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  • Dune Real Estate Launches Latest Fund; Targets $1.25Bln

    Dune Real Estate Partners is targeting $1.25 billion of investor equity commitments for its latest fund. It would be the largest fund yet for the opportunistic investment manager, which three years ago had raised $960 million of commitments for its Dune Real Estate Fund III.

    Written on Friday, 22 September 2017 16:39 Read more...
  • CMBS New-Issue Market Lights Up

    The CMBS new-issue market has had one of the busiest weeks in years. A total of six deals totaling $5.6 billion priced. And the market hardly hiccuped. The collateral pools of two conduit deals had among the most conservative underwritten metrics ever. Issuance isn't over. Another $3 billion is in the wings.

    Written on Thursday, 21 September 2017 16:49 Read more...
  • Reports of Retail Sector's Death Are Greatly Exaggerated

    The retail property sector has taken a drubbing over the past year, driven by what could end up being record levels of store closings. Some estimate that more than 8,600 stores could close this year, and many blame e-commerce. But retail employment has neared all-time highs. So what gives?

    Written on Wednesday, 20 September 2017 14:05 Read more...
  • NetREIT Aims to Raise $69Mln to Invest in Small to Mid-Sized Office, Industrial Properties

    NetREIT Inc., a non-traded REIT that was founded 18 years ago, is looking to raise capital through an offering of listed shares. It would use proceeds to invest in small-to-middle market office and industrial properties in secondary and tertiary areas.

    Written on Tuesday, 19 September 2017 16:19 Read more...
  • Commercial Mortgage Market Survives Wall of Maturities

    The wall of maturities has proven to be nothing more than a small fence. Two years ago, more than $300 billion of CMBS loans were slated to mature through the end of this year. And fears were that the mortgage sector wouldn't be able to cope. That didn't pan out. Only $9 billion of loans from the wall remain.

    Written on Monday, 18 September 2017 16:56 Read more...
  • All Commercial Property Indices Are Not Created Equally; Results Can Vary

    Investors tracking prices for commercial properties have several options, with indices from at least four major information sources. But their different approaches can sometimes lead to conflicting views on the health of the industry.

    Written on Friday, 15 September 2017 14:58 Read more...
  • Hotel Lender Raises Second Fund, Targets Mid-Market Hotels

    Stonehill Strategic Capital has raised its second hotel-lending fund, with some $180 million of commitments from investors. The fund, Stonehill Strategic Hotel Credit Opportunity Fund II, would be a follow-up to the Atlanta investment manager's inaugural vehicle, which raised $53 million in 2014.

    Written on Thursday, 14 September 2017 16:41 Read more...
  • Large Loan Against Conn. Office Gets Hit with Big Appraisal Reduction Amount

    The $265 million CMBS loan against 400 Atlantic St. in Stamford, Conn., has been hit with a $145.6 million appraisal reduction amount, reflecting a sharp reduction in the office property's appraised value. The loan is the largest of 24 remaining in the collateral pool for GS Mortgage Securities Corp. II, 2007-GG10, whose balance has shrunk to $748.7 million from an original $7.6 billion.

    Written on Wednesday, 13 September 2017 12:13 Read more...
  • KBS REIT Strikes Sale of Los Angeles' Union Bank Plaza for $280Mln

    KBS REIT II Inc. has struck a deal to sell its Union Bank Plaza office building in Los Angeles to Pacific Reach Properties for $280 million, or $446.33/sf. The property is the largest owned by the Newport Beach, Calif., REIT, which has been eying the sale of all its assets.

    Written on Tuesday, 12 September 2017 16:39 Read more...
  • Transwestern Team Paid $275.4Mln for Atlanta-Area Offices

    The Transwestern Investment Group venture that purchased Park Center I in Dunwoody, Ga., paid $275.4 million, or just more than $466/sf, for the 590,926-square-foot office building. The suburban Atlanta property serves as a regional headquarters for State Farm Mutual Automobile Insurance Co.

    Written on Tuesday, 12 September 2017 14:27 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

 

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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