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  • Apartment Sector Seeks Additional Assistance for Renters, Owners

    The National Multifamily Housing Council and National Apartment Association are asking Congress to provide further assistance to renters and owners of apartment properties. The call comes as the NMHC released data that show a substantial decline in rent collections early this month when compared with last month or the same time last year, an indication that renters are struggling to meet their housing expenses.

    Written on Wednesday, 08 April 2020 16:26 Read more...
  • Special Servicing Volume Increased in March, But That's Before Coronavirus

    The volume of CMBS loans in special servicing increased last month by 5.4 percent to $14.13 billion, according to DBRS Morningstar. But the increase primarily was driven by the transfer of a large hotel loan that since has been paid off. Expectations are that volumes will skyrocket in the coming months as actions taken to stem the coronavirus pandemic make it extremely challenging for property owners to stay current with their mortgages.

    Written on Tuesday, 07 April 2020 13:49 Read more...
  • Getting Payment Relief for CMBS Loans Could be Complex

    Obtaining forbearance or other payment relief for private-label CMBS loans during the coronavirus pandemic will prove far more challenging than borrowers might hope. Exactly what happens when requests are made all depends on the pooling and servicing agreement, or PSA, for the deal that holds the loan for which payment relief is sought. And each CMBS transaction's PSA is unique.

    Written on Monday, 06 April 2020 16:33 Read more...
  • Multifamily REITs Shore Up Balance Sheets to Cope with Coronavirus Impact

    A number of the country's multifamily REITs made moves this week to shore up their balance sheets as the coronavirus, or Covid-19, pandemic hurtles into April. Apartment properties are expected to perform well in the long run, but skyrocketing unemployment levels could very well lead to a loss or temporary reduction of rental revenue.

    Written on Friday, 03 April 2020 17:54 Read more...
  • KKR Top Buyer of CMBS Conduit B Pieces, Top Risk Retainer in 1Q

    KKR Real Estate Credit Opportunity Partners took down the three B-pieces of deals totaling $3.35 billion, or 30.7 percent of the quarter's conduit issuance, making it the most active buyer of B-pieces. It also retained the horizontal risk pieces of four deals - three conduits and a single-borrower transaction - totaling $202.2 million.

    Written on Thursday, 02 April 2020 17:48 Read more...
  • Broadshore-Led Venture Pursues Multifamily Investments in Southeast, Western U.S.

    Broadshore Capital Partners, the former Lowe Enterprises Investors, has formed a venture with an institutional investor to make up to $900 million of equity and debt investments in multifamily properties in the Southeastern and Western United States.

    Written on Thursday, 02 April 2020 12:59 Read more...
  • Solid Issuance in January, February Pushes 1Q CMBS Deal Volume to $21.55Bln

    Thanks to the relatively hefty volume in January and February, CMBS issuance for the first quarter totaled $21.55 billion, up nearly 31 percent from last year's anemic total. Citigroup took top honors among bookrunners, while taking second place in a ranking of loan contributors. JPMorgan Chase Bank took first place in that ranking.

    Written on Wednesday, 01 April 2020 17:47 Read more...
  • PGIM Lends $130Mln Against Manhattan Apartment Property

    PGIM Real Estate Finance has provided $130 million of financing against the 387-unit Capitol apartment property in Manhattan. The loan allowed the building's owner, JPMorgan Asset Management, to retire a similar amount of debt that HSBC Bank had provided in 2012.

    Written on Tuesday, 31 March 2020 14:32 Read more...
  • New York Coworking Sector Seen Taking Virus-Related Hit; Could Prosper in Recovery

    The New York City coworking industry will be tested by the coronavirus outbreak as tenants decide not to renew their short-term leases, but few expect the sector's demise. The industry very well could come out of the current crisis in good shape as space users look for greater flexibility and allow more of their employees to work from home.

    Written on Monday, 30 March 2020 17:18 Read more...
  • Ashford Hospitality, Braemar Tap Adviser to Seek Modifications of $5.1Bln of Debt

    Ashford Hospitality Trust Inc. and Braemar Hotels & Resorts Inc., which own 130 hotels with 28,664 rooms, are making efforts to modify the terms of $5.1 billion of debt against their properties. The two REITs are managed by Ashford Inc. of Dallas, which also operates Lismore Capital, a debt-placement advisory unit that will handle modification requests.

    Written on Friday, 27 March 2020 17:20 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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