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  • Stoltz Real Estate Partners Aims for $300Mln for Latest Fund

    Stoltz Real Estate Partners has raised $75 million of a targeted $300 million for its latest investment fund. The vehicle would be the sixth for the suburban Philadelphia investment manager, which pursues value-add investments in major property types across the country.

    Written on Thursday, 20 July 2017 16:25 Read more...
  • Los Angeles Developer of Industrial Properties Spins Off Investment Venture

    Xebec Realty Partners, a Los Angeles developer specializing in the industrial sector, has formed an investment affiliate and seeded it with four properties valued at nearly $100 million. The spin off will pursue a core-plus strategy, buying existing properties that might have a value-add angle as well as stabilized developments.

    Written on Wednesday, 19 July 2017 16:03 Read more...
  • Owner of Mich. Retail Center Negotiates Discounted Pay-Off of CMBS Loan

    A group led by Surnow Co., which owns the Gateway Shopping Center in West Bloomfield, Mich., has negotiated the discounted pay-off of the property's $60 million CMBS loan. The loan had been in special servicing three times during its 10-year history. Its fully-occupied collateral was appraised earlier this year at a value of $55 million.

    Written on Tuesday, 18 July 2017 15:34 Read more...
  • CWCapital Puts Baltimore's Wells Fargo Tower on Sales Block

    CWCapital Asset Management has placed the Wells Fargo Tower in Baltimore on the sales block. The Bethesda, Md., special servicer took the 377,527-square-foot office property through foreclosure earlier this year. It's hired Mission Capital Advisors to market the asset and take offers through its RealINSIGHT platform.

    Written on Monday, 17 July 2017 16:48 Read more...
  • Apartment Construction Seen Reaching 20-Year High in 2017

    More than 345,000 apartment units are expected to be delivered this year, according to Yardi Matrix. That would be a 20-year high and a 21 percent increase from last year's 285,000 additions. But because demand is still expected to continue outpacing supply, rents will continue to increase, albeit at a slower pace.

    Written on Friday, 14 July 2017 15:55 Read more...
  • Iowa Shopping Mall Hits Sales Block

    The Southern Hills Mall in Sioux City, Iowa, formally has been placed on the sales block. The property, which backs a $99.7 million CMBS loan, could see a price tag of perhaps $60 million to $65 million. Newmark Knight Frank, which has become the go-to broker for class-B malls, has been tapped to handle its sale.

    Written on Thursday, 13 July 2017 16:31 Read more...
  • CMBS Market Comes Alive; Deals Include First Conduit Sans Moody's in 3 Years

    Five CMBS deals totaling nearly $3 billion have been moved into the market, the beginning of what's expected to be a relatively lengthy rush that could result in more than $13 billion of deals getting done by the end of August. The batch of transactions includes the first conduit deal to exclude Moody's Investors Service as a rating agency in more than three years.

    Written on Wednesday, 12 July 2017 16:11 Read more...
  • Big CMBS Hotel Loan Matures, Moves to Special Servicing

    The $702.5 million of CMBS financing against a portfolio of hotels owned by Goldman Sachs' Whitehall Street Real Estate Fund wasn't extended at its maturity, prompting its transfer to special servicing. The loan, which is senior to another $560 million of mezzanine debt, has the ability to be extended for another year, but it needed to pass a series of tests.

    Written on Tuesday, 11 July 2017 16:03 Read more...
  • Inland, Sound Point Debt Venture Launches Non-Traded REIT

    InPoint Commercial Real Estate Income Inc., the debt-investing venture that recently was formed by Inland Real Estate Investment Corp. and Sound Point Capital, already has completed two investments. The venture joins the ranks of alternative lenders, but its first two investments involved bonds in single-borrower CMBS transactions.

    Written on Monday, 10 July 2017 16:38 Read more...
  • Rialto Again Tops Ranking of CMBS Conduit B-Piece Buyers

    Rialto Capital Management was by far the most-active B-piece buyer of CMBS conduit transactions during the first half, investing in seven deals totaling $6.3 billion, or 30.4 percent of the total issuance. But only three of its investments are subject to trading, hedging and leveraging restrictions imposed by risk-retention rules.

    Written on Friday, 07 July 2017 15:38 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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