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

Top News

  • CTL Lends $160Mln Against Manhattan Office Leased to DEA

    CTL Capital has provided a $160 million loan against the 269,961-square-foot office component of 109 10th Ave. in Manhattan's Chelsea neighborhood. The property is leased through 2031 to the U.S. Drug Enforcement Administration, which pays $22.8 million annually in rent.

    Written on Tuesday, 02 September 2014 Log In or Subscribe to read more...
  • Select Income REIT to Buy Cole Corporate Income in $3Bln Deal

    Select Income REIT has reached an agreement to acquire Cole Corporate Income Trust Inc. in a deal that values the non-traded REIT at $3 billion. It will pay $10.50 for every Cole Corporate share outstanding and assume some $925 million of debt. The acquisition will increase the size of Select Income's portfolio by 45 percent.

    Written on Tuesday, 02 September 2014 Log In or Subscribe to read more...
  • CIBC Lends $108Mln Against Washington, D.C., Office

    CIBC has provided $108 million of floating-rate financing against 1333 H St. NW, a 269,151-square-foot office property in the East End submarket of Washington, D.C., that recently was acquired by a venture of MRP Realty and Rockpoint Group for $127.2 million. The property previously was owned by Miller Global Properties.

    Written on Friday, 29 August 2014 Read more...
  • TIC Gets Recast, Lines up CMBS Loan for Tampa, Fla., Office

    A tenant-in-common group, facing the pending maturity of a $42.2 million mortgage against NetPark, a 929,023-square-foot office property in Tampa, Fla., managed to line up a $47.4 million loan from UBS, which securitized it in a recent transaction. The mortgage is among the first against a property owned by a TIC group to be securitized since the capital-markets collapse in 2008.

    Written on Thursday, 28 August 2014 Read more...
  • AEW Offers Atlanta Office Property for Sale

    The Boston investment manager is offering for sale 1155 Perimeter Center West, a 376,694-square-foot office property in Atlanta's central perimeter submarket. The 12-story building could sell for $83 million, or about $220/sf.

    Written on Wednesday, 27 August 2014 Log In or Subscribe to read more...
  • TIAA-CREF Lends $172.1Mln Against Boston Office Building

    TIAA-CREF has provided $172.1 million of mortgage financing against One Marina Park Drive, a 525,000-square-foot office building in Boston that was developed in 2010 by a venture of Fallon Co. and MassMutual Financial Group. The TIAA loan retires construction financing that was originated by Anglo Irish Bank in 2008.

    Written on Tuesday, 26 August 2014 Log In or Subscribe to read more...
  • Philadelphia Office Building to Hit Sales Market in Coming Weeks

    A venture led by Winthrop Realty Trust has hired JLL to market for sale a 502,000-square-foot office building at 1515 Market St. in downtown Philadelphia. In a regulatory filing, the Boston company said the property was worth between $72 million and $77.4 million. The property is on track to generate $5.4 million of net operating income this year.

    Written on Monday, 25 August 2014 Read more...
  • AMLI to Sell Suburban Atlanta Apartment Property for $95Mln

    AMLI Residential has struck a deal to sell the 696-unit AMLI at McGinnis Ferry apartment property in the Atlanta suburb of Suwanee, Ga., for roughly $95 million, or $136,494/unit. The property, at 4021 McGinnis Ferry Road, is being offered through JLL. The identity of the proposed buyer couldn't immediately be learned.

    Written on Friday, 22 August 2014 Log In or Subscribe to read more...
  • Investment Manager Taps Crowdfunding Market to Raise Equity for Fund

    American Colonial Capital is looking to raise $50 million of equity, with roughly a quarter of that coming through the crowdfunding market, for a fund that will invest primarily in select-service hotels. The Palm Desert, Calif., investment manager so far has raised $10 million, but none of that has come through crowdfunding.

    Written on Friday, 22 August 2014 Log In or Subscribe to read more...
  • Terra Capital Raises $120Mln for Debt Fund

    Terra Capital Partners has raised $120 million of a targeted $160 million for its latest fund, which will provide mezzanine financing and B-notes against commercial properties as well as make preferred-equity investments. The vehicle, Terra Secured Income Fund 5, succeeds a $100 million fund that was launched in 2011. It's been totally invested.

    Written on Thursday, 21 August 2014 Log In or Subscribe to read more...

Data Digest

 

CMBS Deliquency Volume

dqdataFP1

 

CMBS Special Servicing Volume

sschartfp

Top Bookrunners
Private-Label CMBS

1H2014

Investment Bank

#Deal

Bal $mln

Mkt
Shr%

Deutsche Bank

16.0

12,761.50

32.44

JPMorgan

6.10

4,856.29

12.35

Wells Fargo

8.11

4,790.00

12.18

Citigroup

4.33

3,750.65

9.54

Goldman Sachs

4.00

3,722.62

9.46

 

Moody’s/RCA CPPI

cppichartAFP

 

CMBS Pricing Matrix (Legacy AAA Spreads)

AAAspreadsFPa

 

Top Loan Contributors
Domestic, Private-Label CMBS - 1H2014

Lender

Vol $mln

Mkt
Shr%

Deutsche Bank

8,118.01

20.87

JPMorgan

4,486.83

11.53

CCRE

3,064.41

7.88

Citigroup

2,779.70

7.15

Goldman Sachs

2,604.85

6.70

 

 

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REITCafe

  • July REIT Performance Flat, but Outpaces Larger Stock Market
    The FTSE NAREIT All REIT Index’s July return of -0.19 percent was relatively healthy compared to the overall stock market, which ended its months-long push upward during July. REITs continued to outperform the DJIA (-1.56 percent), S&P 500 (-1.38 percent), and the NASDAQ (-0.87 percent). Infrastructure REITs were the best performing...
     
  • Office REITs Beating 2Q Earnings Estimates
    Office REITs have begun announcing second quarter earnings, and many are beating analyst estimates. Boston Properties Inc.(BXP), the largest office REIT, reported second-quarter funds from operation, or FFO, of $1.35/share this week, slightly exceeding guidance and analyst estimates. SL Green Realty Corp. (SLG) also beat analyst’s estimates with strong results that included...

  • Non-traded REITs Contribute to Listed REIT Expansion
    Non-traded REITs, especially those focused on healthcare, lodging, and retail, have been very popular in recent years and have become a notable source of expansion for the listed REIT market. Collectively, they raised $8.8 billion during the first half of 2014 and sales are in line to reach $20 billion by year end...

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