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  • New York State Apartment Developer, 3 Others Accused of Mortgage Fraud

    Robert Morgan, founder of Morgan Communities of Pittsford, N.Y., and three others face federal charges of wire fraud, bank fraud and money laundering. The four men are accused of conspiring to obtain fraudulent loans between 2007 and 2017 from, among others, Freddie Mac and Fannie Mae against 20 properties scattered in six states. If convicted, each could face up to 30 years in prison.

    Written on Thursday, 23 May 2019 15:59 Read more...
  • Rockwood Seeks $1.25Bln for Latest Value-Add Fund

    Rockwood Capital is looking to raise $1.25 billion of equity commitments for its latest value-add fund, Rockwood Capital Real Estate Partners Fund XI. It's a follow-up to a vehicle that raised $1.1 billion two years ago.

    Written on Wednesday, 22 May 2019 17:27 Read more...
  • Oklahoma City Investor Buys 4 D.C.-Area Office Buildings from 2 CMBS Trusts

    Radix Equity has acquired four office buildings with 463,691 square feet in the Washington, D.C., suburb of Fairfax, Va. The buildings serve as collateral for $180.3 million of securitized debt. The company is no stranger to dealing with CMBS trusts, having acquired four other office buildings last year from three separate deals.

    Written on Tuesday, 21 May 2019 16:17 Read more...
  • Starwood Property Sharply Writes Down Value of Malls Backing CMBS Loan

    Starwood Property Trust, which owns a 33 percent stake in a portfolio of four shopping malls that back a $685.6 million securitized loan, has written down the value of its interest in the properties by nearly 50 percent. That's not a good sign for the CMBS trust that holds the mortgage, Starwood Retail Property Trust, 2014-STAR. The loan matures in November.

    Written on Monday, 20 May 2019 16:29 Read more...
  • Industrial REIT Increases Credit Facility, Buys 13-Property Portfolio for $226Mln

    WPT Industrial REIT has acquired 13 buildings with 2.2 million sf in five states for $226 million, or about $102/sf. The deal is the largest for the Toronto REIT, which was spun off from Welsh Property Trust six years ago. Meanwhile, the company has increased its unsecured credit facility to $450 million from $300 million, allowing it to fund the purchase without obtaining mortgages against the properties.

    Written on Friday, 17 May 2019 13:28 Read more...
  • CBL Eyes Giving Back 2 Additional Malls to CMBS Lenders

    CBL & Associates Properties Inc. is negotiating with CMBS lenders that hold a pair of mortgages totaling $94.6 million against two of its shopping centers. The two, a $67.2 million mortgage against the Greenbrier Mall in Chesapeake, Va., and a $27.4 million loan against the Hickory Point Mall in Forsyth, Ill., were restructured in recent years and face their final maturity in seven months.

    Written on Thursday, 16 May 2019 14:39 Read more...
  • MSC 2007-IQ16 Swallows $85.9Mln of Losses as 2 Collateral Assets Liquidate

    Morgan Stanley Capital I Inc., 2007-IQ16, took it on the chin last month as two of its large collateral loans were liquidated, resulting in $85.9 million of additional losses to the trust. That brought losses absorbed by the trust to $371.1 million, or 14.3 percent of the deal's original $2.6 billion balance. The trust, whose remaining balance is $22.4 million, still has four remaining assets in its collateral pool. Each is in special servicing.

    Written on Wednesday, 15 May 2019 13:28 Read more...
  • Venture Takes Over RealtyShares' Active Investment Portfolio, Investor Database

    A venture of RREAF Holdings and iintoo Investments has taken over management of the active investment portfolio of RealtyShares, a San Francisco commercial real estate crowdfunding company that stopped taking new investments late last year. The deal also includes the company's database of more than 88,000 investors.

    Written on Tuesday, 14 May 2019 17:18 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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  • 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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