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

Recent Headlines

Top News

  • $57.6Mln CMBS Loan Against Los Angeles Office Moves to Special Servicer

    The $57.6 million CMBS loan against the 213,556-square-foot office building at 6100 Wilshire Blvd. in Los Angeles has transferred to special servicer Rialto Capital Advisors because of an expected non-monetary default. It was originated by UBS to facilitate the 16-story building's $76 million purchase by Citi Real Estate.

    Written on Friday, 15 November 2019 15:10 Read more...
  • Kennedy Wilson Approaches Capital-Raising Target for Latest Fund

    Kennedy Wilson Inc. is well on its way to raising its latest value-add investment fund, which has a $750 million equity target. The Beverly Hills, Calif., investment manager so far has raised nearly $540 million of its target for the vehicle, Kennedy Wilson Real Estate Fund VI LP.

    Written on Thursday, 14 November 2019 15:50 Read more...
  • Somera Road Pays $210.7Mln for Skyline Office Complex in Suburban Washington, D.C.

    The $678 million of CMBS financing against the eight-building Skyline office complex in the Washington, D.C., suburb of Falls Church, Va., finally has been resolved, with Somera Road Inc. paying $210.7 million for the collateral buildings. The debt, which six years ago was split into A and B notes, was held by three trusts.

    Written on Wednesday, 13 November 2019 15:20 Read more...
  • Consolidated-Tomoka Spinning Off Net-Leased Portfolio Through REIT

    The former Consolidated-Tomoka Land Co. is spinning off 20 net-leased retail and office properties with 817,000 square feet through a newly formed REIT, Alpine Income Property Trust Inc., that is aiming to raise public capital through a stock offering, and will pursue small-capitalization net-leased properties.

    Written on Tuesday, 12 November 2019 17:20 Read more...
  • Hotel Fundamentals Decelerate in Face of Heavy Supply

    Revenue per available room, the key metric for the hotel industry, was up in the third quarter by 0.8 percent when compared to a year ago, to $94.42, according to STR. That represented a slow-down from the second quarter, when RevPAR increased by 1.1 percent. That slowdown should continue as increasing numbers of rooms come online.

    Written on Friday, 08 November 2019 15:27 Read more...
  • Wells Fargo Writes $178.8Mln Freddie Loan Against Manhattan Apartment Property

    Wells Fargo Bank has originated $178.8 million of Freddie Mac financing against the 356-unit Chelsea Centro apartment property in Manhattan. The loan allowed the property's owner, TF Cornerstone of New York, to retire $120.8 million of Freddie debt that was securitized through FREMF, 2010-K7.

    Written on Thursday, 07 November 2019 12:06 Read more...
  • Safehold Launches Program to Buy, Fix Archaic Ground Leases

    Safehold Inc. has developed a program through which it buys fee interests in properties that might have archaic lease terms and restructures them to make them more palatable to the property owners as well as prospective lenders. A potential hotbed of opportunity is in Manhattan, where a number of ground leases are structured with onerous rent resets.

     

    Written on Wednesday, 06 November 2019 16:52 Read more...
  • CBL Eyes Refinancing $150.6Mln of CMBS Loans on 3 Malls

    CBL & Associates Properties Inc. has started an effort to refinance $150.6 million of mortgage debt against three of its shopping centers. The three loans, securitized through GS Mortgage Securities Corp. II, 2010-C1, don't come due until next July and August. The REIT has been in talks with Goldman Sachs, which had provided the existing loans, and has spoken with other potential lenders.

    Written on Tuesday, 05 November 2019 16:41 Read more...
  • Swiss Pension Fund Adviser Lines Up $102.2Mln of Financing for 2 Manhattan Office Acquisitions

    AFIAA Foundation for International Real Estate Investments has secured $102.2 million of financing to help fund its acquisition of two office buildings with 251,174 square feet in Manhattan. ING Capital lent $50 million against 158 West 27th St., while Allianz Life Insurance Co. provided a $52.2 million loan against 45 West 45th St.

    Written on Monday, 04 November 2019 14:58 Read more...
  • CMBS Loan Defeasance Volume Already Tops All of Last Year

    The volume of CMBS loans that have been defeased, or replaced by government securities, already has exceeded all of last year's volume. Through September, 694 loans with a balance of $10.89 billion have been defeased. That compares with the $10.88 billion volume for all of last year. Volumes will keep climbing, thanks to continued low interest rates.

    Written on Friday, 01 November 2019 16:10 Read more...

Data Digest

 

CMBS DELINQUENCY VOLUME

dqdataFP1

 

CMBS SPECIAL SERVICING VOLUME

sschartfp

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

 

cppichart FP

 

 

CMBS 2.0 Spreads

AAAspreads

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

 

 

Receive daily updates on major news, trends and events occurring in the CRE market nationwide.


 

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
warehouse-backstage