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  • Family Office Affiliate Raising Third Fund, Targets Up to $600Mln of Fla. Real Estate

    Halstatt Real Estate Partners, an affiliate of a Naples, Fla., family office, is close to reaching its target of $150 million of equity commitments for its third fund, which is investing in properties and developments throughout Florida. With debt and co-investment capital, the fund plans to acquire $500 million to $600 million of assets.

    Written on Monday, 15 July 2019 16:18 Read more...
  • Citi Lends $198.3Mln for RFR's Purchase of Manhattan's 477 Madison Ave.

    Citigroup has provided $198.3 million of financing to RFR Holdings, which recently paid $258.25 million for 477 Madison Ave. in midtown Manhattan. The New York company plans to renovate the 325,000-square-foot office property's façade, as well as install new windows and mechanical systems.

    Written on Friday, 12 July 2019 09:03 Read more...
  • Morgan Properties Puts Elizabeth, N.J., Apartments on Sales Block

    Westminster Towers, a two-building apartment property with 203 units in Elizabeth, N.J., is being offered for sale. The 57-year-old property, at 801 North Broad St. and 1341 North Ave., is near a commuter rail station, providing easy access to Manhattan. It's being pitched as a potential value-add play, as only about 15 percent of its units have undergone upgrades. Those units saw monthly rental increases of as much as $250.

    Written on Thursday, 11 July 2019 15:04 Read more...
  • Northern N.J. Value-Add Office Play Brought to Market

    Brookwood Financial Partners has brought to the sales market Morris Corporate Center 1 and 2, a pair of office buildings with 543,766 square feet in the northern New Jersey municipality of Parsippany. The property should benefit from a recent surge in tenant and investor activity in the area, helped by Teva Pharmaceutical's move last year.

    Written on Wednesday, 10 July 2019 13:58 Read more...
  • CWCapital Moves to Sell Loan Against Gateway One in St. Louis

    CWCapital Asset Management has placed the $43.8 million CMBS loan against the 409,920-square-foot Gateway One office building in St. Louis on the sales block. The loan is the largest of nine remaining in the collateral pool for Merrill Lynch Mortgage Trust, 2006-C1, and represents 44 percent of the deal's $99.5 million remaining balance. The building earlier this year was appraised at a value of $26 million.

    Written on Tuesday, 09 July 2019 14:15 Read more...
  • KKR Venture Paying $325Mln for 6 Apartment Properties in Fla., North Carolina, Texas

    The venture, which includes Carter-Haston Real Estate Services, is paying $325 million for the 1,823-unit apartment portfolio. Bluerock Residential Growth REIT Inc. is selling the portfolio. Two of the properties serve as collateral for $69 million of Freddie Mac securitized debt.

    Written on Tuesday, 09 July 2019 10:05 Read more...
  • Home Ownership Viewed as Too Expensive By Growing Number of Renters

    Freddie Mac found that 82 percent of apartment renters it surveyed recently thought renting was more affordable than owning. That's up 15 percentage points from the housing-finance agency's last survey, conducted in February 2018, and is the highest percentage ever recorded by the survey.

    Written on Monday, 08 July 2019 14:17 Read more...
  • Starwood Property Lends $105Mln to Fund Acquisition, Renovation of Houston Hotel

    Starwood Property Trust has provided a total of $105 million of financing against the 955-room Hyatt Regency Houston hotel near the city's George R. Brown Convention Center. A total of $80 million of the loan was used to help fund the 47-year-old property's purchase by a venture of Apollo Real Estate and Haberhill LLC, in a deal brokered by JLL.

    Written on Friday, 05 July 2019 08:29 Read more...
  • Citigroup Dominates Ranking of Loan Contributors with $4.9Bln Volume

    Citigroup so far is dominating a ranking of loan contributors to domestic, private-label CMBS transactions. The banking giant sold $4.9 billion of loans through securitizations during the first six months of the year, amounting to 12.6 percent of all loans contributed to the market.

    Written on Wednesday, 03 July 2019 12:52 Read more...
  • NexPoint Selling Apartment Portfolio for $289.9Mln, Buying 2 Properties for $100Mln

    The Dallas REIT has agreed to sell six apartment properties with 2,218 units in five Sunbelt states for $289.9 million, or $130,703/unit. Meanwhile, it is buying two properties with 702 units in Florida and Tennessee for $100 million, or $142,450/unit. It's also negotiating to buy three additional properties, but those deals are not under contract.

    Written on Tuesday, 02 July 2019 16:34 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 - 2017
Investment Bank #Deals Vol$mln MktShr%
Goldman Sachs 17.59 11,819.34 13.68
JPMorgan Securities 14.52 10,968.11 12.70
Citigroup 12.04 10,012.71 11.59
Wells Fargo Securities 14.02 9,936.06 11.50
Deutsche Bank 12.55 9,879.74 11.44

 

RCA CPPI

 

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CMBS 2.0 Spreads

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Top CMBS Loan Contributors - 2017
Lender #Loans Vol$mln MktShr%
Goldman Sachs 146.89 11,719.34 13.63
JPMorgan Chase Bank 117.68 10,114.14 11.76
Deutsche Bank 198.48 9,689.97 11.27
Morgan Stanley 166.18 8,539.78 9.93
Citigroup 199.05 8,088.24 9.41

 

 

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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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