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  • Moody's Says Conduit-Loan Leverage Hits Levels Reached During Peak

    Conduit loans that were securitized during the first quarter had leverage levels, as determined by Moody's Investors Service, that were similar to the levels reached during the market's peak. It added that, based on deals it's reviewed in the current quarter, leverage levels could very well top those reached during the peak.

    Written on Friday, 24 April 2015 08:36 Read more...
  • The Plaza Office Building in Philadelphia Being Shopped Again

    The Plaza, a 484,643-square-foot office building at 401 Market St. in downtown Philadelphia, is once again being offered for sale. Investor bids were turned in last week for the 11-story building, which could sell for as much as $85 million, or roughly $168/sf. That would result in capitalization rate of 5.8 percent.

    Written on Thursday, 23 April 2015 13:40 Read more...
  • Shopoff Gearing Up for $1.5Bln of Investments

    Shopoff Realty Investments is preparing to launch an investment fund that would be used to fund stakes in what it estimates will be $1.5 billion of property acquisitions. The Irvine, Calif., company's fund would be a follow-up to an earlier vehicle that it established to accommodate its ongoing shift to include buying properties and upgrading them.

    Written on Wednesday, 22 April 2015 16:23 Read more...
  • Ohio Pension Seeks $650Mln Loan for Manhattan's 590 Madison

    The State Teachers Retirement System of Ohio has tapped Cushman & Wakefield's equity, debt and structured finance group to help line up what could be up to $650 million of fresh financing against 590 Madison Ave., a 1 million-square-foot office building at East 57th St. in midtown Manhattan. The financing would be used by the pension system to retire a $350 million CMBS loan that doesn't come due for another two years.

    Written on Tuesday, 21 April 2015 15:16 Read more...
  • Philadelphia's Wanamaker Building Listed for Sale

    A venture of Amerimar Enterprises and Tier REIT Inc. has hired JLL to market for sale Philadelphia's Wanamaker Building, which has 965,577 square feet of office space and 424,601 sf of retail space. The 12-story building, at  100 Penn Square East, across from City Hall, should sell for about $200 million, or nearly $145/sf.

    Written on Tuesday, 21 April 2015 11:44 Read more...
  • AEW Venture Offers for Sale Suburban D.C. Retail Property

    A venture led by AEW Capital Management is offering for sale the Towne Centre at Laurel, a 387,041-square-foot retail property in the Washington, D.C., suburb of Laurel, Md. The property should sell for more than $118 million, given its relative youth and solid occupancy.

    Written on Monday, 20 April 2015 16:53 Read more...
  • KeyBank Writes $215Mln Freddie Loan Against Boston's Harbor Point Apartments

    The loan matures in 2035 and was used to defease a $156.7 million loan that was securitized through GS Mortgage Securities Corp. II, 2007-GG10. The CMBS loan pays a 6.544 percent coupon and is locked out from prepayment until April 2017. It doesn't mature until July 2017.

    Written on Friday, 17 April 2015 14:16 Read more...
  • Broe Real Estate Eyes TIC Market for Opportunities

    Broe Real Estate Group, a Denver investment manager, has earmarked $100 million of capital to recapitalize properties owned by tenant-in-common investment groups. The company expects that opportunities to recapitalize TIC-owned properties will blossom over the next few years. So it's put together what it calls its Equity Solutions program.

    Written on Friday, 17 April 2015 13:35 Read more...
  • Bridge Lender Combines Traditional and Crowdfunded Capital

    Money 360, an online marketplace through which property owners can access loans funded by accredited investors, is aiming to facilitate some $150 million of bridge loans this year. It allows borrowers to access investors directly through its Web site. It also has lined up a $100 million commitment from a lender that would fund loans on its site.

    Written on Thursday, 16 April 2015 10:41 Read more...
  • Suburban Washington, D.C., Apartment Property Offered for Sale

    LaSalle Investment Management is offering for sale Jefferson at Orchard Pond, a 748-unit apartment property in the Washington, D.C., suburb of Gaithersburg, Md. The Chicago investment manager has hired CBRE to market the property, which could sell for about $105 million, or $140,374/unit.

    Written on Wednesday, 15 April 2015 09:35 Read more...

Data Digest

 

CMBS DELINQUENCY VOLUME

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CMBS SPECIAL SERVICING VOLUME

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Top Bookrunners
Private-Label CMBS - FY2014
Inv Bank #Deals Bal $mln MktShr%
Deutsche Bank 27.1  23,479.37 26.3
JPMorgan 18.6  13,752.01 15.4
Wells Fargo 17.2  13,085.05 14.6
Goldman Sachs 9.0  7,896.25 8.8
Citigroup 9.1  7,526.97 8.4

 

 

MOODY'S/RCA CPPI

 

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Top Loan Contributors
Private-Label CMBS FY2014
Lender Vol $mln MktShr%
Deutsche Bank 14,005.13 16.0
JPMorgan 11,440.63 13.0
Wells Fargo 5,849.16 6.7
CCRE 5,750.69 6.6
Citigroup 5,604.13 6.4

 

 

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REITCafe

  • West Coast Port Slowdown and Industrial REITs
    After nine months of labor negotiations and worsening cargo congestion at West Coast Ports, U.S. Labor Secretary Thomas Perez stepped in this week to help broker a deal between the union and shippers. The work slowdown is affecting the nation’s supply chain. Honda has reported a production slowdown because of parts....
     
  • New REITs Increase Investor Choices in 2015
    Three REIT IPOs in as many weeks could indicate a strong year ahead for new REIT formation. Robust REIT returns during 2014 created momentum for IPO activity. In addition, the market’s favorable reception of the widely-watched Paramount REIT (PGRE) and STORE Capital (STOR) IPOs in late 2014 has encouraged companies to....

  • REITs Start 2015 Strong
    One month in to 2015, REITs continue to outperform the broader markets. During January, the FTSE NAREIT All REIT Index total return measured 5.59 percent, compared to -3.00 percent for the S&P 500, -3.69 percent for the DJIA, and -2.13 percent for the NASDAQ. REITs are attractive to investors for a...
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