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  • Former W.P. Carey Exec Builds Self-Storage Investment Operation

    Liz Raun Schlesinger, the former head of self-storage at W.P. Carey Inc., who last year left the investment manager to go off on her own, has accumulated 58 self-storage properties with 25,000 units. It continues to pursue investments in growing markets across the country.

    Written on Friday, 13 July 2018 14:35 Read more...
  • Former Federal Capital Exec Launches Effort to Invest in Offices, Apartments in Southeast

    Bryan Kane, the former head of the Southeast region for Federal Capital Partners, has formed SLI Capital with John C. Pitt, a long-time specialist in raising capital for investors, in order to invest primarily in office and apartment properties in certain Southeastern markets.

    Written on Thursday, 12 July 2018 15:32 Read more...
  • Manhattan Office Sales Decline to $2.8Bln in 2nd Quarter

    Investment-sales transactions involving office properties in Manhattan declined by 25 percent in the second quarter when compared to the same period a year ago. The continued disconnect between seller and buyer pricing expectations was to blame, as was a hefty pipeline of new construction, which has dampened buyer interest.

    Written on Wednesday, 11 July 2018 15:11 Read more...
  • NAI Partners' Latest Investment Fund Sews Up First Acquisition

    NAI Partners has completed capital-raising for its second property-investment fund, which will have a capacity to buy up to $70 million of real estate. The vehicle, NAI Investment Fund II, has completed its first acquisition: San Marcos Place, a 73,105-square-foot office and retail property in suburban Austin, Texas.

    Written on Tuesday, 10 July 2018 15:49 Read more...
  • Former Starwood Exec Christian Dalzell Pursues Small Apartment Properties on East Coast

    Christian Dalzell, a 22-year commercial real estate industry veteran and former head of lending at Starwood Capital Group, has formed an investment firm to pursue small apartment properties along the East Coast, particularly in Philadelphia. His company, Dalzell Capital Partners, acquired its largest property, with 61 units, last week.

    Written on Monday, 09 July 2018 10:35 Read more...
  • Alternative Lender Millbrook Realty Aims to Supercharge Lending Volume

    Millbrook Realty Capital, a New York alternative lender that has been funding bridge, construction and mezzanine loans since 2009, is looking to supercharge its lending activity. The company, founded and led by long-time real estate developers Marc and Charles Yassky, has hired a seasoned bridge lender and is expected to write more than $100 million in the coming year.

    Written on Friday, 06 July 2018 15:08 Read more...
  • Rialto Tops Conduit B-Piece Buyers, Risk Retainers in 1H

    Rialto Capital Management was the most-active buyer of CMBS conduit B-pieces during the first half of the year, taking the subordinate bonds of four deals totaling $3.2 billion, or 16.4 percent of all conduits. The Miami investment manager also was the most active retainer of the risk pieces of conduit deals.

    Written on Thursday, 05 July 2018 16:16 Read more...
  • JPMorgan Tops Loan Contributors to CMBS During 1H

    JPMorgan Chase Bank, the most active bookrunner of private-label CMBS deals during the first half of the year, also was the most active contributor of loans to transactions. The banking giant contributed 80.8 loans with a balance of $5.8 billion to 18 transactions, or more than one of every four deals that were issued, for a 14.6 percent share of the market.

    Written on Thursday, 05 July 2018 14:39 Read more...
  • Canadian Investor Expands Apartment Investments Beyond Phoenix

    Western Wealth Capital, which was formed in 2011 to invest in value-add apartment properties in Phoenix and its suburbs, is expanding its geographic reach. The Vancouver, British Columbia, investment manager late last year moved into San Antonio, and is now looking to add units in Dallas and Houston. It's also looking for opportunities in Atlanta and certain North Carolina and Florida cities.

    Written on Tuesday, 03 July 2018 11:36 Read more...
  • CMBS Issuers Ring Bells in June; 1H Volume Climbs 16.9 Percent

    CMBS issuance during the second quarter totaled $21 billion, bringing volume for the first half of the year to $40.4 billion, or 18.5 percent greater than during the same period last year. June alone saw $11.4 billion of volume - more than half the entire second quarter's issuance. Six deals totaling $5.1 billion priced during the last five days of the quarter.

    Written on Monday, 02 July 2018 16:55 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 - 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

 

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CMBS 2.0 Spreads

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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

 

 

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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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