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  • Mesa West Lends $192Mln Against Boston Office, Retail Property

    Mesa West Core Lending Fund has provided $192 million of financing against the Congress Square office and retail property in downtown Boston that's in the process of being redeveloped into a mixed-use complex. The property is the former headquarters of Fidelity Investments.

    Written on Friday, 02 December 2016 16:17 Read more...
  • Inland Teams with Sound Point on Debt Venture

    Inland Real Estate Investment Corp., an old-line sponsor of non-traded REITs, has launched an effort to pursue opportunities in the debt market in a venture with Sound Point Capital. The venture reunites Don MacKinnon, portfolio manager of real estate for Sound Point, with Mitchell Sabshon, president and chief executive of Inland.

    Written on Thursday, 01 December 2016 16:11 Read more...
  • CMBS Issuance Expected to End Year at $67.2Bln; 2017 Issuance Could Be Lower

    The year is likely to end with $67.2 billion of CMBS having been issued, based on deals that currently are being prepared for market. That would be 29.3 percent behind last year's $95.1 billion of issuance and would mark the first time since 2009 that annual issuance had declined from the year before. Expectations for next year are for issuance to possibly decline slightly or remain flat.

    Written on Thursday, 01 December 2016 15:01 Read more...
  • Crowdfunding Platform Raises Capital to Originate Bridge Loans

    Crowdfunding platform RealtyShares is looking to carve out a bigger slice of the commercial real estate lending business. It's lined up institutional capital that it will use to write bridge loans of up to $10 million each against office, retail, industrial and apartment properties as part of an effort to provide property owners a one-stop shop for capital.

    Written on Wednesday, 30 November 2016 17:47 Read more...
  • Carlyle, King Pay $167Mln for Lexington, Mass., Office/Lab Property

    A venture of the Carlyle Group and King Street Properties has paid $167 million, or about $416/sf, for a 401,080-square-foot office and laboratory complex on Hayden Avenue in the Boston suburb of Lexington, Mass.

    Written on Tuesday, 29 November 2016 16:43 Read more...
  • Manhattan Hotel Backing CMBS Loan Used to House Homeless

    The MAve Hotel in Manhattan isn't operating as a conventional hotel anymore, which could put its CMBS loan, securitized just three years ago, at risk of default. The loan, with an original balance of $22 million, is securitized through COMM, 2013-CCRE12. It hasn't defaulted yet and maintains a still healthy balance in a number of reserve accounts.

    Written on Tuesday, 29 November 2016 16:29 Read more...
  • Rialto Raises $1.3Bln for Latest Series of Investment Funds

    Rialto Capital Management has raised $1.3 billion for its latest series of investment vehicles, equaling the amount it had raised for a predecessor fund and putting it well on its way to reaching its $1.75 billion target. The $1.1 billion it's raised for the fund's debt component is more than the $1 billion it had targeted.

    Written on Monday, 28 November 2016 16:37 Read more...
  • RBC Lends $250Mln Against Denver Office Property

    Royal Bank of Canada has provided $250 million of mortgage financing against 1801 California St., a 1.3 million-square-foot office property in downtown Denver. The loan replaces $206.5 million of debt that RBC had provided in 2012 and was coming due. The property's owner, a venture led by Brookfield Property Partners, had been trying to sell at least a stake in it.

    Written on Wednesday, 23 November 2016 10:53 Read more...
  • Developer of Mixed-Use Property in Los Angeles Seeks Funding

    Spectrum Group, the Irvine, Calif., developer that's planning a large mixed-use property near the Los Angeles Coliseum, is looking for a capital partner for the project. It's tapped Bergstrom Capital Advisors to help it line up $75 million of joint-venture equity. When vertical construction begins, it'll be on the hunt for perhaps $300 million of financing.

    Written on Tuesday, 22 November 2016 13:43 Read more...
  • Capital-Raising by Non-Traded REITs in 3Q Slowest in 7 Years

    Non-traded REITs raised $1 billion of equity during the third quarter, according to Summit Investment Research. That's the weakest quarter since 2009 for the sector, which has been reeling since last year, when AR Global, until then the leading sponsor of non-traded REITs, quit the business.

    Written on Monday, 21 November 2016 12:44 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 - 2015
Investment Bank #Deals Vol$mln MktShr%
Deutsche Bank 18.23 17,210.79 18.25
Wells Fargo Securities 17.77 14,715.47 15.61
JPMorgan Securities 14.43 11,589.38 12.29
Morgan Stanley 14.47 9,715.97 10.30
Credit Suisse 10.75 8,593.95 9.11

 

MOODY'S/RCA CPPI

 

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CMBS 2.0 Spreads

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Top CMBS Loan Contributors - 2015
Lender #Loans Vol$mln MktShr%
JPMorgan Chase Bank 161.6 10,858.98 11.55
Deutsche Bank 218.0 8,867.97 9.43
Morgan Stanley 241.5 8,264.67 8.79
Bank of America 242.8 6,533.69 6.95
Citigroup 217.4 6,274.94 6.67

 

 

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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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