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

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  • CBRE Writes $72.5Mln Fannie Loan Against Boston Apartment Property

    CBRE has originated $72.5 million of Fannie Mae financing against Hub25, a 278-unit apartment property in Boston. The loan allowed the owner, Qianlong Property Development, to retire securitized debt against the complex.

    Written on Monday, 06 July 2020 15:08 Read more...
  • KKR Keeps Perch Atop Ranking of CMBS B-Piece Buyers, Retainers of Risk

    KKR Real Estate Credit Opportunity Partners retained its spot at the top of a ranking of CMBS B-piece buyers for the first half of the year, with a nearly 23 percent share of the market. It also is the top ranked retainer of risk in CMBS deals, having kept bonds with a face value of $294.55 million.

    Written on Thursday, 02 July 2020 17:25 Read more...
  • 2Q Sees $9Bln of CMBS Issuance; Weakest Quarter in Eight Years

    The second quarter saw only $9 billion of domestic, private-label CMBS issuance, the lowest quarterly total since the first three months of 2012, when the sector was just pulling itself out of the post-Global Financial Crisis funk. JPMorgan Securities jumped to the top of a ranking of bookrunners, with a hefty 21.3 percent share of the market.

    Written on Wednesday, 01 July 2020 17:17 Read more...
  • Volume of CMBS Delinquencies Increases 44 Percent in June to $54.29Bln

    The volume of CMBS loans that were classified as being more than 30-days late last month jumped by more than 44 percent to $54.29 billion, according to Trepp LLC. That's equivalent to 10.32 percent of the entire $525.97 billion universe. But the increase pales in comparison with the nearly 225 percent spike in delinquency volume in May. It also falls short of the record delinquency rate of 10.34 percent posted in July 2012.

    Written on Wednesday, 01 July 2020 12:11 Read more...
  • MIT Study Sees Lack of Liquidity Driving Huge Drops in Property Pricing

    Property prices could drop by at least 10.2 percent as a result of the pullback in investor demand stemming from the coronavirus pandemic, according to a study by the Massachusetts Institute of Technology's Center for Real Estate. Retail properties will be hardest hit. The study determined pricing based on its historical relationship with liquidity.

    Written on Tuesday, 30 June 2020 15:25 Read more...
  • Watermark Lodging Warns of Remaining 'Going Concern'

    Watermark Lodging Trust Inc. has warned that it has "substantial doubt" about its ability to "continue as a going concern." The Chicago REIT, which owns 32 hotels with 4,420 rooms, has been hit hard by the coronavirus pandemic. If it's unable to negotiate payment deferral agreements on some of its $2 billion of mortgage debt, it said it might be forced to sell or give up on certain properties.

    Written on Monday, 29 June 2020 17:06 Read more...
  • Greystar Pays $52.5Mln for Suburban Boston Apartments

    Greystar Real Estate Partners has paid $52.5 million, or $320,122/unit, for the 164-unit Bell Marlborough apartment property in the Boston suburb of Marlborough, Mass. It bought the property from Bell Partners and financed the purchase with a $39 million Freddie Mac loan.

    Written on Friday, 26 June 2020 15:04 Read more...
  • Namdar Buys New Mexico Mall for $19.8Mln, Spells $37.8Mln Loss to CMBS Deal

    The Mesilla Valley Mall in Las Cruces, N.M., has been sold for $19.8 million to Namdar Realty Group, making it the first property in New Mexico for the Great Neck, N.Y., mall owner. The sale resulted in a $37.8 million loss to the CMBS deal that had held a $54 million loan against 372,483 square feet at the 607,086-sf shopping center.

    Written on Thursday, 25 June 2020 11:11 Read more...
  • Property Sales Volume Plunges in May to Lowest Level in Decade

    Only $9.8 billion of properties changed hands last month - the lowest volume for a May in a decade - according to Real Capital Analytics, as the coronavirus pandemic has driven a widening gap between what investors are willing to pay for properties and what sellers are inclined to take.

    Written on Wednesday, 24 June 2020 09:13 Read more...
  • Sculptor Capital Raises $2.6Bln for Latest Opportunity Fund

    Sculptor Capital Management, the former Och-Ziff Capital Management, has raised $2.6 billion of investor commitments for its latest opportunistic real estate investment fund. The vehicle, Sculptor Real Estate Fund IV LP, is a successor to Fund III, through which the investment manager had raised $1.5 billion in a capital raising effort launched in 2014.

    Written on Tuesday, 23 June 2020 10:16 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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