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  • Stockbridge to Pay $160Mln for 5 Nashville Office Buildings

    Stockbridge Capital has struck a deal to pay about $160 million, or $229/sf, for five buildings with 700,000 square feet in the Corporate Centre office park in the Cool Springs area of Nashville, Tenn. It's buying the buildings from JPMCB Strategic Property Fund.

    Written on Friday, 22 July 2016 15:16 Read more...
  • Louis Rogers Aims to Grow DST Business into Bigger Investment Manager

    Louis Rogers, a long-time specialist in structuring tax-deferred property exchanges, is aiming to buy more than $100 million of real estate through the rest of the year that would be syndicated through Delaware Statutory Trusts, or DSTs. He's also eyeing the launch of a fund and REIT as part of an effort to increase his Capital Square 1031's assets under management to $1 billion.

    Written on Thursday, 21 July 2016 15:53 Read more...
  • MetLife Lends $110Mln Against Manhattan Office Building

    Metropolitan Life Insurance Co. has provided $110 million of floating-rate financing against 200 West 57th St., 158,607-square-foot office building in midtown Manhattan. Proceeds of the loan were used to retire $108 million of existing debt, including a $91 million mortgage that was securitized in 2007 and was coming due next February.

    Written on Wednesday, 20 July 2016 11:45 Read more...
  • Equity Commonwealth Seeks Sale of Offices in Baltimore, D.C. Suburbs

    Equity Commonwealth is offering for sale a portfolio of four office properties with 1.4 million square feet in Baltimore and the Maryland suburbs of Washington, D.C. While it'll take offers for individual properties, the Chicago REIT has a preference to sell the portfolio as a whole. Cushman & Wakefield has been tapped to market the portfolio.

    Written on Tuesday, 19 July 2016 16:11 Read more...
  • KBS Aims to Sell Assets of Apartment REIT

    KBS Legacy Partners Apartment REIT Inc. has hired HFF to market its 11-property apartment portfolio for sale. The properties have a total of 3,039 units in seven states and are 95 percent occupied. The Newport Beach, Calif., REIT had acquired them over the past five years for a combined $417.3 million.

    Written on Tuesday, 19 July 2016 14:52 Read more...
  • Savoy Park's $50Mln B-Note Gets Paid Off in Full

    The $50 million B-note that resulted from the modification of the $210 million CMBS loan against the 1,800-unit Savoy Park apartment complex in Harlem, N.Y., has been paid off in full. That's unusual. Most B-notes typically generate substantial losses when they're resolved.

    Written on Tuesday, 19 July 2016 09:32 Read more...
  • MetLife Lends $190Mln Against Resort Hotel in Florida's Keys

    Metropolitan Life Insurance Co. has provided a $190 million loan against the 302-room Ritz-Carlton Key Biscayne, just off the coast of Miami. The loan was used to defease, or replace with government securities, $164 million of debt, $160 million of which was securitized.

    Written on Monday, 18 July 2016 16:41 Read more...
  • AXA Provides $295Mln Loan Against Manhattan's One Seaport Plaza

    AXA Equitable Life Insurance Co. has provided a $295 million loan against One Seaport Plaza, a 1.4 million-square-foot office property in lower Manhattan. The financing, arranged by Singer & Bassuk Organization, pays a fixed coupon of 3.35 percent and was used to retire $240 million of existing debt that included a $225 million component that was securitized.

    Written on Friday, 15 July 2016 14:22 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 - 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

 

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CMBS 2.0 Spreads

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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

 

 

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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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