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  • MetLife, New York Life Lend $177.8Mln Against Sanctuary Park Near Atlanta

    The life insurance companies provided $177.8 million of mortgage financing against the 1.6 million-square-foot office property in the Atlanta suburb of Alpharetta, Ga. It consists of $92.2 million of fixed-rate debt that matures in October 2026 and $85.6 million of floating-rate debt that matures in October 2021. The floating-rate debt can be extended for an additional year.

    Written on Wednesday, 28 September 2016 15:22 Read more...
  • Uncertainty in Condo Market Puts Brakes on Sale of Manhattan Development Sites

    The velocity of residential development-site sales in New York City has slowed sharply. The amount of time it takes to sell individual units has increased, so developers have become skittish about paying ever-increasing prices for land on which to develop new units.

    Written on Tuesday, 27 September 2016 11:27 Read more...
  • Houston REIT to Pay $190Mln for 2 Cincinnati Retail Properties

    Hines Global REIT II has struck a deal to pay $190 million, or about $317/sf, for Rookwood Commons and Rookwood Pavilion, two neighboring retail properties with 600,071 square feet in Cincinnati. A venture of JPMorgan Asset Management and Casto Lifestyle Properties is the seller.

     

    Written on Monday, 26 September 2016 10:07 Read more...
  • Glendale, Calif., Office Building Seen Selling for $128.53Mln

    PGIM Real Estate has struck a deal to sell the 408,034-square-foot Glendale City Center office complex in Glendale, Calif., for $128.53 million, or about $315/sf. Beacon Capital Partners is buying the property, which is about 90 percent occupied.

    Written on Friday, 23 September 2016 15:47 Read more...
  • Boston-Area Mall Backing $64.5Mln CMBS Loan Hits Sales Market

    RP Realty Partners is offering for sale the Walpole Mall, a 402,206-square-foot retail property in Walpole, Mass. Colliers International has the listing for the suburban Boston property, which is encumbered by $64.5 million of debt that's securitized in two CMBS deals. The property could sell for more than $100 million.

    Written on Friday, 23 September 2016 15:10 Read more...
  • REIT Issuance of Unsecured Notes on Record Pace

    So far this year, REITs have issued $28.6 billion of unsecured notes, making it all but certain that issuance for the full year will top the $30.6 billion record set two years ago. Driving issuance: historically low interest rates and a group of new issuers, many of which were formed only recently.

    Written on Thursday, 22 September 2016 08:31 Read more...
  • 233 Wilshire in Santa Monica, Calif., Seen Selling for $139.5Mln

    Blackstone Group has struck a deal to sell a 128,935-square-foot office property at 233 Wilshire Blvd. in downtown Santa Monica, Calif., a suburb of Los Angeles. Douglas Emmett Inc., a Santa Monica, Calif., REIT, is buying the property, which is expected to sell for $139.5 million, or about $1,082/sf. HFF is brokering the deal.

    Written on Wednesday, 21 September 2016 08:27 Read more...
  • 1,984-Unit Apartment Portfolio in Baltimore Offered for Sale

    Harbor Group International is offering for sale a portfolio of six apartment properties with 1,984 units in the Woodlawn area of Baltimore. The portfolio would be valued at about $256 million, based on the $16.1 million of net operating income it generated last year and the area's prevailing capitalization rate of 6.3 percent for garden-style apartments. JLL has the assignment.

    Written on Tuesday, 20 September 2016 16:41 Read more...
  • $81Mln Sale of Minn. Industrial/Flex Portfolio Falls Apart

    A deal in which Talon Real Estate Holding Corp., a small Minneapolis property investor, had to buy a portfolio of 13 Minnesota industrial and flex properties from Greenfield Partners has fallen apart. The portfolio totals 915,693 sf and comprises the Minneapolis-area properties that Greenfield had purchased three years ago from Liberty Property Trust.

    Written on Monday, 19 September 2016 14:59 Read more...
  • LNR Taps HFF to Market for Sale James Center in Richmond, Va.

    LNR Partners has hired HFF to market for sale the James Center, a 974,268-square-foot office complex in downtown Richmond, Va., that had served as collateral for $150 million of CMBS debt that had defaulted early this year. The three-building complex, at 901, 1021 and 1051 East Cary St., was appraised in March at a value of $132.4 million.

    Written on Friday, 16 September 2016 16:52 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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