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

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  • Pru Lends $225Mln Against 901 New York Ave. in Washington, D.C.

    Prudential Insurance Co. of America has provided a $225 million loan against 901 New York Ave. NW, a 539,679-square foot office property in the East End submarket of Washington, D.C. The loan takes out $151.2 million of debt that was held by MetLife.

    Written on Thursday, 18 December 2014 17:07 Read more...
  • Starwood Lends $85.5Mln Against Tallest Office Building in Wilmington, Del.

    Starwood Mortgage Capital has provided $85.5 million of financing against Chase Manhattan Centre, a 441,341-square-foot office property in downtown Wilmington, Del. The loan was used to defease, or replace with government securities, an $82.8 million CMBS loan that was securitized through Merrill Lynch Mortgage Trust, 2005-CKI1.

    Written on Wednesday, 17 December 2014 10:47 Read more...
  • Recently Modified CMBS Loan Gets Paid Off

    A $93.2 million CMBS loan against a 526,245-square-foot office property in the Las Colinas section of Irving, Texas, that's leased to NEC America Inc. has been paid off. The pay off, highlighted by Barclays Capital in a research brief yesterday, came as a surprise because the mortgage, which was securitized through JPMorgan Chase Commercial Mortgage Securities Corp., 2005-LDP5, was modified just four months earlier.

    Written on Tuesday, 16 December 2014 10:16 Read more...
  • McDowell Seen Selling North Carolina Apartment Portfolio for $215Mln

    McDowell Properties has struck a deal to sell a portfolio of eight apartment properties with 2,571 units in the Charlotte, N.C., area for $215 million, or about $83,625/unit. The San Francisco apartment specialist had acquired the portfolio in 2007 from Equity Residential Properties Trust for $205 million, or roughly $79,736/unit.

    Written on Monday, 15 December 2014 16:16 Read more...
  • Pru Seeks $500Mln for Fifth Seniors-Housing Fund

    Prudential Real Estate Investors is seeking $500 million of equity commitments for its fifth investment fund targeting the seniors-housing market. Senior Housing Partnership Fund V is a follow-up to a vehicle that raised $568 million and so far has generated a 7.43 percent internal rate of return.

    Written on Monday, 15 December 2014 10:06 Read more...
  • CMBS Defeasance Activity Hits Post-Recession High

    Defeasance activity in the CMBS sector this year has hit a new post-market collapse high, with $16.2 billion of loans having been replaced with government securities, according to Trepp LLC. That compares with $11.8 billion for all of last year. The full-year tally could be as much as $1 billion higher when all is said and done as a few big-ticket loans get defeased in the coming weeks.

    Written on Friday, 12 December 2014 15:29 Read more...
  • Salt Lake City Firm Seeks $750Mln for Latest Investment Fund

    Just a year after raising $600 million of equity commitments for one value-add investment fund, Bridge Investment Group Partners, a Salt Lake City investment manager, is back in the market seeking up to $750 million for another vehicle. Its recently-launched ROC Multifamily & Commercial Office Fund III will pursue value-add and opportunistic investments.

    Written on Thursday, 11 December 2014 11:52 Read more...
  • KBS to Pay $248Mln for Northern California Office Complex

    KBS REIT III Inc. has agreed to pay $248 million, or $304.30/sf, for the Towers at Emeryville, an 815,018-square-foot office complex in Emeryville, Calif., which is across the bay from San Francisco. It's buying the three-building complex from a venture of LBA Realty and Starwood Capital Group that bought it four years ago for $130 million.

    Written on Thursday, 11 December 2014 09:28 Read more...
  • $2.6Bln of Financing Against Health-Care Portfolio has Fixed-, Floating-Rate Pieces

    The $2.6 billion of financing that Citigroup, JPMorgan Chase Bank, Barclays Bank and Column Financial have provided to facilitate NorthStar Realty Finance's acquisition of Griffin-American Healthcare REIT II Inc. includes both fixed- and floating-rate components. In addition, Credit Suisse is providing $351 million of financing under a loan denominated in Pounds Sterling.

    Written on Wednesday, 10 December 2014 10:10 Read more...
  • Gramercy Property to Pay $399Mln for 2.7Mln-SF Portfolio

    Gramercy Property Trust has struck a deal to pay $399 million for a portfolio of 12 office, industrial and data-center properties with 2.7 million square feet from Dividend Capital Diversified Property Fund Inc. It is assuming $142 million of a $173.8 million CMBS loan against the properties, which are scattered among seven states, with a concentration in California.

    Written on Tuesday, 09 December 2014 18:10 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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