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

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  • Texas Hotel Investor, Developer Seeks $250Mln for First Fund

    NewcrestImage, a Lewisville, Texas, hotel investor and developer, is seeking $250 million of equity commitments for its first fund that will acquire and develop properties throughout the United States. It is aiming to broaden its geographic reach to include the East and West coasts. Its focus has been in the Southwest.

    Written on Monday, 12 August 2019 16:45 Read more...
  • Mack-Cali Paying $409Mln for Jersey City, N.J., Apartment Property

    Mack-Cali Realty Corp. has agreed to pay $409 million, or $631,173/unit, for the 648-unit Liberty Towers apartment complex in Jersey City, N.J. The Jersey City REIT is buying the property, at 33 Hudson St., from JPMorgan Asset Management.

    Written on Friday, 09 August 2019 13:42 Read more...
  • Host Hotels Selling 5 Properties for $370Mln

    The Bethesda, Md., REIT has agreed to sell five properties with 1,591 rooms in Arizona, California, Georgia and Indiana for $370 million. The buyers were not disclosed. The deals, which are expected to close by the end of next month, will continue the company's plan to sell assets that have lower revenue per available room than its portfolio average and require significant capital expenditures.

    Written on Thursday, 08 August 2019 13:37 Read more...
  • Steadfast Aims to Merge 3 Non-Traded REITs, Creating Large Apartment Owner

    Steadfast Cos., an Irvine, Calif., investment manager that sponsors three non-traded REITs that invest in apartment properties, has struck a deal to merge the three companies. The resulting company would own 71 apartment properties with roughly 22,350 units valued at $3.3 billion in 14 markets, including Dallas, Atlanta and Denver.

    Written on Wednesday, 07 August 2019 10:51 Read more...
  • UDR on Track for At Least $950Mln of Apartment Buys This Year

    The Highlands Ranch, Colo., REIT, which did not buy any apartment properties last year, is on track to invest at least $950 million this year in acquisitions. It so far has paid $742 million for eight properties with 2,361 units in seven states, and is under contract to acquire an Englewood, N.J., complex for $83.6 million in a deal that's slated to close next month.

    Written on Tuesday, 06 August 2019 14:05 Read more...
  • Piedmont Sees Accelerating Sale of 4 Office Properties

    Piedmont Office Realty Trust Inc., which has been narrowing the geographic focus of its office portfolio to eight markets from 16, is accelerating its plans to sell four office properties that it says have reached their full value. It's already placed 500 West Monroe St. in Chicago on the sales market and will follow that with a building in Philadelphia and two in Houston.

    Written on Monday, 05 August 2019 14:02 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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