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

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  • Affiliate of New York Mortgage Trust Registers to Launch IPO

    RB Multifamily Investors LLC, a lender affiliate of New York Mortgage Trust Inc., is planning to launch an initial public offering of shares and convert itself to REIT status. It will continue to focus on investments in the multifamily sector, but will not wholly own any properties.

    Written on Tuesday, 30 June 2015 12:03 Read more...
  • Pru Lends $150Mln Against Tower 67 Apartments in Manhattan

    Prudential Insurance Co. of America has provided $150 million of fixed-rate financing against Tower 67, a 449-unit apartment building in the Upper West Side area of Manhattan. The debt was used to defease a $100 million loan that was securitized through Citigroup Commercial Mortgage Securities Inc., 2006-C5.

    Written on Monday, 29 June 2015 14:37 Read more...
  • Terra Capital Eyes $1Bln Fund; Taps Public Market

    Terra Capital Partners is in the market to raise up to $1 billion for a commercial property debt investment fund, and it's tapping the public equity markets to do so. Its Terra Income Fund 6 Inc. would be the first lending vehicle to be structured as a business development company, or BDC.

    Written on Friday, 26 June 2015 13:40 Read more...
  • South Florida Retail Property Offered for Sale

    A venture of Joseph Cogen and Gertz Builders & Developers Inc. is offering for sale the Southern Palm Crossing Shopping Center, a 339,648-square-foot retail property in Royal Palm Beach, Fla. The buzz is that the property, which is being marketed by CBRE, could sell for more than $100 million.

    Written on Thursday, 25 June 2015 16:44 Read more...
  • Parkway Venture Offers for Sale 7000 Central Park Office Building in Atlanta

    A venture led by Parkway Properties Inc. is offering for sale 7000 Central Park, a 415,324-square-foot office building in the central perimeter submarket of Atlanta. The property, at 7000 Central Parkway NE, could sell for more than $85 million. Cushman & Wakefield has the assignment.

    Written on Wednesday, 24 June 2015 16:53 Read more...
  • First Half CMBS Issuance Poised to Climb By 30 Percent from 2014

    So far this year, $47.7 billion of private-label CMBS has priced. But another five deals, including four conduits, totaling nearly $5 billion, are in the near-term pipeline and awaiting to price. If they price before next Tuesday, the first half will have seen $52.4 billion of domestic issuance, up nearly 30 percent from the same period a year ago.

    Written on Wednesday, 24 June 2015 16:08 Read more...
  • Beacon Offers for Sale Boston's 230 Congress St.

    Beacon Capital Partners is offering for sale 230 Congress St., a 152,259-square-foot office building in Boston's Financial District. The Boston investment manager has hired JLL to market the 12-story property, which could sell for $80 million, or about $526/sf. The sales price would result in a capitalization rate of about 5 percent.

    Written on Tuesday, 23 June 2015 15:15 Read more...
  • Lone Star Funds to Buy Home Properties in $7.6Bln Deal

    Lone Star Funds, which just recently raised $5.8 billion for an opportunistic investment fund, has struck a deal to buy most of Home Properties Inc. in a deal valued at $7.6 billion. The Dallas investment manager will pay $75.23 for every outstanding Home Properties common share, and assume the REIT's $2.5 billion of indebtedness. Goldman Sachs is lending $6.1 billion.

    Written on Monday, 22 June 2015 09:56 Read more...
  • JPMorgan Offers for Sale Upscale Bergen County, N.J., Apartments

    JPMorgan Asset Management is offering for sale the Brownstones at Englewood South, a 350-unit apartment property with 12,521 square feet of retail space in Englewood, N.J. The upscale property, at 73 Brownstone Way, could sell for about $115 million, or $328,571/unit. That would result in a capitalization rate of about 5 percent. HFF has the assignment.

    Written on Friday, 19 June 2015 15:13 Read more...
  • Varde Launches First-Time Effort to Fund New Loan Originations

    Varde Partners, a long-time investor in distressed loans on the secondary market, is shifting some of its focus to new originations. It isn't planning to gear up an originations platform. Rather, it will be funding loans originated by others. It will use some of the $500 million of capital it raised through its latest fund. Its focus would be solely on loans with small balances, which it views as an underserved market.

    Written on Thursday, 18 June 2015 09:53 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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