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

Recent Headlines

Top News

  • Ladder Eyes Horizontal Risk-Retention Strategy; Conduit Generates 3.06 Percent Margin in 2016

    Ladder Capital Corp. generated $18 million of profit, for a margin of 2.71 percent, by securitizing $663.8 million of mortgages during the latest quarter, bringing its profit margin from its conduit business for the year to 3.06 percent. Meanwhile, it would like to structure a CMBS deal, backed solely by its loans, and in which it would retain a 5 percent horizontal risk piece.

    Written on Monday, 27 February 2017 15:26 Read more...
  • Commercial Mortgage Origination Volumes Seen Growing Steadily

    Last year, $502 billion of commercial mortgages were originated, according to the Mortgage Bankers Association. While that was down a tad from a year earlier, the trade group expects volumes to improve this year and next, by 2 percent and 3 percent, respectively. Driving its forecast is the expectation that the U.S. economy will remain healthy and interest rates won't get out of hand.

    Written on Friday, 24 February 2017 08:19 Read more...
  • Wells Fargo Lends $170Mln Against Manhattan's 10 East 53rd St.

    Wells Fargo Bank has provided $170 million of floating-rate financing against 10 East 53rd St., a 393,640-square-foot office and retail property in the Plaza District of Manhattan. The loan is designed to allow the property's owner, a venture of SL Green Realty Corp. and CPP Investment Board, to bring it to stabilization.

    Written on Thursday, 23 February 2017 16:53 Read more...
  • MRP Selected as Winning Bidder for Downtown Philadelphia Office

    The buzz is that MRP Realty has been selected as the winning bidder for Three Parkway in downtown Philadelphia. The 561,631-square-foot office property would be the fourth in the city for the Washington, D.C., real estate investment and management firm.

    Written on Wednesday, 22 February 2017 14:42 Read more...
  • Hunt Mortgage Aims to Write Fixed-Rate Loans for Balance Sheet

    Hunt Mortgage Group, which already writes bridge loans that it retains on its balance sheet, soon will start writing long-term, fixed-rate loans that it will fund through a partnership with institutional investors. It will keep a risk piece of every loan it writes and retain servicing, providing a lending product that normally would compete against conduit lenders, but provide added flexibility.

    Written on Tuesday, 21 February 2017 08:17 Read more...
  • Blackstone in Deal to Buy Schwab's San Francisco HQ for $293Mln

    Blackstone Property Partners is said to have agreed to buy Charles Schwab & Co.'s corporate headquarters building in San Francisco for $293 million, or $788/sf. It's buying the Schwab headquarters, a 371,825-square-foot office building at 211 Main St. in San Francisco's South Financial District, from an affiliate of CIM Commercial Trust Corp.

    Written on Friday, 17 February 2017 11:03 Read more...
  • Vornado Capital Partners in 'Harvesting' Mode

    Vornado Capital Partners, an $800 million investment vehicle controlled by Vornado Realty Trust, so far has generated $165 million of gains from the disposition of six investments it made. It's now in its "harvesting" mode and will be looking to sell four of its six remaining investments. Those six are worth $433 million.

    Written on Friday, 17 February 2017 10:34 Read more...
  • Utility Company's Brooklyn, N.Y., HQ Offered for Sale

    A venture of Angelo, Gordon & Co. and Capstone Equities is offering for sale 30 Flatbush Ave., a 231,936-square-foot office building in downtown Brooklyn, N.Y. The property, which is triple-net leased to Consolidated Edison Inc. through at least 2022, is being offered through JLL.

    Written on Thursday, 16 February 2017 16:43 Read more...
  • Mack-Cali to Buy Portfolio of Offices in Northern New Jersey

    Mack-Cali Realty Corp. has struck a deal to buy a portfolio of six office properties with 1.1 million square feet in Short Hills, N.J., and Madison, N.J. The properties are encumbered by two CMBS loans with a combined balance of $357.9 million that had matured. One loan, with a $270.3 million balance, was transferred to special servicing in November.

    Written on Wednesday, 15 February 2017 16:07 Read more...
  • Sumitomo Lends $159.7Mln Against D.C.'s Homer Building

    Sumitomo Mitsui Trust Bank has originated $159.7 million of floating-rate mortgage financing against the 460,000-square-foot Homer Building in downtown Washington, D.C. The loan replaced a $158 million loan that New York Life Insurance Co. had provided in 2012.

    Written on Tuesday, 14 February 2017 10:13 Read more...

Data Digest

 

CMBS DELINQUENCY VOLUME

dqdataFP1

 

CMBS SPECIAL SERVICING VOLUME

sschartfp

Top Bookrunners Domestic, Private-Label CMBS - 2016
Investment Bank #Deals Vol$mln MktShr%
JPMorgan Securities 14.94 10,350.16 15.14
Deutsche Bank 14.21 9,926.60 14.52
Wells Fargo Securities 13.36 9,513.96 13.92
Citigroup 10.87 8,061.79 11.80
Goldman Sachs 10.05 7,563.72 11.07

 

MOODY'S/RCA CPPI

 

cppichart FP

 

 

CMBS 2.0 Spreads

AAAspreads

Top CMBS Loan Contributors - 2016
Lender #Loans Vol$mln MktShr%
JPMorgan Chase Bank 133.67 8,670.33 13.34
Goldman Sachs 156.20 7,418.37 11.41
Deutsche Bank 178.17 6,510.75 10.02
Citigroup 184.41 5,512.20 8.48
Morgan Stanley 113.18 4,130.53 6.35

 

 

Receive daily updates on major news, trends and events occurring in the CRE market nationwide.


 

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
warehouse-backstage