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

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  • Parkway Places Atlanta's Two Ravinia Office Building on Sales Market

    Parkway Properties Inc. has hired Cushman & Wakefield to market for sale Two Ravinia Drive, a 407,854-square-foot office property in Atlanta's Central Perimeter. The property, near the junction of Interstate 285 and Ashford Dunwoody Road NE, could sell for $75 million, or about $184/sf.

    Written on Friday, 23 January 2015 13:38 Read more...
  • NGKF Eyes Opportunities for Capital Placement Through EB-5

     

    NGKF Capital Markets has entered the EB-5 space and is aiming to help developers that have targeted the market raise debt and equity capital. While it doesn't operate a regional center yet, it has the capacity to raise equity from investors seeking visas through the program. It also is pitching its ability to raise debt financing for projects capitalized through the program.

     

    Written on Friday, 23 January 2015 13:03 Read more...
  • Investors Real Estate Puts Its Office, Retail Properties on Sales Block

    The Minot, N.D., REIT has put its 50 office and 24 retail properties on the sales block through CBRE as part of a plan to reposition itself as an owner and developer of apartment and healthcare properties. The company's depreciated cost basis in the properties it aims to sell is $338.9 million. It's not, however, selling the properties that back a troubled $122.6 million CMBS loan. Those likely will be turned over to the CMBS trust.

    Written on Friday, 23 January 2015 09:42 Read more...
  • Cornerstone Lends $210Mln Against Chicago Office Property

    Cornerstone Real Estate Advisers has provided a $210 million loan against Michigan Plaza, a 1.9 million-square-foot office property in downtown Chicago. The 15-year loan, which was originated in late December, was used to defease, or replace with government securities, a $170.3 million mortgage that was securitized through Morgan Stanley Capital I Trust, 2011-C1.

    Written on Thursday, 22 January 2015 18:28 Read more...
  • Real Estate Crowdfunding Platforms So Far Have Raised $54.55Mln

    A total of 46 crowdfunding platforms marketing real estate investments have been launched since September 2013, raising a total of $54.55 million, or an average of $1.2 million each. Real estate is by far the most popular industry in the crowdfunding sector, according to Crowdnetic Corp.

    Written on Thursday, 22 January 2015 18:09 Read more...
  • Hard-Money Lender Taps Crowdfunding to Market Debt Fund

    After tapping into the crowdfunding market to raise $3 million of the roughly $90 million it raised for its first commercial property debt investment fund, Pyatt Broadmark Management is returning to that market to raise some of the equity for its second such vehicle. The Seattle hard-money lender is relying on the RealCrowd platform to raise equity from accredited investors at $25,000 per clip.

    Written on Wednesday, 21 January 2015 11:54 Read more...
  • Voya Lends $140Mln Against Suburban Miami Retail Property

    Voya Investment Management has provided $140 million of financing against Palm Springs Mile, a 1.2 million-square-foot retail complex in the Miami suburb of Hialeah, Fla. The loan, with a debt yield of 10.9 percent, was used to pay off a $91.2 million loan that was securitized through JPMorgan Chase Commercial Mortgage Securities Corp., 2005-CIBC11.

    Written on Tuesday, 20 January 2015 16:11 Read more...
  • Single-Property REIT Planned for Purchase of Stake in Boston Office

    After failing in its first attempt to launch a single-asset REIT, Etre Asset Management is preparing another that would fund the purchase of a stake in Boston's 1 million-square-foot State Street Financial Center. Its purchase is said to value the property at up to $1.1 billion.

    Written on Friday, 16 January 2015 16:44 Read more...
  • Once-Troubled Manhattan Office Gets $140Mln Loan from Deutsche

    Bank has provided $140 million of floating-rate financing against 119 West 40th St., a 304,345-square-foot office building in Manhattan that Blackstone Real Estate Advisors recently purchased from CWCapital Asset Management, which had taken it by foreclosing against a soured $160 million CMBS loan.

    Written on Friday, 16 January 2015 15:47 Read more...
  • MetLife Lends $290Mln Against Denver's Wells Fargo Center

    Metropolitan Life Insurance Co. has provided $290 million of floating-rate financing against the Wells Fargo Center, with 1.2 million square feet at 1700 Lincoln St. in Denver. The financing takes out $276 million of CMBS debt that was securitized through two transactions. That debt became open to prepay without penalty just last week.

    Written on Friday, 16 January 2015 09:29 Read more...

Data Digest

 

CMBS DELINQUENCY VOLUME

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CMBS SPECIAL SERVICING VOLUME

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Top Bookrunners
Private-Label CMBS - 9Mos2014
Inv Bank #Deals Bal $mln MktShr%
Deutsche Bank 26.0 19,675.34 29.5
JPMorgan 12.1 8,678.41 13.0
Wells Fargo 15.1 8,504.57 12.8
Goldman Sachs 7.0 5,740.15 8.6
Citigroup 9.3 5,337.91 8.0

 

 

MOODY'S/RCA CPPI

 

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Top Loan Contributors
Private-Label CMBS 9Mos2014
Lender Vol $mln MktShr%
Deutsche Bank 11,647.54 17.75
JPMorgan 7,496.78 11.42
Wells Fargo 4,540.31 6.92
CCRE 4,474.33 6.82
Morgan Stanley 4,312.62 6.57

 

 

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REITCafe

  • Northeast Shopping Centers Continue to Dominate 2014 Revenues
    Trepp is developing an exciting new source of financial statement data for US retail properties. For a few years now, Trepp has been working with the International Council of Shopping Centers (ICSC) to survey shopping center owners and operators. This year, Trepp has analyzed the financial statements for more than 9,000 properties nationwide....
     
  • REITs End 2015 on a High Note
    REITs ended 2014 on a strong note. The FTSE NAREIT All REIT Index total return measured 27.15 percent for 2014, and its market cap grew from $670 billion at the end of 2013 to $890 billion at the end of November, 2014. Its total return far outpaced the S&P 500, DJIA, and NASDAQ. During 2014, REITs responded positively to the Federal Reserve’s consistency in its plan to end its bond-buying program while...

  • TRIA Legislation Dies in the Senate
    The Terrorism Risk Insurance Program Reauthorization Act of 2014 died on the Senate floor this week when the 113th Senate adjourned without reauthorizing it. With the failure to reauthorize the Terrorism Risk Insurance Act (TRIA), insurers will have the right to cancel terrorism policies after year end. The elimination of the...
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