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

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  • S3 Capital Wrote $915Mln of Loans in 2019; Expects Similar Volume This Year

    S3 Capital Partners, which specializes in funding bridge and construction loans against properties in New York City and New Jersey, originated 85 loans totaling $915 million last year. It expects to fund a similar volume in 2020.

    Written on Friday, 24 January 2020 14:00 Read more...
  • 2 Carey Watermark Non-Traded REITs to Merge in Path to Liquidity

    W.P. Carey Inc. and Watermark Capital Partners are merging two non-traded REITs they sponsor. The move, which is subject to shareholder approval, would create a company, Watermark Lodging Trust, that would own 33 full-service hotels with 9,658 rooms in some of the country's biggest markets.

    Written on Thursday, 23 January 2020 17:14 Read more...
  • Sheraton Park Hotel in Anaheim, Calif., Sells for $52.5Mln

    The Sheraton Park Hotel in Anaheim, Calif., whose $65 million CMBS loan had soured in 2012, was sold at auction, generating $52.5 million of proceeds for Wachovia Bank Commercial Mortgage Trust, 2007-C34, which had held the loan. The CMBS trust has only three loans left in its collateral pool. All mature in 2024.

    Written on Wednesday, 22 January 2020 16:37 Read more...
  • Capital-Raising in Structured Tax-Deferred Exchange Market Nears Pre-Recession Levels

    Capital-raising in the structured tax-deferred exchange market last year hit $3.49 billion, the highest it's been since 2006, when it hit a record $3.65 billion, according to Mountain Dell Consulting LLC. Driving the volume is the continued increase in property pricing, which has allowed investors to reap gains from their holdings, which they've increasingly chosen to shelter from taxes.

    Written on Tuesday, 21 January 2020 16:42 Read more...
  • Dallas Investment Manager Launches First Investment Fund, Plans Follow-Up Vehicle

    The Prescott Group, a Dallas real estate investment manager, has raised $63.4 million of equity commitments for its first investment fund that is pursuing property acquisitions and debt investments throughout the United States. The vehicle, Prescott Strategies Fund I, already has made 12 investments, primarily in the office sector and most of which it has bought through foreclosure auctions or in distressed situations.

    Written on Wednesday, 15 January 2020 13:22 Read more...
  • Low Interest Rates Drive Surge in CMBS Defeasance Activity

    The volume of loans defeased, or replaced by government securities, through last November totaled $12.79 billion. That's up 46 percent from $9.7 billion in 2018.

    Written on Wednesday, 15 January 2020 08:43 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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