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  • CMBS Special Servicing, Delinquency Volumes Drop in 2017; Further Drops Expected

    The volume of CMBS loans in special servicing ended 2017 at $23.5 billion, according to Morningstar Credit Ratings. That's a 17.4 percent decline from a year earlier. Meanwhile, the volume of delinquent CMBS loans also declined substantially, to $20 billion from $22.8 billion. Further improvements in the two performance metrics are expected as the legacy CMBS universe burns off.

    Written on Thursday, 18 January 2018 10:25 Read more...
  • New York City Property Sales Declined 39.6 Percent Last Year

    The volume of commercial property sales in New York City last year declined by 39.6 percent to $34.9 billion, marking a seven-year low, according to Cushman & Wakefield. The city underperformed the nation, which saw a decline of only 9 percent from the year before.

    Written on Wednesday, 17 January 2018 16:41 Read more...
  • Money360 Breaches $500Mln of Loan Volume; Aims for $800Mln in 2018

    Money360, a two-year-old alternative lender targeting small to middle-market commercial properties, last year completed $357 million of financings, bringing its total origination volume to $500 million. Its bullish on lending prospects for this year, when it expects to fund more than $800 million of loans, all of which have relatively small balances.

    Written on Wednesday, 17 January 2018 15:39 Read more...
  • REITs Float Record-Shattering $52.4Bln of Unsecured Notes in 2017

    REITs floated a record $52.4 billion of unsecured notes last year, breaking, by 36 percent, the previous record of $38.6 billion set in 2016. Interest rates remained favorable and investors ate up what REITs served. The 131 bond issues carried an average coupon of 4 percent. Ten-year bonds had the same average coupon and a median coupon of 3.875 percent. They priced to yield an average of 3.972 percent.

    Written on Tuesday, 16 January 2018 10:06 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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  • 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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