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  • Blank-Check Companies, Another 2007 Throwback, Are Back

    Lee S. Neibart, who in 2007 had launched a blank-check company that ultimately became Retail Opportunity Investments Corp., has raised $345 million from the sale of common shares in another similar company. Last year saw more blank-check companies launch than any other year since 2007. So it's no surprise that a seasoned real estate deal-maker has jumped in.

    Written on Friday, 18 May 2018 17:11 Read more...
  • Bascom Renews Office Investing Venture; Eyes $460Mln of Buys Over 2 Years

    Bascom Group has re-upped its commitment to Harbor Associates, allowing it to continue investing in office properties in the Western United States. It has been investing with Harbor, which was founded by two former BlackRock Inc. real estate executives, since 2015. The venture has completed $280 million of investments since then.

    Written on Thursday, 17 May 2018 16:11 Read more...
  • Mack-Cali on Track to Complete Portfolio Transformation by Year's End

    Mack-Cali Realty Corp. is on track to complete its portfolio revamping, launched in 2016, by the end of this year. At that point, it will be focused entirely on high-end office and apartment properties, primarily along the Hudson River waterfront in New Jersey and certain transit-oriented markets.

    Written on Wednesday, 16 May 2018 16:48 Read more...
  • Purchase of Spring Creek Towers Funded with $501.5Mln of Fannie Mae Mortgages

    Wells Fargo Multifamily Capital has provided $501.5 million of Fannie Mae financing to facilitate the $905 million, or $162,157/unit, purchase of the former Starrett City apartment complex in Brooklyn, N.Y., by a venture of Brooksville Co. and Rockpoint Group.

    Written on Wednesday, 16 May 2018 16:30 Read more...
  • Indianapolis Developer Raises Initial Fund, Targets Workforce Housing

    Buckingham Cos., an Indianapolis developer that has accumulated a portfolio of some $1.5 billion of properties for its own account, has raised its first commingled fund through which it will invest in workforce-housing properties. It's raised $175 million for its Buckingham Multifamily Fund I, which could make up to $500 million of investments, or so, after leverage.

    Written on Tuesday, 15 May 2018 10:11 Read more...
  • Ten-X Projects Retail Investments to Remain Flat in 2018

    Investments in retail properties last year declined by 16.8 percent to $64.2 billion, the lowest volume since 2013, according to Ten-X Commercial. That was 30 percent less than the $91.7 billion of sales volume in 2015. It expects volume this year to match last year's.

    Written on Monday, 14 May 2018 16:53 Read more...
  • Jury to Decide Outcome of Insurance Dispute Involving Former CMBS Collateral

    The former owner of an Oakland, Calif., retail center that was taken through foreclosure two years ago is hoping an upcoming jury trial will provide closure to a five-year ordeal - that he likened to purgatory - involving the property's CMBS loan. A jury in an Alameda County, Calif., court will determine whether he or his lender gets proceeds from an insurance claim for damage at the property.

    Written on Friday, 11 May 2018 16:04 Read more...
  • Northeast Bank Bucks Trend, Aims to Expand Commercial Real Estate Lending

    Northeast Bank, a Lewiston, Maine, bank with an active presence in the commercial real estate lending world, expects to fund some $250 million of property loans this year. That would be an increase of more than 10 percent from the $220 million it originated last year.

    Written on Thursday, 10 May 2018 15:07 Read more...
  • University Pension System Invests in BIG Real Estate Fund

    The State Universities Retirement System of Illinois has committed to invest up to $30 million in BIG Real Estate Fund I LP, a vehicle through which Basis Investment Group is expected to fund middle-market bridge and mezzanine loans, make equity investments in properties and buy CMBS B-pieces.

    Written on Wednesday, 09 May 2018 15:53 Read more...
  • Ladder Capital Originated $967.5Mln of Loans in 1Q; Conduit Lending Outperforms

    The New York finance company originated $967.5 million of mortgages during the first three months of the year, including $532.9 million of conduit loans. It contributed $436.5 million of its conduit loans to two CMBS transactions, generating $11.9 million in profits, for a 2.72 percent margin.

    Written on Tuesday, 08 May 2018 10:32 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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