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

Top Stories

  • Deutsche, SL Green Lend $150Mln Against Manhattan's 245 Fifth Ave.

    Deutsche Bank and SL Green Realty Corp. have provided $150 million of financing against 245 Fifth Ave., a 303,139-square-foot office building in Manhattan's midtown south. The financing, which includes $20 million to cover the costs of upgrades and leasing commissions, was used to retire a $130 million CMBS loan that had been modified.

    Written on Monday, 28 July 2014 Log In or Subscribe to read more...
  • $6.3Bln of CMBS Loans Got Defeased During 1H; Volume Seen Climbing

    A total of $6.3 billion of CMBS loans got defeased, or replaced by government securities during the first half, according to Trepp LLC. Given that volume, the thinking is that the full year will see an increase of some $1 billion of defeasance activity over last year, to perhaps $13 billion.

    Written on Friday, 25 July 2014 Log In or Subscribe to read more...
  • Meridian Group Launches Second Investment Fund

    Meridian Group, a Bethesda, Md., investment manager focused on the greater Washington, D.C., market, has registered to raise up to $250 million for its second real estate investment fund. Its first fund raised $160 million of equity commitments and has invested in office and apartment properties in the greater Washington area.

    Written on Friday, 25 July 2014 Log In or Subscribe to read more...
  • REIT Seeks up to $350Mln of Shopping Center Buys

    Ramco-Gershenson Properties Trust plans to make up to another $350 million of shopping center acquisitions through the remainder of this year. The Farmington Hills, Mich., REIT already has invested $150 million on two acquisitions this year, and has been targeting a full-year acquisition level of up to $500 million.

    Written on Thursday, 24 July 2014 Read more...
  • Rialto Tops Private-Label CMBS B-Piece Market

    A total of nine investors participated in the CMBS conduit B-piece market during the first half of the year, with Rialto Capital Management making investments in more than a quarter of the first-half volume. Eightfold Real Estate Capital, which by this time last year had acquired bonds from seven deals totaling 37.5 percent of the market, so far has bought into only two deals totaling 8 percent of the market.

    Written on Wednesday, 23 July 2014 Log In or Subscribe to read more...
  • Boston's Alcion Ventures Raises $194Mln for Latest Investment Fund

    Alcion Ventures has raised $194 million of a planned $600 million for its third real estate investment fund. The vehicle is a follow-up to the Boston investment manager's Real Estate Fund II, which has invested or committed about 85 percent of the $500 million of equity it raised.

    Written on Tuesday, 22 July 2014 Log In or Subscribe to read more...
  • AIG Units Provide $113Mln of Financing Against Lower Manhattan Office

    Two insurance subsidiaries of American International Group, United States Life Insurance Co. and National Union Fire Insurance Co., have provided $113 million of financing against 330 Hudson St., a 467,000-square-foot office building in lower Manhattan. A 49.3 percent stake in the property recently was sold in a deal valuing the 16-story former warehouse at $304 million.

    Written on Tuesday, 22 July 2014 Read more...
  • Investment Program Eyes $320Mln of Office Acquisitions

    Palisades Capital Realty Advisors, a Los Angeles investment manager, has launched a program under which it plans to make about $320 million of office-property acquisitions over the next two years. Capital for the investments it's pursuing is coming from its network of high net-worth investors in California's Silicon Valley.

    Written on Monday, 21 July 2014 Log In or Subscribe to read more...
  • CalSTRS Offers for Sale 1835 Market St. in Downtown Philadelphia

    The California State Teachers' Retirement System is offering for sale 1835 Market St., a 799,994-square-foot office building in downtown Philadelphia. It could sell for roughly $108 million. JLL has the listing.

    Written on Friday, 18 July 2014 Log In or Subscribe to read more...
  • Investment Firm Backed by Billionaire Robert Bass in Market with Real Estate Fund

    Iron Point Partners, an investment manager backed by billionaire Robert M. Bass, so far has raised $267 million of equity commitments for its latest real estate investment fund, Iron Point Real Estate Partners III. The vehicle is a follow-up to its Fund II, which raised $750 million in marketing that ended in 2012.

    Written on Thursday, 17 July 2014 Read more...

Data Digest

 

CMBS Deliquency Volume

dqdataFP1

 

CMBS Special Servicing Volume

sschartfp

Top Bookrunners
Private-Label CMBS

1H2014

Investment Bank

#Deal

Bal $mln

Mkt
Shr%

Deutsche Bank

16.0

12,761.50

32.44

JPMorgan

6.10

4,856.29

12.35

Wells Fargo

8.11

4,790.00

12.18

Citigroup

4.33

3,750.65

9.54

Goldman Sachs

4.00

3,722.62

9.46

 

Moody’s/RCA CPPI

cppichartAFP

 

CMBS Pricing Matrix (Legacy AAA Spreads)

AAAspreadsFPa

 

Top Loan Contributors
Domestic, Private-Label CMBS - 1H2014

Lender

Vol $mln

Mkt
Shr%

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

6.70

 

 

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REITCafe

  • Non-traded REITs Contribute to Listed REIT Expansion
    Non-traded REITs, especially those focused on healthcare, lodging, and retail, have been very popular in recent years and have become a notable source of expansion for the listed REIT market. Collectively, they raised $8.8 billion during the first half of 2014 and sales are in line to reach $20 billion by year end...
     
  • Leasing for Fall Student Housing Moves Forward
    Long term growth in college enrollment means good news for REITs that invest in student housing. Although full time enrollment slipped in 2011 and 2012, the Department of Education’s National Center for Education Statistics reports that total enrollment in postsecondary degree-granting institutions is projected to grow 14%...

  • Timber and Lodging Lead REITs in June
    As of mid-year 2014, REITs are outperforming other investment sectors. Year-to-date, the FTSE NAREIT All Equity REIT total return was 16.25%, which compares favorably to the S&P 500 (7.14%), DJIA (1.51%), Russell 2000 ( 3.19%), and NASDAQ (5.54%). While year-to-date performance is very strong, the FTSE NAREIT All Equity REIT...

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