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

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  • Terrorism Insurance Backstop Extension May be Shorter than Expected

    Congressional differences on how to reauthorize the federal government's terrorism insurance backstop program is fueling speculation that any extension that's granted could be shorter than the seven years the private sector had been expecting. The law authorizing the program comes to an end at the end of the year.

    Written on Friday, 31 October 2014 13:45 Read more...
  • New York Life, Northwestern Lend $500Mln Against Boston's International Place

    New York Life Insurance Co. and Northwestern Mutual Life Insurance Co. have provided $500 million of financing against One and Two International Place, a 1.9 million-square-foot office property in Boston. The fixed-rate loan, which the two insurers equally funded, was arranged by HFF.

    Written on Thursday, 30 October 2014 16:49 Read more...
  • GGP Offers for Sale Greenwood Mall in Bowling Green, Ky.

    General Growth Properties Inc. is offering for sale the Greenwood Mall in Bowling Green, Ky. The REIT had offered it two years ago, but ended up refinancing it. It's tapped CBRE to handle the sale. The property could sell for about $120 million, or roughly $207/sf, resulting in a capitalization rate of about 8 percent, based on last year's net operating income.

    Written on Wednesday, 29 October 2014 16:51 Read more...
  • Former Blackstone Lending Exec, Peter Sotoloff, Joins Forces with Mack Real Estate

    Peter Sotoloff, the former head of U.S. originations at Blackstone Group, has joined Mack Real Estate Group as chief investment officer of its newly launched originations unit. The unit, Mack Real Estate Credit Strategies, will focus its investments on mezzanine and senior loans and preferred equity on properties in transition and in need of flexible capital. The buzz is it's looking to raise $750 million for a fund that would capitalize its investments.

    Written on Wednesday, 29 October 2014 11:56 Read more...
  • London Investment Manager Aims for $700Mln of U.S. Deals in Next 2 Years

    London investment manager 90 North Real Estate Partners has its eyes on an expansion in North America. The three-year-old company, whose name refers to 90 degrees north latitude, the northern-most point on the globe, has hired Daniel T. Cooper, a 25-year real estate veteran, to lead its efforts. It's aiming to make up to $700 million of investments in the coming two years, primarily in net-leased office and industrial properties, as well as student housing.

    Written on Tuesday, 28 October 2014 15:51 Read more...
  • Pebblebrook Buying Boston's Revere Hotel for $261Mln

    Pebblebrook Hotel Trust has struck a deal to pay $261 million for the 358-room Revere Hotel in Boston's Theater District. The REIT is buying the hotel, a former Radisson, along with an adjacent lot from Northwood Investors, which had purchased it in 2010 and invested $27 million in a massive renovation and repositioning.

    Written on Tuesday, 28 October 2014 15:16 Read more...
  • Pair of Fully-Leased Office Buildings in Burbank, Calif., Offered for Sale

    A venture led by Worthe Real Estate Group is in the market to sell two Burbank, Calif., office properties with 95,852 square feet. The Santa Monica, Calif., developer has tapped Madison Partners to market the properties, 3300 Riverside Drive, with 55,500 sf, and 4444 West Lakeside Drive, with 37,802 sf.

    Written on Monday, 27 October 2014 16:35 Read more...
  • Allianz Lends $125Mln Against Station Place II in Washington, D.C.

    Allianz Real Estate of America has provided a $125 million loan against Station Place II, a 362,069-square-foot office building at 600 2nd St. NE in Washington, D.C. The loan was used to defease a $94.5 million CMBS loan that was securitized in 2006 and had carried a 6.9 percent coupon.

    Written on Friday, 24 October 2014 16:47 Read more...
  • Torchlight Seeks $1Bln for Debt Fund

    Torchlight Investors, an investment manager that operates a CMBS special servicing unit, is looking to raise $1 billion of equity commitments for a fund that would invest in commercial real estate acquire debt and CMBS. Its last fund raised $956 million of commitments last year and is still in its investing stage.

    Written on Friday, 24 October 2014 13:55 Read more...
  • Deutsche Lends $98.2Mln Against Boston's 399 Boylston

    Deutsche Bank has provided $98.2 million of financing against 399 Boylston St., a 229,400-square-foot office building in Boston's Back Bay that was purchased last month by the Blackstone Group for $117 million, or roughly $510/sf. The building will face a substantial vacancy in 2017, but that could spell an opportunity for the investment manager.

    Written on Thursday, 23 October 2014 15:52 Read more...

Data Digest

 

CMBS DELINQUENCY VOLUME

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CMBS SPECIAL SERVICING VOLUME

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Top Bookrunners
Private-Label CMBS - 9Mos2014
Inv Bank #Deals Bal $mln MktShr%
Deutsche Bank 26.0 19,675.34 29.5
JPMorgan 12.1 8,678.41 13.0
Wells Fargo 15.1 8,504.57 12.8
Goldman Sachs 7.0 5,740.15 8.6
Citigroup 9.3 5,337.91 8.0

 

 

MOODY'S/RCA CPPI

 

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Top Loan Contributors
Private-Label CMBS 9Mos2014
Lender Vol $mln MktShr%
Deutsche Bank 11,647.54 17.75
JPMorgan 7,496.78 11.42
Wells Fargo 4,540.31 6.92
CCRE 4,474.33 6.82
Morgan Stanley 4,312.62 6.57

 

 

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REITCafe

  • Ebola Fears Contribute to Lagging Lodging REIT Sector Performance
    Travel related stocks, including lodging REITs, have been particularly affected by the Ebola outbreak. With several confirmed Ebola cases in the U.S., investors are concerned that a fearful public will avoid travel. It is too soon for Ebola to...
     
  • Will Apartment REITs Continue to Outperform?
    A long-anticipated increase in apartment vacancies began in the third quarter, heightening concern about the outlook for apartment REITs. Apartments stand out as the best performing REIT sector during 2014 with a total return of 23.65 percent year-to-date through October 8th. Apartment REITs have significantly outperformed...

  • REITs Pull Back in September
    After experiencing strong growth in August, the FTSE NAREIT All REIT Index declined 5.63 percent during September. Monthly REIT performance was well below the DJIA (-0.32 percent), S&P 500 (-1.40 percent), and NASDAQ (-1.90 percent). During September, markets were affected by the Scottish referendum on whether to exit the UK and...

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