01/19/2009
Fairway America Welcomes Robert Countryman as Vice President of Business Development
Fairway America is pleased to announce the addition of Robert Countryman as its new Vice President of Business Development. Fairway America is a Portland based commercial mortgage lender, founded in 1992. Fairway America operates with a clear commitment to provide the highest level of service with a clear vision of value, whether making loans to hardworking people or managing investment funds.
Robert brings with him over 20 years of commercial banking experience, and most recently served as Executive Vice President of Business Development & Client Service at Capital Pacific Bank, a locally owned and managed bank in located in downtown Portland. Prior to working at Capital Pacific, Robert was Senior Vice President & Team Leader of KeyBank’s Corporate Banking Group in Portland. He also worked for Bank of America/NationsBank and held various positions in the Commercial Banking in Dallas, Texas, Seattle and Portland. He is experienced in lending to companies in the forest products industry, manufacturing, wholesale/distribution, commercial real estate, technology, non-profits, property management services, and mortgage banking.
Beyond his extensive professional experience, Mr. Countryman is very active in the Portland community. He has held numerous volunteer leadership positions with local business organizations and non-profits, and has received honors for his professional and volunteer work. In 2003, he was the recipient of the Portland Business Journal’s “Top 40 Under 40” award, honoring the most influential executives in Portland under the age of 40.
The addition of Mr. Countryman to Fairway America emphasizes their commitment to growth and providing high quality service in the real estate private money business. He clearly is a perfect example of the “A Player” that Fairway seeks to bring on to its team, and they look forward to new opportunities in 2009 and beyond as a result of this valuable addition.
For more information about Fairway America, its products and services, and its team, please visit www.fairwayamerica.com or call (503) 906-9100.
01/15/2009
Puget Sound Region Hit Hard by Economy but Expected to Recover
Grubb & Ellis’ forecast for the Seattle/Puget Sound region of Washington is not as hopeful as that of Portland. The area suffered setbacks that will have effects for many years. Increased unemployment, dropping home values (80% of which is attributed to overbuilding in the area) , and an overall drop in consumer confidence are more in alignment with the national trends, and are expected to continue well into 2009. Economic growth is expected to slow to 2.2%, the weakest in over a decade.
Premier businesses were hard hit in 2008. Corporations such as Nordstrom, Starbucks, Weyerhauser and Alaska Airlines all suffered cutbacks and layoffs, while WaMu Bank and Safeco Insurance ceased to exist entirely.
This combination of downsizing and folding has and will leave a considerable impression on commercial property in the area. Downsizing companies will depress demand for office space, and the question remains what will happen to the 3 million+ square feet of office space that was once occupied by WaMu and Safeco. The central business district is expecting a 15% vacancy rate by the middle of the year.
Speculative development resulting from the cheap and easy credit of 2006 and 2007 will further drive vacancies up in 2009. Leases from Microsoft will soften the blow somewhat, but only to a limited extent. Financing for new construction is virtually nonexistent, and construction is expected to be virtually frozen in 2009, with hardly any new ground being broken until 2010.
Industrial areas have been hit due to decreased volume at the ports of Seattle and Tacoma, but the aerospace industry is expected to remain strong. Boeing’s extensive order backlog should enable the company to remain productive through 2009.
Other warehouse/industrial property owners have increased their asking rates by 13% over the past year, but that does not reflect an increase in property value. Rather, it is a sign of the landlords positioning themselves to have more negotiating room with current and future tenants. At a closer look, effective rates for these spaces have either held steady or declined due to decreased owner concessions.
The only areas that do not seem to have been as adversely affected by the current economy are retail and multi-housing. Retail has been able to stay relatively healthy due to the above average income levels and spending habits of many residents in the area, but even that is expected to turn in 2009. Retail sales are expected to be around 4.1%, down from roughly 7% in 2007. Suburban retail center vacancies will increase to 7% or 8% as retailers downsize to smaller, less expensive locations while others will simply close their locations.
Multi-family housing, however, is expected to weather the economic storm well, largely due to dropping home values. However, landlords will still find themselves making more concessions to compete to keep their properties filled. Many buildings that were originally planned to be sold as condos are now being converted to apartments.
Investors will find it difficult to obtain financing in the area, and the dollar sales volume of commercial properties in 2008 fell 82%. Many properties were pulled off the market after well-capitalized buyers did not materialize, or after the sellers realized they weren’t able to get their asking price.
Some of these setbacks, however, will provide opportunities. The positioning of Seattle as a gateway city will be a strength for it in 2009, as will its high population of people with solid credit and higher than average incomes. Investors will have a large selection of distressed assets to purchase, while renters will finally have negotiating power to secure more favorable lease terms.
Fairway America is expecting to weather this economic storm due to a conservative lending approach historically. We are currently actively lending on good projects while many banks and other lenders are not, and we will consider deals in the Puget Sound area. We strongly encourage you to contact us at 800.454.0564 for information about what services we offer and how we can help you during these challenging economic times.
For more information about the Grubb & Ellis Retail Forecast, visit http://www.grubb-ellis.com/forecast2009
01/14/2009
Fairway revises its Core Values for 2009
To further our efforts of emphasizing our Core Values as an active part of our every day schedule, we chose to revise them and use the name FAIRWAY as an acronym. Doing so truly reiterates how much these values are an integral part of our company, and how they are not just a list of words that nobody remembers. We strive to do our day-to-day business with these values in mind, understanding that doing so will keep us on our path of becoming a successful, positive business operated with integrity. So, without further ado, here are the new Fairway America Core Values:
Focused, Driven and Committed
We ambitiously work toward achieving our goals while never forgetting the value of the lessons learned through the process.
Accountable and Responsible
We pursue our priorities with passion, perseverance and enthusiasm as we take ownership to deliver the timely end result.
Interdependence and Collaboration
Together we can achieve much more than going it alone. The value of teamwork is inherent in our approach.
Respect, Trust and Integrity
We understand that trust and respect are earned, while demonstrating the highest levels of integrity.
Winning Attitudes
We bring an upbeat mind-set to the workplace with an understanding that positive attitudes permeate our surroundings with success.
Approachable, Open Communication
We value discussion and different perspectives. We encourage the sharing of new ideas and promote an open-door mentality to voicing concerns and opinions—with respect.
You Make Fairway Fun!
Yes, work can be fun! We encourage everyone to bring his or her own brand of respectful fun to the workplace.
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