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  • Radco Aims for Fund to Broaden Investment Capabilities

    Radco Cos., a pioneer in the value-add multifamily space, is looking to move into the investment management business, allowing it to broaden its investment strategy. The company for some 20 years has capitalized its investments on a deal-by-deal basis. It'll continue doing so, but expects a fund would allow it to buy properties that might be newer or have a longer hold strategy than its traditional investments.

    Written on Friday, 15 December 2017 11:24 Read more...
  • Morgan Properties Does $1.2Bln of Deals in 2017; Plans on Being More Selective Next Year

    The King of Prussia, Pa., investor, one of the largest apartment owners in the country, plans on being more selective on the investment side next year. It will be opportunity-driven, buying properties in certain key markets, including the Maryland and Virginia suburbs of Washington, D.C., and in the Carolinas.

    Written on Thursday, 14 December 2017 15:33 Read more...
  • Owner of Dallas' Renaissance Tower Refinances Troubled CMBS Loan

    Square Mile Capital Management LLC has provided $118 million of mortgage financing against the 1.7 million-square-foot Renaissance Tower office building in downtown Dallas. The financing allowed the property's owner, an affiliate of Moinian Group and SMA Equities, to retire what originally was $144 million of financing, a $129 million piece of which was securitized.

    Written on Wednesday, 13 December 2017 10:44 Read more...
  • Commercial Real Estate Sits Pretty With Senate, House Tax Bills

    Tax reform could still be weeks away, if not longer. But bills passed by both houses of Congress provide a glimpse of what final legislation might look like. So far, things look good for commercial real estate.

    Written on Tuesday, 12 December 2017 11:44 Read more...
  • Small-Balance Specialist Broadens Scope with Second Fund

    Grand Coast Capital, a Boston-area alternative lender that was launched in 2013, is broadening its lending capabilities. It's raised its second fund, which pursues lending and investing opportunities involving small-cap properties. The fund will write mezzanine and bridge loans, as well as make joint-venture equity investments.

    Written on Monday, 11 December 2017 16:46 Read more...
  • CMBS Issuance for Year Poised to Top $84Bln; Issuers Not Done Yet

    Five CMBS transactions totaling $3.6 billion priced over the past five days and another four, totaling $2.3 billion, were launched, which would bring total issuance for the year so far to $84.3 billion. That would be 25.4 percent more volume than last year. Issuers aren't done yet and could very well float at least another $5 billion of bonds.

    Written on Friday, 08 December 2017 08:29 Read more...
  • SEC Clarifies Accounting Rules on Sales Recognition of Certain CMBS

    The SEC has clarified that issuers of CMBS could continue treating the securitization of assets as sales, as opposed to financings, under generally accepted accounting principles, even when a third party buys its risk-retention classes. The regulator hasn't made a formal ruling, but provided guidance through the Securities Industry and Financial Markets Association.

    Written on Thursday, 07 December 2017 14:23 Read more...
  • JCR Capital Raises $142Mln in Six Months for Value-Add Lending Fund

    JCR Capital Investment Corp., which started raising a value-add lending fund in June, already has raised $142 million for the vehicle, JCR Income Plus Fund IV. The fund, which will provide joint venture and preferred equity as well as mezzanine loans, becomes the third leg in the Denver investment manager's capital offerings. It already operates in the core and opportunistic sectors.

    Written on Wednesday, 06 December 2017 16:16 Read more...
  • Former Stan Johnson Net-Lease Execs Launch Brokerage Platform

    Two long-time players in the business of brokering the sale of net-leased properties have launched their own brokerage platform, Brokers+Engineers. The two, Camille Renshaw and Scott Scurich, aim to modernize the brokerage of net-leased properties by building a robust data set and analytics. They expect to broker $350 million of property sales in year one.

    Written on Tuesday, 05 December 2017 16:31 Read more...
  • REITs Break Unsecured Notes Issuance Records

    So far this year, REITs have issued a record-breaking $47.5 billion of unsecured notes - nearly a quarter more than they issued last year. And in three days last week, eight REITs priced $5 billion of notes, setting another record. Their driver: continued low interest rates and the fear that they'll increase.

    Written on Monday, 04 December 2017 16:02 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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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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