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

Recent Headlines

Top News

  • LoanCore Lends $60Mln Against Chocolate Factory Apartments in Brooklyn, N.Y.

    LoanCore Capital has originated a $60 million mortgage against the Chocolate Factory Lofts, a 123-unit apartment property in the Clinton Hill area of Brooklyn, N.Y. The floating-rate loan allowed the property's owner, a venture that includes Brickman and HK Organization, to defease $37.3 million of existing debt.

    Written on Friday, 24 March 2017 12:02 Read more...
  • UBS Offers for Sale Washington, D.C., Office Building

    UBS Realty Investors is offering for sale 1101 Vermont Ave. NW, a 174,592-square-foot office building in downtown Washington, D.C. It's offering it for sale as a number of leases are set to expire, which could make the property a value-add proposition for prospective investors. Cushman & Wakefield has the listing.

    Written on Thursday, 23 March 2017 17:26 Read more...
  • Investor in Value-Add Retail Centers Starts Raising Second Investment Vehicle

    Epic Real Estate Partners is in the process of raising what could be $300 million for its second investment vehicle. The Austin, Texas, company was founded five years ago by three retail-property veterans, and pursues value-add grocery-anchored retail and power centers. It so far has raised $50 million for its latest fund.

    Written on Wednesday, 22 March 2017 16:36 Read more...
  • Morgan Properties Buys Md. Apartment Portfolio; Aims for $1Bln of Buys in 2017

    Morgan Properties, which recently completed the $247 million purchase of a portfolio of 1,979 apartment units in the Baltimore suburb of Windsor Mill, Md., has plans to make up to $1 billion of investments in similar class-B properties. Its focus is on the Northeast and Mid-Atlantic regions.

    Written on Tuesday, 21 March 2017 15:40 Read more...
  • Charleston, S.C., Group Buys Citadel Mall; CMBS Loan Suffers 100 Percent Loss

    A group led by Richard C. Davis, who created a pair of television shows focused on buying, fixing and flipping homes, has paid $17.2 million for the Citadel Mall in Charleston, S.C. The sale resulted in a loss of $62.7 million to the CMBS trust that held a like-sized loan against the property.

    Written on Monday, 20 March 2017 16:20 Read more...
  • Morgan Stanley Paying $62.5Mln to Resolve Rep and Warranty Claim

    Morgan Stanley has agreed to pay $62.5 million to resolve a suit that alleged it had breached the representations and warranties it had provided when it sold a loan against an Ohio retail center to a CMBS trust. The loan was securitized through Morgan Stanley Capital I Inc., 2007-IQ14.

    Written on Friday, 17 March 2017 16:43 Read more...
  • Bistricer's Clipper Realty Paying $87.5Mln for Brooklyn, N.Y., Apartments

    David Bistricer has taken his Clipper Realty Inc. investment operation public, and is earmarking some of the proceeds to fund the $87.5 million, or $543,480/unit, purchase of 107 Columbia Heights, a 161-unit apartment property in Brooklyn, N.Y.,'s exclusive Columbia Heights neighborhood.

    Written on Thursday, 16 March 2017 10:11 Read more...
  • JPMorgan Lent $91Mln for Recap of Ariz. Shopping Mall-Turned-Office

    JPMorgan Chase Bank has provided $91 million of financing against the Galleria Corporate Centre, facilitating a recapitalization of the 537,110-square-foot office property in Scottsdale, Ariz., that started life as a shopping mall. As part of the recap, Jasper Ridge Partners bought out Oaktree Capital Management. Stockdale Capital Partners retained its stake.

    Written on Wednesday, 15 March 2017 16:01 Read more...
  • MassMutual Circles First CMBS B-Piece

    Massachusetts Mutual Life Insurance Co. is making its first CMBS B-piece investment. It moved into the business last year by hiring Doug Cooper, who previously built out Allied Capital Ltd.'s B-piece business. The insurer has circled the most subordinate classes of JPMDB Commercial Mortgage Securities Trust, 2017-C5, and is shooting for a 13.9 percent return.

    Written on Tuesday, 14 March 2017 12:32 Read more...
  • Oak Street Capital Raising Latest Net Leased Fund

    The Chicago investment manager has raised $380.1 million of a targeted $1.25 billion for its latest fund, which like its predecessors will pursue office, industrial and retail properties that are net leased to their tenants.

    Written on Tuesday, 14 March 2017 12:00 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