed in the regulations;
  • Update the names of 14 military installations already listed in the regulations to better assist the public in identifying the relevant sites; and
  • Update the location of seven military installations already listed in the current regulations to better assist the public in identifying the relevant sites.

The bottom line: CFIUS regulations have numerous exceptions, including largely exempting mortgage lending by foreign persons from coverage.

Please contact David McCarthy (dmccarthy@crefc.org) with any questions.

Contact  

David McCarthy
Managing Director, Chief Lobbyist, 
Head of Legislative Affairs
202.448.0855
dmccarthy@crefc.org
The information provided herein is general in nature and for educational purposes only. CRE Finance Council makes no representations as to the accuracy, completeness, timeliness, validity, usefulness, or suitability of the information provided. The information should not be relied upon or interpreted as legal, financial, tax, accounting, investment, commercial or other advice, and CRE Finance Council disclaims all liability for any such reliance. © 2024 CRE Finance Council. All rights reserved.
CFIUS Proposes Expanding List of Military Bases
July 16, 2024
Last week, Treasury announced a proposal to expand the Committee on Foreign Investment in the United States.

News

Trump Picks Vance as VP Nominee

July 16, 2024

Yesterday, former President Donald Trump announced his selection of U.S. Senator J.D. Vance from Ohio as his running mate.

  • Vance was elected to the Senate in 2022 and has a background as a venture capitalist, lawyer, and author.
  • Vance obtained Trump’s pivotal endorsement in the 2022 Ohio GOP Senate primary, which helped propel him to victory in the three-way race. Vance prevailed against former Rep. Tim Ryan (D-OH) in the general election.

Why it matters: The pick doubles down on appealing to rural Americans for the Trump campaign. Vance has positioned himself as a populist, trade-skeptic, and favors a more isolationist foreign policy.

What they’re saying: PoliticoPro published an article (paywall) analyzing “What VP Vance would mean for Wall Street.” The article includes interviews and quotes that paint Vance as a “populist conservative” willing to take on big business. For financial services, highlights include:

  • Opposition to the Basel endgame capital requirements;
  • Co-sponsor on a bill to limit credit card interchange fees;
  • Co-sponsor on post-Silicon Valley Bank legislation to penalize bank executives in the wake of failures (though there is broad support among GOP senators on the Banking Committee for this bill); and
  • Co-sponsor on a bill to prevent banks from limiting services to particular industries, including energy producers and firearms businesses.

The article quoted Vance during a Senate Banking Committee hearing with large bank CEOs:

“If you guys are going to use the financial power that you’ve accumulated to go to war against the values of our voters, impoverish our constituents who rely on cheap energy, and destroy the jobs of people who work in the energy sector, why should [Republicans] listen to you when you come and ask us for a tax break or for reasonable regulations?”

The bottom line: The vice presidency is a notoriously tricky role, and Trump remains at the top of the ticket. But Vance’s own policy views likely align with many of Trump’s key priorities.

Contact David McCarthy (dmccarthy@crefc.org) with questions. 
 

Contact  

David McCarthy
Managing Director, Chief Lobbyist, 
Head of Legislative Affairs
202.448.0855
dmccarthy@crefc.org
The information provided herein is general in nature and for educational purposes only. CRE Finance Council makes no representations as to the accuracy, completeness, timeliness, validity, usefulness, or suitability of the information provided. The information should not be relied upon or interpreted as legal, financial, tax, accounting, investment, commercial or other advice, and CRE Finance Council disclaims all liability for any such reliance. © 2024 CRE Finance Council. All rights reserved.
Trump Picks Vance as VP Nominee
July 16, 2024
Yesterday, former President Donald Trump announced his selection of U.S. Senator J.D. Vance from Ohio as his running mate.

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