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

Recent Headlines

Top News

  • Capital-Raising for Calmwater Fund Reaches Halfway Point

    Calmwater Capital has raised roughly half of a debt-investment fund, which has a target of $750 million. The vehicle, Calmwater Real Estate Credit Fund 3, would be used to originate bridge loans of $5 million to $50 million against a variety of property types across the country.

    Written on Friday, 09 December 2016 11:03 Read more...
  • Risk-Retention Loan Premium Not as Big as Feared

    For nearly a year, industry watchers have predicted that pending risk-retention rules, which will impact a substantial segment of the commercial mortgage business, would result in an increase in borrowing costs. Expectations of that premium generally ranged from 20 to 50 basis points. But things haven't been as bleak.

    Written on Thursday, 08 December 2016 14:44 Read more...
  • CWCapital Offers Delinquent CMBS Loan Against UBS Center in Stamford, Conn.

    CWCapital Asset Management, which is managing the $148.7 million CMBS loan against the 682,327-square-foot UBS Center in Stamford, Conn., has put the nonperforming loan up for sale. It has hired Mission Capital Advisors to sell the loan and is shooting to complete a transaction by Feb. 24.

    Written on Wednesday, 07 December 2016 13:58 Read more...
  • Mack-Cali Tees Up for Sale Northern N.J. Office Portfolio

    Mack-Cali Realty Corp. is offering for sale a portfolio of nine office buildings with 2.2 million square feet in Bergen County, N.J. The Jersey City, N.J., REIT has hired HFF to market the portfolio, which could fetch $240 million.

    Written on Wednesday, 07 December 2016 09:22 Read more...
  • Hines, GE in Talks to Sell Atlanta Financial Center to Sumitomo

    A venture of Hines and General Motors Asset Management is said to be in talks to sell the 914,747-square-foot Atlanta Financial Center to Sumitomo Corp. of America for $219.5 million, or $240/sf. The sales price is believed to translate to a capitalization rate in the low 5-percent range.

    Written on Tuesday, 06 December 2016 15:24 Read more...
  • JCR Capital Seeks to Broaden Bridge-Loan Offering

    JCR Capital, which provides debt and equity capital for middle-market properties across the country, is looking to broaden its menu of offerings. The Denver investment manager is looking to develop a separate account relationship in order to start writing larger bridge loans, of up to $40 million. Its loans typically average $7 million each.

    Written on Tuesday, 06 December 2016 13:32 Read more...
  • PECO Real Estate Raises Initial Fund

    PECO Real Estate Partners, which was formed last year, is raising its initial investment vehicle. It's raising $60 million for a fund that would pursue net-leased properties. It also is continuing raising capital for PECO Strategic Investment Fund III, which was launched by Phillips Edison & Co.

     

    Written on Monday, 05 December 2016 14:46 Read more...
  • Mesa West Lends $192Mln Against Boston Office, Retail Property

    Mesa West Core Lending Fund has provided $192 million of financing against the Congress Square office and retail property in downtown Boston that's in the process of being redeveloped into a mixed-use complex. The property is the former headquarters of Fidelity Investments.

    Written on Friday, 02 December 2016 16:17 Read more...
  • Inland Teams with Sound Point on Debt Venture

    Inland Real Estate Investment Corp., an old-line sponsor of non-traded REITs, has launched an effort to pursue opportunities in the debt market in a venture with Sound Point Capital. The venture reunites Don MacKinnon, portfolio manager of real estate for Sound Point, with Mitchell Sabshon, president and chief executive of Inland.

    Written on Thursday, 01 December 2016 16:11 Read more...
  • CMBS Issuance Expected to End Year at $67.2Bln; 2017 Issuance Could Be Lower

    The year is likely to end with $67.2 billion of CMBS having been issued, based on deals that currently are being prepared for market. That would be 29.3 percent behind last year's $95.1 billion of issuance and would mark the first time since 2009 that annual issuance had declined from the year before. Expectations for next year are for issuance to possibly decline slightly or remain flat.

    Written on Thursday, 01 December 2016 15:01 Read more...

Data Digest

 

CMBS DELINQUENCY VOLUME

dqdataFP1

 

CMBS SPECIAL SERVICING VOLUME

sschartfp

Top Bookrunners Domestic, Private-Label CMBS - 2015
Investment Bank #Deals Vol$mln MktShr%
Deutsche Bank 18.23 17,210.79 18.25
Wells Fargo Securities 17.77 14,715.47 15.61
JPMorgan Securities 14.43 11,589.38 12.29
Morgan Stanley 14.47 9,715.97 10.30
Credit Suisse 10.75 8,593.95 9.11

 

MOODY'S/RCA CPPI

 

cppichart FP

 

 

CMBS 2.0 Spreads

AAAspreads

Top CMBS Loan Contributors - 2015
Lender #Loans Vol$mln MktShr%
JPMorgan Chase Bank 161.6 10,858.98 11.55
Deutsche Bank 218.0 8,867.97 9.43
Morgan Stanley 241.5 8,264.67 8.79
Bank of America 242.8 6,533.69 6.95
Citigroup 217.4 6,274.94 6.67

 

 

Receive daily updates on major news, trends and events occurring in the CRE market nationwide.


 

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
warehouse-backstage