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  • SL Green Tops $600Mln of Property Sales; Exceeding Year's Target

    The property investment-sales market, at least in Manhattan, has turned around handsomely. That's allowed SL Green Realty Corp. to already sell more than $600 million of properties this year, the volume it previously had targeted for the entire year. It said investor interest is strong, while pricing has remained stable.

    Written on Friday, 20 April 2018 16:25 Read more...
  • Manhattan Rents Slipped Last Year, But CMBS Collateral Outperformed

    Median rents for apartment, retail, office and hotel properties in Manhattan declined or remained about the same last year, when compared with 2016. But, according to Kroll Bond Rating Agency, that didn't have much of an impact on CMBS loans.

    Written on Friday, 20 April 2018 08:19 Read more...
  • Killeen Mall in Texas Offered for Sale

    The Killeen Mall near Fort Hood in central Texas is being offered for sale by special servicer C-III Asset Management. The property had been encumbered by an $82 million CMBS loan and was appraised last year at a value of $60.8 million. It's being offered through NKF Capital Markets, which has sold a number of similar class-B malls throughout the country.

    Written on Wednesday, 18 April 2018 13:00 Read more...
  • Cantor Launches Non-Traded REIT Targeting Debt Investments

    Cantor Fitzgerald, which put its toe in the non-traded REIT world two years ago with a vehicle that pursues net-leased real estate, is raising a second REIT. This one will invest in mortgages and other debt instruments.

    Written on Tuesday, 17 April 2018 16:03 Read more...
  • Brookfield Completes $305Mln Purchase of Chicago's 175 West Jackson

    Brookfield Asset Management, which had been in talks to buy the 1.5 million-square-foot office property from Extell Development, completed its $305 million, or nearly $210/sf, purchase of the 22-story building. As part of its acquisition, the Toronto asset manager is assuming a modified CMBS loan that originally had a balance of $280 million.

    Written on Monday, 16 April 2018 16:35 Read more...
  • Real Estate Fund Managers Complete $32.6Bln of Capital Raising in 1Q

    Real estate fund managers, which saw a decline in the amount of capital they raised last year, turned their afterburners on during the first quarter, when they completed capital raising for 47 closed-end funds after having raised $32.6 billion of investor commitments, according to Preqin. The quarter was skewed by two outsized opportunistic vehicles sponsored by Starwood Capital Group and Blackstone Group.

    Written on Friday, 13 April 2018 16:16 Read more...
  • KKR Tops Among CMBS Risk Retainers in 1Q

    KKR & Co. was, by far, the most dominant player in the CMBS risk-retention business during the first quarter. The investment manager acquired bonds with a face value of $265.81 million, comprising the horizontal risk-retention classes of three conduit deals totaling $2.9 billion. No other risk retainer even came close to its volume during the period.

    Written on Thursday, 12 April 2018 14:40 Read more...
  • Monthly Apartment Rents Increase in Most U.S. Markets

    Monthly apartment rents increased over the past year in all but 16 of the 250 markets tracked by Yardi Matrix. The national monthly average increased by 2.5 percent from a year ago, to $1,371/unit. The Santa Barbara, Calif., company expects rents to continue to climb as the supply of units remains out of sync with demand and homeownership out of reach for many.

    Written on Wednesday, 11 April 2018 15:34 Read more...
  • Chinese Investors Remain Committed to U.S. Real Estate

    Chinese investments in U.S. real estate declined 55 percent last year to $7.3 billion, largely because of the Chinese government's restrictions on overseas acquisitions. That's according to Cushman & Wakefield, which expects Chinese investment volume to remain roughly flat this year. Expect fewer massive deals and more transactions in major secondary markets.

    Written on Tuesday, 10 April 2018 09:22 Read more...
  • Non-Traded REITs Increase 4Q Equity Raising; 2017 Volume Lowest in 14 Years

    Non-traded REITs raised $879 million of equity capital during the fourth quarter, up 11.3 percent from the third quarter, bringing their capital-raising activity to $3.9 billion for the year, according to Summit Investment Research. The total is the lowest annual volume raised in 14 years.

    Written on Monday, 09 April 2018 13:25 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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