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

Recent Headlines

Top News

  • CMBS Delinquency Volume Skyrocketed Last Month to $37.65Bln

    Lockdowns designed to stem the spread of the coronavirus have had a profound impact on the performance of loans backing CMBS deals, as the volume of mortgages that are more than 30-days late skyrocketed last month to $37.65 billion, according to Trepp LLC. That's 7.15 percent of the outstanding universe.

    Written on Monday, 01 June 2020 13:04 Read more...
  • Velocis Nears Midway Mark for Latest Investment Fund

    Velocis has raised roughly $150 million of a targeted $300 million for its third fund, which will target office and medical-office properties in major United States markets. While the fund, Velocis Fund III, has completed its first investment, it likely will hold off on additional investments until later this year, when market conditions stabilize.

    Written on Friday, 29 May 2020 15:31 Read more...
  • Wells Fargo Leads $160Mln Financing for Washington, D.C., Office Building

    A group of lenders led by Wells Fargo Bank has provided $160 million of financing against 1900 N St. NW in Washington, D.C. The 269,035-square-foot office building was completed last year by a venture of JBG Smith Properties and the Canada Pension Plan Investment Board.

    Written on Thursday, 28 May 2020 12:58 Read more...
  • CBL Gives Up On Another Mall Backing CMBS Debt, Bringing Total to 3

    CBL & Associates Properties Inc. has given up on its efforts to modify the $77.1 million loan against the Park Plaza shopping mall in Little Rock, Ark., and expects to turn the retail property over to its lender. The mall is the third that the company has decided to give up on. Combined, the properties have 2.1 million square feet and are encumbered by $129.3 million of CMBS debt.

    Written on Wednesday, 27 May 2020 12:22 Read more...
  • Morgan Properties Gets $661Mln of Freddie Mac Debt Against 22 Properties

    Morgan Properties has lined up $661 million of fresh mortgage financing from Freddie Mac, allowing it to take out $374.4 million of debt against 22 apartment properties with 4,670 units in Delaware, Maryland, New Jersey and Pennsylvania. The collateral properties collectively have seen a more than 21 percent increase in net cash flow over the past seven years.

    Written on Tuesday, 26 May 2020 16:48 Read more...
  • PREIT Warns of Remaining Going Concern; Continues Talks to Modify Debt Covenants

    Pennsylvania REIT, which in recent years has been repositioning its portfolio by selling lower-performing properties and focusing on a relatively small number of premier properties, primarily in the northeastern United States, has warned that it had "substantial doubt" about its ability to remain a going concern.

    Written on Friday, 22 May 2020 17:07 Read more...

Data Digest

 

CMBS DELINQUENCY VOLUME

dqdataFP1

 

CMBS SPECIAL SERVICING VOLUME

sschartfp

Top Bookrunners Domestic, Private-Label CMBS - 2017
Investment Bank #Deals Vol$mln MktShr%
Goldman Sachs 17.59 11,819.34 13.68
JPMorgan Securities 14.52 10,968.11 12.70
Citigroup 12.04 10,012.71 11.59
Wells Fargo Securities 14.02 9,936.06 11.50
Deutsche Bank 12.55 9,879.74 11.44

 

RCA CPPI

 

cppichart FP

 

 

CMBS 2.0 Spreads

AAAspreads

Top CMBS Loan Contributors - 2017
Lender #Loans Vol$mln MktShr%
Goldman Sachs 146.89 11,719.34 13.63
JPMorgan Chase Bank 117.68 10,114.14 11.76
Deutsche Bank 198.48 9,689.97 11.27
Morgan Stanley 166.18 8,539.78 9.93
Citigroup 199.05 8,088.24 9.41

 

 

Receive daily updates on major news, trends and events occurring in the CRE market nationwide.


 

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
warehouse-backstage