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  • Morgan Stanley Lends $265Mln Against Queens, N.Y., Retail Property, Parking Garage

    Morgan Stanley has provided a $265 million mortgage against the Shops at Skyview Center, a 560,000-square-foot retail property and neighboring 2,500-space parking garage in the Flushing section of Queens, N.Y. The loan takes out a $195 million mortgage that Morgan Stanley provided two years earlier.

    Written on Friday, 24 June 2016 14:23 Read more...
  • Dominant Norfolk, Va., Retail Property Hits Sales Market

    McKinley Associates is offering for sale the JANAF Shopping Yard, an 885,594-square-foot retail property in Norfolk, Va., among the largest shopping centers in the country when it was built some 57 years ago. The property could sell for some $110 million. It's being offered through CBRE.

    Written on Thursday, 23 June 2016 15:57 Read more...
  • Doug Cooper, Long-Time CMBS B-Piece Specialist, Joins Cornerstone

    Douglas Cooper, a long-time player in the CMBS B-piece business, is joining Cornerstone Real Estate Advisers. He previously had built the dominant B-piece operations at American Capital Ltd., Allied Capital Corp. and Criimi Mae Inc. The thinking is that Cornerstone is positioning itself to take advantage of opportunities stemming from pending risk-retention rules.

    Written on Wednesday, 22 June 2016 15:12 Read more...
  • Behringer's Efforts to Sell Houston Offices Fall Flat

    Behringer Harvard Opportunity REIT I Inc.'s efforts to sell two office properties with 384,779 square feet in Houston have hit a wall. The two properties are encumbered by a total of $26.8 million of CMBS debt. One has already been turned over in a deed-in-lieu of foreclosure. The other might have a similar fate.

    Written on Tuesday, 21 June 2016 15:45 Read more...
  • Wells Fargo Lends $105.5Mln Against Hotel Portfolio

    The bank has lent $105.5 million against a portfolio of five hotels totaling 1,396 rooms in New Jersey, Georgia and Florida. The floating-rate debt matures in June 2020 and can be extended for an additional one-year term. The hotels had been encumbered by a $98.4 million loan that was securitized through Wachovia Bank Commercial Mortgage Trust, 2007-C32.

     

    Written on Monday, 20 June 2016 16:23 Read more...
  • Bank of America Lends $105Mln Against 3 Outlet Centers

    Bank of America has provided $105 million of mortgage financing against three retail outlet centers with 838,764 square feet that are owned by Simon Property Group in Massachusetts, South Carolina and Georgia. The financing takes out $101.9 million of CMBS financing that was slated to mature in September.

    Written on Friday, 17 June 2016 13:43 Read more...
  • Bank Leumi Lends $120Mln Against Residence Inn in Manhattan's Garment District

    The floating-rate financing allowed the property's owner to take out a $118.9 million CMBS loan against the property, at 1033 Avenue of the Americas. The property's performance has been impacted by growing expenses and the glut of new hotel developments in Manhattan.

    Written on Thursday, 16 June 2016 16:05 Read more...
  • CMBS Market Enters New Uncertain Era

    The CMBS market is entering what could be its most challenging period ever, thanks to a pending regulation whose intent was to stem any potential exuberance among mortgage lenders. While some players are downright gloomy about the market's prospects, others are more sanguine. They expect a substantial change in the way business is done, but the sector will stick around.

    Written on Thursday, 16 June 2016 14:36 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 - 2015
Investment Bank #Deals Vol$mln MktShr%
Deutsche Bank 18.23 17,210.79 18.25
Wells Fargo Securities 17.77 14,715.47 15.61
JPMorgan Securities 14.43 11,589.38 12.29
Morgan Stanley 14.47 9,715.97 10.30
Credit Suisse 10.75 8,593.95 9.11

 

MOODY'S/RCA CPPI

 

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CMBS 2.0 Spreads

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Top CMBS Loan Contributors - 2015
Lender #Loans Vol$mln MktShr%
JPMorgan Chase Bank 161.6 10,858.98 11.55
Deutsche Bank 218.0 8,867.97 9.43
Morgan Stanley 241.5 8,264.67 8.79
Bank of America 242.8 6,533.69 6.95
Citigroup 217.4 6,274.94 6.67

 

 

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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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