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

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  • Interest-Rate Increases Since Election Day Drive Property Re-Trades

    The interest-rate volatility and uncertainty that followed the presidential election has led to an upward pressure on commercial property pricing, according to CBRE. It found that 30 percent of the 116 sales transactions that closed, or for which non-refundable deposits were made since Nov. 8, were re-traded.

    Written on Friday, 20 January 2017 16:31 Read more...
  • Wells Fargo Provides $210Mln Loan Against Boston Office Building

    Wells Fargo Bank has provided a $210 million loan against 75-101 Federal St., an 811,687-square-foot office building in Boston's Financial District. It was used to pay off a like-sized CMBS loan that was scheduled to mature next month and was written by Morgan Stanley.

    Written on Thursday, 19 January 2017 15:24 Read more...
  • AXA Provides $125Mln Loan Against Chicago Apartments

    AXA Equitable Life Insurance Co. has provided $125 million of mortgage financing against the 575-unit Eugenie Terrace on the Park apartment property in the Lincoln Park section of Chicago. The life insurer prevailed over some 10 competitors vying to write the loan in part because of its ability to provide a lengthy rate lock.

    Written on Wednesday, 18 January 2017 12:36 Read more...
  • New York Life Lends $146.6Mln Against Jersey City Office

    New York Life Real Estate Investors has provided $146.6 million of mortgage financing against 3 Second St., the former Harborside Plaza 10 office building on the Jersey City, N.J., waterfront. The financing, with a three-year term and two extension options, will allow the property's owner to fund a repositioning and leasing effort.

    Written on Tuesday, 17 January 2017 15:42 Read more...
  • L-Shaped Risk-Retention Strategy Could Be Way of Future

    Issuers might have the financial capacity to retain vertical strips of every CMBS deal they bring to market this year in order to abide by recently enacted risk-retention rules, but that's not likely to happen. Instead, the thinking among many industry observers is that deals eventually will be structured using the so-called L structure. And that structure would be a keeper.

    Written on Friday, 13 January 2017 16:15 Read more...
  • Defeasance Activity Falls Short of Expectations

    A total of 1,013 CMBS loans were defeased last year, compared to 1,332 loans a year earlier. The latest year's numbers will grow as additional data are tallied. But total figures for the year will still fall short of the $22.5 billion of loans that were defeased in 2015, according to Moody's Investors Service.

    Written on Thursday, 12 January 2017 09:47 Read more...
  • Atlanta's BB&T Tower Hits Sales Block for Second Time in 12 Months

    A venture of North American Properties and CBRE Global Investors is once again offering for sale the BB&T Tower, a 541,789-square-foot office property in Atlanta's midtown area. The buzz is that the venture is looking to sell the 25-story property for about $190 million, or $351/sf.

    Written on Wednesday, 11 January 2017 13:07 Read more...
  • CMBS Investors Not Compromising Quality as Investors Chase Yields

    Real Capital Analytics has developed a measure of property quality, its Q-Score. It found CMBS lenders have, indeed, moved up the quality scale with the loans they write.

    Written on Wednesday, 11 January 2017 09:13 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 - 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

 

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CMBS 2.0 Spreads

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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

 

 

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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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