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  • Non-Traded REITs Raised Only $782Mln in 3Q

    Non-traded REITs raised only $782 million of equity during the third quarter, their weakest showing in at least 13 years, bringing the total raised so far this year to $3 billion. It's likely that capital-raising for the full year will fall well below last year's dismal $4.8 billion raised.

    Written on Monday, 20 November 2017 16:41
  • Kalikow's Gamma Real Estate Poised to Write $300Mln of Loans in 2017

    Gamma Real Estate, the real estate investing arm of the Kalikow family, which stepped back into the alternative lending space four years ago, is poised to originate at least $300 million of loans this year. The company had pulled back from the lending business in 2008, but returned to it in 2013. It's originated nearly $1 billion of loans since then.

    Written on Friday, 17 November 2017 15:54
  • Proposed Rule May Decrease Chinese Investments in U.S. Properties

    China's economic planning agency has issued a draft rule that could lead to fewer Chinese companies investing in United States commercial properties. That would be on top of previous restrictions the Chinese government had placed on overseas property deals. Last year, the Chinese invested a record $19.2 billion in U.S. property, the most among foreign investors.

    Written on Thursday, 16 November 2017 16:17
  • New York Investor Launches Blind-Pool Offering Targeting Retail Investors

    Mascia Development LLC, a New York real estate investor that had syndicated equity interests in properties to retail investors, is forming a company that will be capitalized by retail investors and would invest in office, retail and industrial properties in secondary and tertiary markets. The company would be similar to the non-traded REITs launched by more-established crowdfunding platforms.

    Written on Wednesday, 15 November 2017 16:05
  • CMBS Conduit Spreads Continue Tightening

    CMBS conduit spreads have continued to benefit from healthy demand and the thinking that after the latest surge of issuance is done, supply could peter out. Yesterday, Deutsche Bank and Citigroup priced the benchmark class from their CD, 2017-CD6, transaction at a spread of 75 basis points more than swaps - the tightest level since July 2014.

    Written on Tuesday, 14 November 2017 16:33
  • Single-Asset REIT Offers Individuals Chance to Invest in St. Regis Aspen Resort

    The owners of the St. Regis Aspen Resort in Aspen, Colo., are launching a REIT that would provide individual investors the opportunity to own a stake in the five-star resort. Aspen REIT Inc. is seeking to raise about $33.5 million through a stock offering, thus giving retail investors access to an asset that traditionally has been reserved only for institutional and high net-worth investors.

    Written on Monday, 13 November 2017 11:56
  • Freddie Mac on Way to Another Record-Breaking Year of Lending, Securitization

    Freddie Mac's multifamily operation is well on its way to another record-breaking year, in terms of financing and securitization activity. So far, it has issued $50.4 billion of bonds backed by loans against apartment properties - approaching the $51.2 billion it had securitized last year, when it funded a record $56.8 billion of loans.

    Written on Friday, 10 November 2017 16:35
  • Loan Demand Jumps in 3Q by 21 Percent from Last Year

    Loan demand has increased substantially during the second half of the year, with the Mortgage Bankers Association reporting that originations during the third quarter were 21 percent higher than they were a year ago and 8 percent higher than the second quarter. Lending volumes are typically correlated with property sales. Property owners are opting to refinance instead of sell.

    Written on Thursday, 09 November 2017 15:36
  • Sabal Financial Raises $200Mln for Fund Pursuing Freddie Small-Balance B-Pieces

    An affiliate of Sabal Financial Group, which has become a substantial player in the Freddie Mac small-balance lending business, has raised its debut investment fund, topping its target by raising $200 million of investor commitments. The fund eyes investments in securitizations involving Freddie Mac small-balance loans.

    Written on Wednesday, 08 November 2017 15:17
  • Former Brixmor Chief Accumulating Neighborhood Shopping Centers

    Michael Carroll, the former chief executive of Brixmor Property Group, who last year formed ShopOne Centers REIT Inc., has completed yet another opportunistic investment. His company, backed by Davidson Kempner Capital Management, last month bought Devonshire REIT Inc., giving it 46 retail centers. And since then, it's bought two others. It's taking advantage of a dearth of competition for select retail assets.

    Written on Tuesday, 07 November 2017 16:36

Data Digest







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




cppichart FP



CMBS 2.0 Spreads


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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  • 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