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  • Westin Maui Resort & Spa Hotel Gets $258Mln of Debt

    Blackstone Mortgage Trust has written $258 million of debt against the 739-room Westin Maui Resort & Spa hotel on Ka'anapali Beach in Maui, Hawaii. The debt pays a coupon pegged to Libor plus 454 basis points and is scheduled to mature in April 2020. It can be extended through 2022.

    Written on Friday, 26 May 2017 12:01 Read more...
  • Blackstone Lends $189.2Mln Against Chicago Office Property

    Blackstone Mortgage Trust has provided $189.2 million of debt against 141 West Jackson Blvd., a 1.4 million-square-foot office property in downtown Chicago. CME Group, parent company of the Chicago Mercantile Exchange, leases 150,000 sf at the 87-year-old property.

    Written on Thursday, 25 May 2017 15:12 Read more...
  • Rockpoint, Highgate Team to Buy Morgans, Royalton Hotels in Manhattan

    A venture of Rockpoint Group and Highgate Holdings is said to have agreed to buy the Morgans and Royalton Hotels in Manhattan. The venture is buying the two properties, with a total of 282 rooms, from FelCor Lodging Trust Inc. in a deal brokered by JLL.

    Written on Wednesday, 24 May 2017 10:51 Read more...
  • NorthStar REIT Circles Horizontal Risk-Retention Bonds of Upcoming CMBS Conduit

    An affiliate of NorthStar Real Estate Income Trust Inc., a non-traded REIT sponsored by Colony NorthStar Inc., has circled the bottom bond classes of an upcoming CMBS transaction, marking its first such investment in the post risk-retention era. It's buying bonds with a face value of $102.6 million, paying 49.9 percent of par value, in order to generate its expected yield of 14.751 percent.

    Written on Tuesday, 23 May 2017 13:22 Read more...
  • iStar Aims to Take Ground Lease Interests Public Through REIT

    IStar Financial Inc. is taking public its portfolio of 12 ground net leases, or the ground beneath existing income-producing properties. The resulting REIT, Safety, Income and Growth Inc., would be the first of its kind. It's lined up $227 million of mortgage financing against its existing portfolio. It also has lined up additional credit to fund acquisitions.

    Written on Monday, 22 May 2017 16:52 Read more...
  • $91.58Mln Loan from JPMorgan Funds Orlando-Area Office Buy

    JPMorgan Chase has provided a $91.58 million floating-rate mortgage to fund Brookdale Group's acquisition of Colonial Center at TownPark, a four-building office portfolio with a total of 662,320 square feet in Lake Mary, Fla.

    Written on Friday, 19 May 2017 17:01 Read more...
  • LoanCore Provides $120Mln of Debt Against Chicago Apartment Portfolio

    LoanCore Capital has provided $120 million of floating-rate debt against a portfolio of 43 apartment properties in Chicago. The debt allowed the portfolio's owner, Lyrical-Antheus Realty Partners II, to retire a $111.9 million CMBS loan that was scheduled to mature last month.

    Written on Thursday, 18 May 2017 15:39 Read more...
  • Washington, D.C., Office Building Teed Up for Sale

    A venture that includes Minshall Stewart Properties is offering for sale 1401 New York Ave. NW in the East End area of Washington, D.C. The 300,000-square-foot office property was 40 percent occupied when the venture bought it three years ago. Today, it is fully occupied.

    Written on Wednesday, 17 May 2017 09:40 Read more...
  • TIAA Lends $150Mln Against Raleigh, N.C., Retail Space

    The Circle at North Hills, a 745,958-square-foot shopping center in Raleigh, N.C., that had seen a recent decline in cash flow, has been refinanced with a $150 million mortgage provided by TIAA. The property had served as collateral for a 2007-vintage CMBS loan that was nearing its maturity.

    Written on Tuesday, 16 May 2017 08:24 Read more...
  • LCN Capital Paid $147.5Mln for Ericsson's Dallas-Area Headquarters

    LCN Capital Partners, which purchased Ericsson North America's headquarters property in Plano, Texas, for $147.5 million, or nearly $300/sf, financed its purchase with a $103.6 million mortgage from Goldman Sachs. LCN was founded in 2010 by former senior executives of net-leased specialist W.P. Carey & Co., and Goldman.

    Written on Monday, 15 May 2017 12:04 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 - 2016
Investment Bank #Deals Vol$mln MktShr%
JPMorgan Securities 14.94 10,350.16 15.14
Deutsche Bank 14.21 9,926.60 14.52
Wells Fargo Securities 13.36 9,513.96 13.92
Citigroup 10.87 8,061.79 11.80
Goldman Sachs 10.05 7,563.72 11.07

 

MOODY'S/RCA CPPI

 

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CMBS 2.0 Spreads

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Top CMBS Loan Contributors - 2016
Lender #Loans Vol$mln MktShr%
JPMorgan Chase Bank 133.67 8,670.33 13.34
Goldman Sachs 156.20 7,418.37 11.41
Deutsche Bank 178.17 6,510.75 10.02
Citigroup 184.41 5,512.20 8.48
Morgan Stanley 113.18 4,130.53 6.35

 

 

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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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