Daily market intelligence on mortgages, equity raising, investment sales, and CMBS.

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  • Forest City Reviews Retail Holdings for Possible Sale

    Forest City Realty Trust Inc. has launched a strategic review that might result in it selling most of its retail exposure, which is comprised of 14 regional malls around the country and 19 specialty retail centers in New York. The move is part of an ongoing portfolio refocusing effort by the Cleveland REIT, which would redeploy proceeds into office and apartment properties.

    Written on Wednesday, 24 August 2016 14:58 Read more...
  • Apartment Completions Seen Jumping This Year

    Some 321,200 apartment units are expected to be added to the country's inventory this year, according to RENTCafe, an apartment search site run by Yardi Systems. That would be the biggest annual increase in deliveries in 10 years and compares with the 214,108 units that were added last year. The increase in deliveries is contributing to the overall slowdown in rent growth.

    Written on Tuesday, 23 August 2016 15:00 Read more...
  • New York REIT Chooses to Liquidate

    The REIT's decision to adopt a liquidation plan culminates a process that started just more than a year ago as it sought to shore up its lagging share price. In May, it had agreed to merge with JBG Cos., but that deal was terminated earlier this month.

    Written on Monday, 22 August 2016 14:02 Read more...
  • Structured Tax-Deferred Exchange Market On Track to Hit $1.4Bln This Year

    The structured tax-deferred exchange market continues to ramp up, with $706 million of equity having been raised during the first half, putting the year on track to see $1.4 billion. That would compare with the roughly $1.1 billion of equity that was raised last year, according to Mountain Dell Consulting.

    Written on Friday, 19 August 2016 15:23 Read more...
  • Realty Mogul Moves into Investment Management, Launches Non-Traded REIT

    Realty Mogul has entered the investment management business, becoming the latest crowdfunding platform to do so. It's launched a non-traded REIT that would invest in commercial real estate debt assets, including subordinate and mezzanine loans, as well as in preferred equity, CMBS and REITs.

    Written on Thursday, 18 August 2016 15:58 Read more...
  • John Hancock Lends $115Mln Against Miami Office Property

    John Hancock Life Insurance Co. has provided a $115 million loan against One Biscayne, a 691,783-square-foot office property in downtown Miami. The 10-year loan allowed for the refinancing of an $83 million loan that was securitized through DBUBS Mortgage Trust, 2011-LC3.

    Written on Wednesday, 17 August 2016 14:10 Read more...
  • Money360 Tops $100Mln of Loan Originations; Aims to Triple That Next Year

    Money360 Inc., which started originating commercial real estate loans less than a year ago, has breached the $100 million level. It's now aiming to originate $250 million to $300 million over the next 12 months. To get to that level, the company has been beefing up its staff, adding originators and back-office professionals.

    Written on Tuesday, 16 August 2016 16:08 Read more...
  • Proposed Sale Prompts Special Transfer for Modified CMBS Loan Against Ala. Mall

    The CMBS financing against Riverchase Galleria in suburban Birmingham, Ala., once again has been transferred to special servicing. But this time it's because the collateral property's owner, a venture led by General Growth Properties Inc., is planning to sell the 1.5 million-square-foot property.

    Written on Tuesday, 16 August 2016 10:20 Read more...
  • TIAA Lends $400Mln Against Washington, D.C., Office Properties

    TIAA has provided $400 million of mortgage financing against a portfolio of six office properties with about 1 million square feet in the downtown and East End areas of Washington, D.C. The loan was used by the owner of the portfolio, Tishman Speyer Properties, to prepay $290 million of CMBS that was slated to mature in January.

    Written on Monday, 15 August 2016 17:24 Read more...
  • Franklin Street Affiliate Offers for Sale Chicago Office Property

    An affiliate of Franklin Street Properties Corp. is teeing up for sale 303 East Wacker Drive, an 860,000-square-foot office property in the East Loop area of Chicago. The REIT has hired HFF to market the property, which it carries on its balance sheet at a value of $143 million.

    Written on Friday, 12 August 2016 15:50 Read more...

Data Digest

 

CMBS DELINQUENCY VOLUME

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CMBS SPECIAL SERVICING VOLUME

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Top Bookrunners Domestic, Private-Label CMBS - 2015
Investment Bank #Deals Vol$mln MktShr%
Deutsche Bank 18.23 17,210.79 18.25
Wells Fargo Securities 17.77 14,715.47 15.61
JPMorgan Securities 14.43 11,589.38 12.29
Morgan Stanley 14.47 9,715.97 10.30
Credit Suisse 10.75 8,593.95 9.11

 

MOODY'S/RCA CPPI

 

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CMBS 2.0 Spreads

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Top CMBS Loan Contributors - 2015
Lender #Loans Vol$mln MktShr%
JPMorgan Chase Bank 161.6 10,858.98 11.55
Deutsche Bank 218.0 8,867.97 9.43
Morgan Stanley 241.5 8,264.67 8.79
Bank of America 242.8 6,533.69 6.95
Citigroup 217.4 6,274.94 6.67

 

 

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REITCafe

  • Challenging Retail Environment Weights on REITs
    Mixed economic news is weighing on retail markets, pushing REIT performance down in 2015. This week, the National Retail Federation announced that back-to-school spending is expected to be down 9.3% in 2015. This news came on the heels of a report from the Commerce Department stating that retail sales declined 0.3%...
     
  • US REITs Feeling Effects from Turmoil in Greece and China
    International economic forces have taken center stage this week, affecting both US stock markets and REITs. The crash in the Chinese stock market and ongoing concerns about the future of Greece in the eurozone drove markets down during the first half of the week. REITs fared better than the overall market...

  • What Does Increased Construction Mean for Apartment REITs?
    REITs so far this year have raised $17.1 billion of capital through the sale of unsecured notes, bringing the total raised over the past two and a half years to just more than $75 billion. That’s more than they raised during the previous five years. The massive volume shouldn’t be a surprise as it comes while the yield from 10-year Treasury bonds, the benchmark...
shouldn’t be a surprise as it comes while the yield from 10-year Treasury bonds, the benchmark against which most REIT’s price their bonds
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