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

Top News

  • 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...
  • Atlanta Apartments, Retail Space Seen Selling for $121Mln

    A venture led by the Daniel Corp. has struck a deal to sell the 330-unit apartment building at 77 12th St. in midtown Atlanta for $121 million to John Joyce, a Massachusetts investor. Daniel, which developed the property with partners Northwestern Mutual Life Insurance Co. and Selig Enterprises Inc., is being represented by Engler Financial Group.

    Written on Wednesday, 20 August 2014 Read more...
  • Blackstone Pays $800Mln for Hotel Portfolio, Lines up $675Mln of Debt

    The New York investment manager has paid $800 million, or roughly $135,410/room, for a portfolio of 47 extended-stay hotels with 5,908 rooms scattered across 18 states in major metropolitan markets. It funded the purchase with $675 million of financing that was provided by JPMorgan Chase Bank and Deutsche Bank. The floating-rate debt likely will be securitized.

    Written on Tuesday, 19 August 2014 Log In or Subscribe to read more...
  • Developer Eyes $400Mln-Plus of Deals via Partnerships

    CapRock Partners is looking to make at least $400 million of investments on behalf of its two latest funds, which will have $28.5 million of equity. The Irvine, Calif., developer and investment manager leverages its cash by joint venturing with larger institutional investors that provide between 90 and 95 percent of the equity required for the deals. The firepower is boosted further by the debt financing the ventures take out on their properties.

    Written on Monday, 18 August 2014 Log In or Subscribe to read more...
  • Nomura Finds $500Mln of CMBS Conduit Loans Subject to Rep, Warranty Claims

    Nomura Securities has found 16 CMBS conduit loans with a combined balance of $500 million that are subject to claims that their representations and warranties were breached. Such claims could provide an eventual bonus to bondholders, but they often take time, sometimes years, to resolve.

    Written on Friday, 15 August 2014 Log In or Subscribe to read more...
  • Deutsche Bank Lends $170Mln Against Proposed Washington, D.C., Hotel

    Deutsche Bank has provided a $170 million construction loan against the 115-year-old Old Post Office Pavilion building in Washington, D.C., that a venture of the Trump Organization and Colony Capital is converting into an upscale 270-room hotel. The property will be known as Trump International Hotel.

    Written on Friday, 15 August 2014 Read more...

Data Digest

 

CMBS Deliquency Volume

dqdataFP1

 

CMBS Special Servicing Volume

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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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