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

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  • Strategic Properties Plans $1.5 Bln of Multifamily Investments In Coming Years

    Strategic Properties of North America, which recently paid $53 million, or $106,854 /unit for the 496-unit Meadows Apartment Homes complex in Lakemoor, Ill., is planning on making some $1.5 billion of apartment investments through 2018.

    Written on Friday, 27 March 2015 16:28 Read more...
  • Prolific Residential Lender Enters Commercial Mortgage Space

    Freedom Mortgage Corp., among the more active residential lenders, has moved into the commercial mortgage business and aims to write up to $750 million of relatively small-balance loans this year that it would sell through the CMBS market. It's contributing nearly $30 million of loans to an upcoming deal.

    Written on Friday, 27 March 2015 14:26 Read more...
  • TIAA, Norges Venture Pays $307Mln for Republic Square I in Washington, D.C.

    TIAA-CREF has teamed with Norges Bank Investment Management to pay $307 million, or roughly $788.69/sf, for Republic Square I, a 389,252-square-foot office property in downtown Washington, D.C. The venture is assuming $185 million of debt that was provided two years ago by a group of lenders led by Morgan Stanley.

    Written on Thursday, 26 March 2015 13:35 Read more...
  • Behringer Harvard Opportunity Eyes Disposition of Remaining Assets

    Behringer Harvard Opportunity REIT I Inc. is now in its disposition phase and is putting a number of its properties up for sale. It's looking to sell three properties in the short term and would like to have its entire portfolio liquidated within the next two to three years. The company carries its assets on its balance sheet at a value of roughly $315 million.

    Written on Thursday, 26 March 2015 11:29 Read more...
  • Goldman Lends $345Mln Against Seattle Office Portfolio

    Goldman Sachs Mortgage Co. has provided $345 million of financing against a portfolio of nine office properties in downtown Seattle with 1.6 million square feet owned by Martin Selig Real Estate. A big chunk of the loan was used to defease a $242 million loan that was securitized through JPMorgan Chase Commercial Mortgage Securities Corp., 2005-LDP5.

    Written on Wednesday, 25 March 2015 16:17 Read more...
  • 2 Office Properties in Suburban Austin Seen Fetching About $49.1Mln

     A venture of Moore Associates and Velocis Partners is in the market to sell two office properties with 174,797 square feet in suburban Austin, Texas. The two properties, Arboretum Atrium and Las Cimas I, are being offered through Transwestern.

    Written on Tuesday, 24 March 2015 17:03 Read more...
  • Blue Vista Capital Eyes $400Mln to Fund Sponsor-Equity Investments

    Blue Vista Capital Management is seeking $400 million for a fund that would, like its predecessor, specialize in providing the so-called sponsor equity that is needed by operating partners to complete the purchase of properties in deals with larger institutional partners. The fund is aiming for returns of 17 percent to 19 percent.

    Written on Tuesday, 24 March 2015 10:30 Read more...
  • Franklin Street Strikes Deal for Two Ravinia Drive in Atlanta

    Franklin Street Properties Corp. has struck a deal to buy Two Ravinia Drive, a 407,854-square-foot office property in Atlanta's Central Perimeter. The REIT is said to be paying a price in the high $70 million range. It's buying the 17-story building from a venture of the Teacher Retirement System of Texas and Parkway Properties Inc., in a deal arranged by Cushman & Wakefield.

    Written on Monday, 23 March 2015 16:19 Read more...
  • Madison International Launches Follow-Up Fund Within One Year

    Madison International Realty is seeking to raise $950 million for an investment fund that it has started raising, less than a year after it closed marketing for its $825 million predecessor vehicle. That quick turnaround runs counter to prevailing wisdom that investment managers have had to slow down their capital-raising because of the challenges they're facing in finding suitable investments.

    Written on Friday, 20 March 2015 15:26 Read more...
  • Two Harbors Gears Up to Write Senior, Mezz Loans

    Two Harbors Investment Corp., a mortgage REIT sponsored by Pine River Capital Management that last year started a move into the commercial mortgage business, is looking to write a broad range of floating-rate debt instruments. It will write senior and mezzanine loans, B-notes and preferred equity in deals of between $10 million and $100 million apiece.

    Written on Friday, 20 March 2015 15:01 Read more...

Data Digest

 

CMBS DELINQUENCY VOLUME

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CMBS SPECIAL SERVICING VOLUME

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Top Bookrunners
Private-Label CMBS - FY2014
Inv Bank #Deals Bal $mln MktShr%
Deutsche Bank 27.1  23,479.37 26.3
JPMorgan 18.6  13,752.01 15.4
Wells Fargo 17.2  13,085.05 14.6
Goldman Sachs 9.0  7,896.25 8.8
Citigroup 9.1  7,526.97 8.4

 

 

MOODY'S/RCA CPPI

 

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Top Loan Contributors
Private-Label CMBS FY2014
Lender Vol $mln MktShr%
Deutsche Bank 14,005.13 16.0
JPMorgan 11,440.63 13.0
Wells Fargo 5,849.16 6.7
CCRE 5,750.69 6.6
Citigroup 5,604.13 6.4

 

 

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REITCafe

  • West Coast Port Slowdown and Industrial REITs
    After nine months of labor negotiations and worsening cargo congestion at West Coast Ports, U.S. Labor Secretary Thomas Perez stepped in this week to help broker a deal between the union and shippers. The work slowdown is affecting the nation’s supply chain. Honda has reported a production slowdown because of parts....
     
  • New REITs Increase Investor Choices in 2015
    Three REIT IPOs in as many weeks could indicate a strong year ahead for new REIT formation. Robust REIT returns during 2014 created momentum for IPO activity. In addition, the market’s favorable reception of the widely-watched Paramount REIT (PGRE) and STORE Capital (STOR) IPOs in late 2014 has encouraged companies to....

  • REITs Start 2015 Strong
    One month in to 2015, REITs continue to outperform the broader markets. During January, the FTSE NAREIT All REIT Index total return measured 5.59 percent, compared to -3.00 percent for the S&P 500, -3.69 percent for the DJIA, and -2.13 percent for the NASDAQ. REITs are attractive to investors for a...
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