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

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  • $80Mln Sharia Loan Against Houston Office Moves to Special Servicing

    The $80 million CMBS loan against the Three Westlake Park office building in Houston has transferred to special servicer LNR Partners because it's expected to default. Its transfer comes three months after the $91 million loan against sister building Two Westlake transferred to Rialto Capital Advisors. That loan also was securitized.

    Written on Monday, 22 October 2018 13:47 Read more...
  • New Office Leases in Manhattan on Track for Second-Highest Total in History

    A total of 25.7 million square feet of new office leases were signed in Manhattan this year through September, putting the year on track to be the second-most active since Cushman & Wakefield started collecting such data in the 1980s. Leasing activity for the year will top 30.5 million sf, but will fall short of the record 32.8 million sf set in 2014.

    Written on Friday, 19 October 2018 08:38 Read more...
  • Asana Partners Raises $235Mln for Follow-Up Retail Property Fund

    Asana Partners, which was founded three years ago by former senior executives of retail property developer EDENS, is well on its way to raising its second investment fund. It's raised $235 million of a targeted $800 million for Asana Partners Fund II. The Charlotte, N.C., company had raised $500 million for its inaugural fund last year. The new fund, like its predecessor, targets so-called "High Street" retail properties.

    Written on Thursday, 18 October 2018 15:46 Read more...
  • CMBS Loan Against Miami's Southland Mall Unlikely to Get Refinanced

    The Southland Mall, just south of downtown Miami, is facing the final maturity of its $118.5 million indebtedness next May. Because it's unlikely to get taken out by then, the $67.5 million senior component of the financing, which was securitized through JPMorgan Chase Commercial Mortgage Securities Trust, 2014-FL6, has transferred to special servicing. The mall is anchored by a Sears, Macy's and JCPenney. Meanwhile, Kmart, which occupied 120,391 square feet, has shut its store.

    Written on Wednesday, 17 October 2018 15:39 Read more...
  • Stonehill On Track for $300Mln of Hotel Loans This Year

    The Atlanta investment manager is having a record-breaking year. It's funded $175 million of loans against hotels so far this year and expects to fund $125 million in the final quarter. The middle-market lender is investing on behalf of a $180 million fund it had raised last year.

    Written on Tuesday, 16 October 2018 14:50 Read more...
  • Debt-Fund Sponsors Raised Record $32.3Bln Last Year; $21Bln So Far This Year

    Sponsors of real estate debt-investment funds last year raised a record $32.3 billion of equity commitments through 63 funds, according to Preqin. And this year through September, 40 funds have raised $21 billion, putting the sector on track to at least come close to reaching last year's record.

    Written on Monday, 15 October 2018 15:42 Read more...
  • Rialto Capital Dominates Conduit B-Piece Market in 3Q; KKR Tops Retainers of Risk

    Rialto Capital Advisors invested in three CMBS conduit B-pieces during the third quarter, bringing its investments in the asset class so far this year to seven deals totaling $6.1 billion, for a 21.4 percent share of the conduit B-piece market. KKR Real Estate Finance, which retained the greatest amount of risk in the CMBS market during the quarter, was close behind it.

    Written on Friday, 12 October 2018 15:55 Read more...
  • CIM Commercial Looks to Sell 9 Office Properties in Calif., Washington, D.C.

    CIM Commercial Trust Corp. is planning to sell nine office properties with about 2.7 million square feet in Oakland, Calif., San Francisco and Washington, D.C., as part of a planned recapitalization that would allow it to return capital to its institutional investors. After its ambitious sales effort is completed, the company would be 94 percent owned by non-institutional investors. It also would have a much lower debt profile.

    Written on Thursday, 11 October 2018 14:59 Read more...
  • PPM Finance Maps Expansion into Bridge, Mezzanine Lending

    PPM Finance is expanding its commercial real estate loan offerings to include bridge and mezzanine mortgages. The move is a natural extension of the company's senior-lending business and would allow it to provide a wider menu of loan products to its clients and generate higher yields.

    Written on Wednesday, 10 October 2018 16:52 Read more...
  • Ex-Rialto Capital Execs Form Company to Pursue Value-Add Apartments in Western U.S.

    Tower 16 Capital Partners, a company formed last year by former Rialto Capital Management executives Mike Farley and Tyler Pruett, is looking to expand its portfolio of value-add apartment properties in the Western United States. It's looking to buy properties in Las Vegas, California's Inland Empire, Salt Lake City and Phoenix.

    Written on Wednesday, 10 October 2018 13:33 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 - 2017
Investment Bank #Deals Vol$mln MktShr%
Goldman Sachs 17.59 11,819.34 13.68
JPMorgan Securities 14.52 10,968.11 12.70
Citigroup 12.04 10,012.71 11.59
Wells Fargo Securities 14.02 9,936.06 11.50
Deutsche Bank 12.55 9,879.74 11.44

 

RCA CPPI

 

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CMBS 2.0 Spreads

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Top CMBS Loan Contributors - 2017
Lender #Loans Vol$mln MktShr%
Goldman Sachs 146.89 11,719.34 13.63
JPMorgan Chase Bank 117.68 10,114.14 11.76
Deutsche Bank 198.48 9,689.97 11.27
Morgan Stanley 166.18 8,539.78 9.93
Citigroup 199.05 8,088.24 9.41

 

 

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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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