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

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  • 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...
  • Regulators Approve Final Rules on Risk-Retention

    Federal regulators this week approved final rules regarding the retention of risk in asset-backed securities, including CMBS. The rules do not differ much from the proposed regulations that the SEC and other agencies had proposed a year ago and are expected to increase the costs to borrow via the CMBS market.

    Written on Thursday, 23 October 2014 08:45 Read more...
  • Atlanta Apartment Portfolio Offered for Sale

    Worthing Cos. is offering for sale a portfolio of three adjacent apartment properties with 691 units in the central perimeter submarket of Atlanta. CBRE is marketing the portfolio, which could sell for around $150 million, or $217,077/unit, which would result in a capitalization rate of about 5 percent.

    Written on Wednesday, 22 October 2014 16:30 Read more...
  • L.A.-Area Office Building Facing Loss of Only Tenant Fetches $159Mln

    LBA Realty has agreed to pay Transpacific Development Corp. $159 million, or about $469/sf, for Sony Pictures Plaza, a 338,695-square-foot office building in Culver City, Calif., that's expected to lose its sole tenant, Sony Pictures Entertainment, in three years.

    Written on Tuesday, 21 October 2014 15:33 Read more...
  • Apartment Complex in The Bronx, N.Y., Hits Sales Market

    Clinton Towers, a three-building apartment property in the East Tremont section of the Bronx, N.Y., has been put up for sale through Marcus & Millichap. The property, which is no longer part of the Mitchell-Lama program, could sell for nearly $70 million, translating to a capitalization rate of 4 percent.

    Written on Tuesday, 21 October 2014 15:06 Read more...
  • LNR Accused of Obstructing Borrower's Access to Loan Reserves

    The owner of a mixed-use property in Gahanna, Ohio, has sued special servicer LNR Partners, alleging it obstructed its access to a reserve fund. As a result of what the property's owner said was LNR's refusal to give it access to the funds, it defaulted on the loan, which was securitized only six months ago.

    Written on Monday, 20 October 2014 10:02 Read more...
  • Baltimore-Area Apartment Property Offered for Sale

    A venture of Federal Capital Partners and Angelo, Gordon & Co. is offering for sale the Fairways at Towson, an 828-unit apartment property in the Baltimore suburb of Towson, Md. The property, at 6906 Donachie Road, could sell for about $103.5 million, or $125,000/unit. It's being offered through CBRE.

    Written on Friday, 17 October 2014 15:48 Read more...
  • Ares Offers for Sale Atlanta's Embassy Row Office Complex

    Ares Management is offering for sale Embassy Row, a 666,274-square-foot office property in Atlanta's central perimeter submarket. CBRE is marketing the complex, which could sell for about $100 million, or $150/sf.

    Written on Thursday, 16 October 2014 16:32 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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