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  • Oaktree Raises $700Mln for Follow-Up Real Estate Debt Fund

    Oaktree Capital Group has raised some $700 million for a follow-up investment fund that will pursue investments in a variety of real estate debt instruments, including mortgages, mezzanine loans and CMBS. The fund's capital-raising target is said to be north of $1 billion.

    Written on Tuesday, 25 April 2017 08:58 Read more...
  • Baltimore-Area Apartment Portfolio Offered for Sale

    A venture of Rockpoint Group and Sawyer Realty Holdings is offering for sale a portfolio of four apartment properties with 2,729 units in the Baltimore area. The portfolio, which is being offered through CBRE, could sell for $260 million, or $95,273/sf. Offers are being solicited only for the portfolio in its entirety.

    Written on Monday, 24 April 2017 16:17 Read more...
  • Goldman Raises Nearly $1Bln for Latest Real Estate Credit Partners Fund

    Goldman Sachs has raised nearly $1 billion for its latest real estate debt-investment vehicle, Broad Street Real Estate Credit Partners III LP. The fund would be a follow-up to Credit Partners II, through which the investment bank's merchant banking arm three years ago had raised an estimated $1.8 billion.

    Written on Friday, 21 April 2017 15:57 Read more...
  • CWCapital Seeks to Monetize Asset Management System

    CWCapital Asset Management, among the most active special servicers in the CMBS world, is proactively turning to its asset management system, which it has been perfecting over the years, to generate income as the volume of loans it handles is expected to shrink.

    Written on Thursday, 20 April 2017 15:09 Read more...
  • Office Space at Chicago's Sullivan Center for Sale

    A venture of Madison Capital and KKR & Co. is offering for sale the 833,000 square feet of office space at the Sullivan Center mixed-use building in Chicago's Central Loop. JLL has the sales assignment. The offering comes on the heels of the venture selling the building's retail space to Acadia Realty Trust.

    Written on Wednesday, 19 April 2017 14:44 Read more...
  • AVG Partners Buys Loan on UBS Center in Stamford, Conn., for $54.2Mln

    AVG Partners, which owns the UBS Center in Stamford, Conn., has purchased the defaulted CMBS loan against the 682,327-square-foot property. The Beverly Hills, Calif., investor paid $54.2 million for the loan, which was securitized through LB-UBS Commercial Mortgage Trust, 2004-C1. That compares to the empty property's most recent appraised value of $44.4 million.

    Written on Tuesday, 18 April 2017 15:15 Read more...
  • Hertz Offers for Sale Jacksonville's Bank of America Tower

    Hertz Investment Group is aiming to generate $105 million from the sale of the Bank of America Tower in Jacksonville, Fla. The property is encumbered by $79.4 million of financing, of which $35.5 million was securitized. The financing matures in July, but can be extended for up to two additional years. CBRE is offering the property.

    Written on Monday, 17 April 2017 14:16 Read more...
  • Torchlight Lent $159.2Mln Against Charlotte, N.C., Sarasota, Fla., Offices

    Torchlight Investors has provided $159.2 million of financing to facilitate Dilweg Cos.' $115.5 million purchase and stabilization of the First Citizens Bank Plaza in Charlotte, N.C., and Sarasota City Center in Sarasota, Fla. The two properties are collectively 49 percent occupied.

    Written on Thursday, 13 April 2017 15:02 Read more...
  • Baltimore's 200 St. Paul Plaza Offered for Sale

    Kornblatt Co. is offering for sale 200 St. Paul Plaza, a 266,672-square-foot office property in downtown Baltimore. The property serves as collateral for $34.7 million of CMBS debt that is locked out from prepayment through October 2020.

    Written on Wednesday, 12 April 2017 16:08 Read more...
  • Rialto's FDIC Portfolio Reaches Clean-Up Call

    Rialto Capital Management, which seven years ago bought stakes in two massive portfolios of troubled commercial and residential loans from the FDIC, has started winding the portfolios down. What originally was $3.05 billion of assets has been whittled down $173 million.

    Written on Tuesday, 11 April 2017 15:44 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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