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

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  • Property Sales Volume Plunges 11 Percent in 1Q as Caution Prevails

    Commercial property investment-sales volume totaled only $106.4 billion during the first quarter, an 11 percent drop from the $120 billion of volume posted during the same period a year earlier, according to Real Capital Analytics. The New York research company blamed investor uncertainty and caution for the sharp pullback.

    Written on Wednesday, 24 April 2019 12:43 Read more...
  • Meadow Partners Launches Latest Investment Fund; Targets $600Mln Raise

    Meadow Partners has formally launched its latest real estate investment fund, Meadow Real Estate Fund V LP, for which it has set a $600 million equity-raising target. The fund would be a follow-up to a $300 million vehicle that the investment manager raised nearly three years ago.

    Written on Tuesday, 23 April 2019 15:56 Read more...
  • Toronto Investment Manager Increasing U.S. Apartment Presence Through $1.4Bln Acquisition

    Tricon Capital Group, a Toronto investment manager that specializes in the single-family rental and multifamily sectors, is beefing up its multifamily presence through its pending acquisition of Starlight U.S. Multi-Family (No. 5) Core Fund in a deal valued at $1.4 billion. Starlight owns 23 apartment properties with 7,289 units in 13 markets, most in the Sunbelt region. It carries $916 million of debt, the bulk of which is made up of Freddie Mac mortgages, that will be assumed.

    Written on Monday, 22 April 2019 12:10 Read more...
  • Foreign Investors Accounted for $13.65Bln of U.S. Multifamily Deal Volume Last Year

    The volume amounted to only 8 percent of the $174.5 billion of apartment sales that took place last year. But that was nearly 50 percent more deal activity than foreigners had been involved in during the previous year. The biggest source of foreign capital: Canada, which accounted for 63 percent of the total.

    Written on Thursday, 18 April 2019 16:02 Read more...
  • Alpha Wave Spin-Off Aims for Small-Cap Apartments in 3 Markets

    Jordan Fisher and David Sloan, who four years ago had formed Alpha Wave Investors with Ken Cruse to pursue relatively small workforce-housing properties and hotels on the West Coast, have spun off the apartment business as Next Wave Investors. They've completed their first two deals, building their portfolio to nine properties with roughly 1,000 units.

    Written on Wednesday, 17 April 2019 16:50 Read more...
  • ArborCrowd to 'Take it Slow;' Aims for 4-5 Deals in 2019

    ArborCrowd, the crowdfunding operation of Arbor Commercial Mortgage, is aiming to complete four or five transactions this year. That would compare with the four it completed last year, and the eight it's completed since being founded in 2016. Its projected deal volume also is dwarfed by that of other crowdfunding platforms.

    Written on Tuesday, 16 April 2019 16:51 Read more...
  • True North Management Eyes $650Mln for Latest Investment Fund

    The opportunistic investor has raised $145 million of a targeted $650 million for True North Real Estate Fund IV LP. The vehicle, like its predecessors, targets middle-market properties that might be undercapitalized, overleveraged or in need of redevelopment. It has its roots in the distressed-debt business and continues to pursue high-yield debt.

    Written on Monday, 15 April 2019 16:29 Read more...
  • Tallest Building in Kentucky Up for Sale, Driven by Maturity of CMBS Loan

    The owner of the 759,650-square-foot 400 West Market St. office building in downtown Louisville, Ky. - the state's tallest building - has put the property up for sale through HFF. A sale would resolve a matured $103.1 million CMBS loan against the property, formerly known as the Aegon Center, that for a second time has transferred to special servicing.

    Written on Friday, 12 April 2019 13:08 Read more...
  • Fannie, Freddie Turn to Insurers to Take Additional Risk from Their Multifamily Loans

    Fannie Mae and Freddie Mac, which last year were compelled to transfer more of the risk they take on when originating multifamily mortgages, have developed ways to effectively do so. Freddie, which relies on the sale of B-pieces of its securitizations, has supplemented that through the purchase of insurance. Fannie, meanwhile, has now transferred the risk from $51 billion of loans through insurance purchases.

    Written on Thursday, 11 April 2019 16:17 Read more...
  • Real Estate Funds Raised $39Bln in 1Q; Brookfield Accounts for 38.5 Percent of Total

    Real estate investment managers raised $39 billion of equity commitments for 33 funds during the first quarter, according to Preqin. That was up more than 25 percent from the fourth quarter, when $31 billion was raised through 93 funds. The latest data were skewed by the $15 billion raised through Brookfield Strategic Real Estate Partners III fund, which had its final close in February.

    Written on Wednesday, 10 April 2019 15:51 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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