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

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  • Cassidy Turley Unit Brings Asian Money to U.S. Property Deals

    An investment advisory unit in Cassidy Turley's San Jose, Calif., office has arranged for Chinese investment groups to acquire two Los Angeles-area office properties with 202,783 square feet in separate deals for $58.4 million. The unit has several more deals brewing on behalf of Chinese buyers, and expects to complete about $86 million of U.S. deals for Asian investors for all of this year.

    Written on Wednesday, 26 November 2014 08:36 Read more...
  • Chinese Investments in U.S. Already Top 2013 Total

    Investors from China have completed a record $2.55 billion of commercial property investments in Manhattan so far this year, topping the $2.27 billion of activity for all of last year, according to NGKF Capital Markets. Their investments in Manhattan accounted for 28.3 percent of the $9 billion they've invested in real estate this year in the United States through the end of September.

    Written on Tuesday, 25 November 2014 14:39 Read more...
  • Union Station in Washington, D.C., Gets $275Mln Loan

    Banque J. Safra Sarasin has provided a $275 million loan against the 400,000-square-foot office and retail property at Union Station in downtown Washington, D.C. The mortgage retires a $50 million loan that was securitized through GMAC Commercial Mortgage Securities Inc., 2004-C3.

    Written on Monday, 24 November 2014 16:53 Read more...
  • Recently-Opened Hollywood Shopping Center Seen Fetching $1,048/SF

    CIM Group is offering for sale a recently-opened shopping center with 42,916 square feet in central Hollywood, Calif. The Hollywood & Western Center, at Hollywood Boulevard and Western Avenue, is seen fetching around $45 million, or $1,048/sf. Madison Partners has the listing.

    Written on Monday, 24 November 2014 13:42 Read more...
  • Credit Suisse Lends $250Mln Against 2 Manhattan Hotels

    Credit Suisse's Column Financial lending operation has written a $250 million mortgage against the SoHo Grand and Tribeca Grand, a pair of boutique hotels in lower Manhattan. The new financing is being used to defease, or replace with government securities, a $195 million mortgage that was securitized in 2006.

     

    Written on Friday, 21 November 2014 14:50 Read more...
  • KSL Launches Latest Investment Fund

    KSL Capital Partners, an investment manager focused on hotels and related businesses, is in the market raising equity for its first property investment fund since 2011. The Denver company thus far has raised $33 million of commitments for its KSL Capital Partners IV fund. It's separately raising capital for a debt-investment fund.

    Written on Thursday, 20 November 2014 16:52 Read more...
  • TIAA Pays $295Mln for D.C.'s Flats 130 Apartments

    TIAA-CREF has paid $295 million for the Flats 130 at Constitution Square, an apartment property with 643 units in Washington, D.C. It bought the fully-occupied property, with 52,708 square feet of retail space, from a venture of StonebridgeCarras and Walton Street Capital in a deal brokered by HFF.

    Written on Wednesday, 19 November 2014 16:56 Read more...
  • JPMorgan, Goldman Lend $725Mln Against Four Malls Bought by Starwood

    JPMorgan Chase Bank and Goldman Sachs have provided $725 million of financing against four regional shopping malls that recently were purchased by Starwood Capital Group. The two lenders have each provided $362.5 million of the financing, which resulted in the defeasance of three CMBS loans.

    Written on Wednesday, 19 November 2014 16:24 Read more...
  • Team Led by Jack Taylor Leaves Pru to Head Pine River Real Estate Initiative

    A team led by Jack Taylor, the head of Prudential Real Estate Investors' global debt unit, has joined Pine River Capital Management to oversee a commercial real estate investment program that will be seeded with $500 million of equity. He's been named global head of commercial real estate at Pine River. Stephen Alpart and Steven Plust were named managing directors.

    Written on Tuesday, 18 November 2014 16:41 Read more...
  • Crow Holdings Pays $113Mln for Northern Maryland Shopping Center

    Crow Holdings Capital Partners has paid $113 million, or roughly $258/sf, for the Festival at Bel Air, a 437,227-square-foot shopping center in the Baltimore suburb of Bel Air, Md. The Dallas investment manager bought the property on behalf of a fund from JBG Rosenfeld Retail.

    Written on Monday, 17 November 2014 14:30 Read more...

Data Digest

 

CMBS DELINQUENCY VOLUME

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CMBS SPECIAL SERVICING VOLUME

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Top Bookrunners
Private-Label CMBS - 9Mos2014
Inv Bank #Deals Bal $mln MktShr%
Deutsche Bank 26.0 19,675.34 29.5
JPMorgan 12.1 8,678.41 13.0
Wells Fargo 15.1 8,504.57 12.8
Goldman Sachs 7.0 5,740.15 8.6
Citigroup 9.3 5,337.91 8.0

 

 

MOODY'S/RCA CPPI

 

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Top Loan Contributors
Private-Label CMBS 9Mos2014
Lender Vol $mln MktShr%
Deutsche Bank 11,647.54 17.75
JPMorgan 7,496.78 11.42
Wells Fargo 4,540.31 6.92
CCRE 4,474.33 6.82
Morgan Stanley 4,312.62 6.57

 

 

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REITCafe

  • REITs to be Reclassified into a New GICS Sector
    Noting the significant differences between public real estate and financial companies and how investors increasingly incorporate public real estate separately into asset allocation, MSCI and S&P this week announced plans to separate equity REITs and other listed real estate companies from financial services and to elevate the securities to a new...
     
  • REITs Focus on Organic Growth
    One of the themes to emerge from this week’s REIT World conference in Atlanta is a widespread focus on organic growth. Healthy real estate market fundamentals have brought new investors into the market and driven up asset prices. CEOs of some of the largest REITs noted that it has become more...

  • REITs Surge Ahead in Volatile October Market
    October was a volatile month for stocks. Nevertheless, REITs fared well during the month, driven at least in part by strong earnings announcements. Month-to-date through October 29th, the FTSE NAREIT All REIT Index climbed 6.94 percent, which far exceeded returns for the DJIA (-0.40 percent), the S&P 500 (0.62 percent), and...
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