New York Life Real Estate Investors has provided $146.6 million of mortgage financing against 3 Second St., the former Harborside Plaza 10 office building on the Jersey City, N.J., waterfront. The financing, with a three-year term and two extension options, will allow the property's owner to fund a repositioning and leasing effort.
Issuers might have the financial capacity to retain vertical strips of every CMBS deal they bring to market this year in order to abide by recently enacted risk-retention rules, but that's not likely to happen. Instead, the thinking among many industry observers is that deals eventually will be structured using the so-called L structure. And that structure would be a keeper.
A total of 1,013 CMBS loans were defeased last year, compared to 1,332 loans a year earlier. The latest year's numbers will grow as additional data are tallied. But total figures for the year will still fall short of the $22.5 billion of loans that were defeased in 2015, according to Moody's Investors Service.
A venture of North American Properties and CBRE Global Investors is once again offering for sale the BB&T Tower, a 541,789-square-foot office property in Atlanta's midtown area. The buzz is that the venture is looking to sell the 25-story property for about $190 million, or $351/sf.
CBRE Global Investors is offering for sale the 1.2 million-square-foot Marathon Oil Tower in Houston's Galleria submarket. It had brought the 41-story building to the sales market two years ago, but ultimately pulled it after bids came in lower than expected.
A total of 6,121 apartment properties were sold for $124.4 billion through last October, according to Real Capital Analytics. That compares with the 6,549 properties that sold for $119 million during the same period a year earlier.
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