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

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  • Boston Investment Manager's Latest Fund Targets Office, Industrial Properties

    Albany Road Real Estate Partners is pursuing office and industrial properties through a fund it raised earlier this year. The Boston investment manager secured $175 million of equity commitments for the vehicle, Albany Road Real Estate Fund II, which is targeting properties in the Southeast and Northeast, as well as Texas.

    Written on Friday, 16 November 2018 13:08 Read more...
  • Piedmont to Sell Last West Coast Property for $160Mln

    Piedmont Office Realty Trust Inc., an Atlanta REIT that has been selling properties in non-core markets since 2010, is under contract to sell its last West Coast asset. The property, at 800 North Brand Blvd. in the Los Angeles suburb of Glendale, Calif., is being sold for $160 million, or $303/sf.

    Written on Thursday, 15 November 2018 09:13 Read more...
  • JCR Capital's Latest Fund Closes Capital-Raising; More Than Doubling Expectations

    JCR Capital has raised $306 million of equity commitments for its JCR Capital Income Plus Fund IV LP, well exceeding its original $130 million target. The fund will not use leverage to goose its potential returns. It will make preferred-equity and joint-venture investments in value-add properties.

    Written on Wednesday, 14 November 2018 13:39 Read more...
  • Senior KBS Execs Leave to Form Retail Investment Manager

    Keith Hall and Peter McMillan, who 12 years ago had co-founded KBS Capital Advisors, have left to form their own retail investment management operation, Pacific Oak Cos. The company will develop and market a number of investment products, including non-traded REITs, that it will distribute via the broker-dealer network.

    Written on Tuesday, 13 November 2018 16:32 Read more...
  • Increasing Labor Costs Squeezing Multifamily Development Pipeline

    A tightening labor market has forced developers of apartment properties across the country to push back or slow down the delivery of new supply. Construction companies are facing a shortage of skilled laborers, resulting in higher costs, which are contributing to a slow down in the construction of new units.

    Written on Friday, 09 November 2018 16:21 Read more...
  • Colony Capital Aims to Sell Another $1Bln of Assets as Part of Re-Focusing Effort

    Colony Capital Inc., in the midst of a repositioning away from directly owning assets to a fee-centric business model, is planning to sell up to another $1 billion of assets through next year and use proceeds to originate third-party investment products. That would be on top of the $1.1 billion of non-strategic assets the Los Angeles investment manager has sold so far this year.

    Written on Thursday, 08 November 2018 14:09 Read more...
  • CBL Puts Honey Creek Mall in Indiana on Sales Market

    CBL & Associates Properties Inc. has put its Honey Creek Mall in Terre Haute, Ind., up for sale in order to resolve the property's $24.4 million mortgage. The offering is being driven by the property's lender, which has hired NKF Capital Markets to solicit investors. The loan against the property is cross-collateralized with a mall CBL owns in Daytona Beach, Fla.

    Written on Wednesday, 07 November 2018 15:41 Read more...
  • Torchlight Pays More Than $140Mln for 2 Large Apartments Near Grand Rapids, Mich.

    Torchlight Investors is said to have paid more than $140 million, or $81,871/unit, for the Woodlake and Ramblewood Apartments, with a total of 1,710 units just outside of downtown Grand Rapids, Mich. The transaction, brokered by HFF, is believed to be among the largest property deals in Michigan.

    Written on Tuesday, 06 November 2018 15:13 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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