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

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  • Shorenstein to Pay $203Mln for Philadelphia Office Building

    The San Francisco investment manager has struck a deal to pay roughly $203 million, or $185/sf, for 1818 Beneficial Bank Place, a 1.1 million-square-foot office building in downtown Philadelphia. Sovereign Capital Management Group Inc. of San Diego is selling the 37-story property at 1818 Market St.

    Written on Friday, 19 September 2014 16:21 Read more...
  • Invesco Fund Raises $125Mln of $500Mln Target

    Invesco Real Estate has raised $125 million of equity commitments it's seeking for an investment fund targeting all commercial property types in major markets across the country. The targeted size of its Invesco U.S. Value-Added Fund IV is $500 million, but the company is open to accepting up to $750 million for it.

    Written on Friday, 19 September 2014 15:51 Read more...
  • CWCapital Seen Offering $400Mln of Assets

    The buzz is that the Bethesda, Md., company is preparing what could be about $400 million of loans that it would sell through CBRE's capital markets group. It would be the second sizable offering in recent weeks for CWCapital, which is sewing up the sale of some $232 million of loans it previously offered through CBRE.

    Written on Thursday, 18 September 2014 16:00 Read more...
  • Silverpeak Lends $172Mln Against Atlanta Office, Retail Complex

    Silverpeak Real Estate Finance has provided $172 million of floating-rate financing against the Peachtree Center, a 2.5 million-square-foot office and retail complex in downtown Atlanta. The two-year loan was used to retire a $207.6 million mortgage that was modified four years ago.

    Written on Wednesday, 17 September 2014 16:22 Read more...
  • Cornerstone to Pay $195Mln for Downtown L.A. Office Building

    Cornerstone Real Estate Advisers has agreed to pay $195 million, or about $425/sf, for the 458,149-square-foot 801 Tower office building in Los Angeles. The pending transaction will result in the defeasance of a $120 million mortgage against the property that's securitized through Citigroup Commercial Mortgage Securities, 2006-C5.

    Written on Tuesday, 16 September 2014 16:13 Read more...
  • Shorenstein to Sell 2 Boston Office Properties for $287Mln

    Shorenstein Properties is selling 399 Boylston St. and Seaport Center in Boston in separate deals totaling $287 million. The San Francisco investment manager is selling the properties on behalf of two funds it manages. It bought the properties for a combined $200.8 million.

    Written on Tuesday, 16 September 2014 15:48 Read more...
  • Largest Office Property in Bethesda, Md., Hits Sales Market

    A venture of MRP Realty and Rockpoint Group Inc. is offering for sale Bethesda Crossing, with 700,000 square feet of office space in the Washington, D.C., suburb of Bethesda, Md. The property, the largest office property in Bethesda, is being offered through Cassidy Turley and could sell for $325 million.

    Written on Monday, 15 September 2014 16:43 Read more...
  • JPMorgan Offers $50Mln Loan Against Historic Boston-Area Complex

    JPMorgan Asset Management is offering a $50 million mortgage against the Clock Tower Place, a historic 1.1 million-square-foot office complex in the Boston suburb of Maynard, Mass. The loan is performing, but that's not expected to last as one of the property's main tenants is moving out at the end of the year.

    Written on Monday, 15 September 2014 15:37 Read more...
  • NorthStar Venture to Pay $142Mln for St. Louis-Area Office Complex

    A venture of NorthStar Realty Finance and Redico has agreed to pay Koman Cos. $142 million, or about $161/sf, for the CityPlace Campus, an 884,308-square-foot office complex in the St. Louis suburb of Creve Coeur, Mo. The property backs a $112.7 million CMBS loan whose term was extended through next month as part of a loan modification.

    Written on Friday, 12 September 2014 10:31 Read more...
  • Cantor Lends $145Mln Against Manhattan Office Building

    Cantor Commercial Real Estate has provided $145 million of financing against 80-90 Maiden Lane, a 583,746-square-foot office property in lower Manhattan, allowing an $82.6 million CMBS loan to get defeased, or replaced with government securities.

    Written on Thursday, 11 September 2014 16:29 Read more...

Data Digest

 

CMBS DELINQUENCY VOLUME

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CMBS SPECIAL SERVICING VOLUME

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Top Bookrunners
Private-Label CMBS - 1H2014
I Bank #Deals Bal $mln MktShr%
Deutsche Bank 16.0 12,761.50 32.4
JPMorgan 6.1 4,856.29 12.4
Wells Fargo 8.1 4,790.00 12.2
Citigroup 4.3 3,750.00 9.5
Goldman Sachs 4.0 3,722.62 9.5

 

 

MOODY'S/RCA CPPI

 

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CMBS 2.0/3.0 SPREADS

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Top Loan Contributors
Private-Label CMBS 1H2014
Lender Vol $mln MktShr%
Deutsche Bank 8,118.01 20.87
JPMorgan 4,486.83 11.53
CCRE 3,064.41 7.88
Citigroup 2,779.70 7.15
Goldman Sachs 2,604.85 6.7

 

 

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REITCafe

  • Strong August REIT Performance
    Fueled by a healthy economic outlook, improving real estate market fundamentals, and ongoing low interest rates, REITs experienced strong growth in August. The 3.38 percent monthly gain in the FTSE NAREIT all REIT Index was not as strong as the NASDAQ (4.82 percent) or the S&P 500 (4.00 percent) and only...
     
  • REITs Set to Emerge in India in 2015
    After more than five years, India is poised to become the latest country to offer REITs. The process that began in 2008, but was derailed by the financial crisis, should reach fruition in 2015. In July, India’s Finance Minister awarded tax pass-through status to REITs, exempting them from federal taxes as...

  • The Debut of Telecom REITs
    Telecommunications network assets are the latest specialized REIT category to make industry waves. In late July, Arkansas-based Windstream (WIN) received a private letter ruling from the IRS for its plan to create a REIT that will own its fiber optic and copper cables, as well as other fixed real estate assets...

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