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  • LNR Accused of Obstructing Borrower's Access to Loan Reserves

    The owner of a mixed-use property in Gahanna, Ohio, has sued special servicer LNR Partners, alleging it obstructed its access to a reserve fund. As a result of what the property's owner said was LNR's refusal to give it access to the funds, it defaulted on the loan, which was securitized only six months ago.

    Written on Monday, 20 October 2014 10:02 Read more...
  • Baltimore-Area Apartment Property Offered for Sale

    A venture of Federal Capital Partners and Angelo, Gordon & Co. is offering for sale the Fairways at Towson, an 828-unit apartment property in the Baltimore suburb of Towson, Md. The property, at 6906 Donachie Road, could sell for about $103.5 million, or $125,000/unit. It's being offered through CBRE.

    Written on Friday, 17 October 2014 15:48 Read more...
  • Ares Offers for Sale Atlanta's Embassy Row Office Complex

    Ares Management is offering for sale Embassy Row, a 666,274-square-foot office property in Atlanta's central perimeter submarket. CBRE is marketing the complex, which could sell for about $100 million, or $150/sf.

    Written on Thursday, 16 October 2014 16:32 Read more...
  • Wall of Maturities Shrinks by 10 Percent in 9 Months; Volume Remains Formidable

    A total of 22,514 CMBS conduit loans with a balance of $278.1 billion come due in the next three years. While a seemingly massive wall of maturities, the volume has shrunk by nearly 10 percent over the past nine months. But there's a bit of natural selection going on and many of the loans that remain could face challenges getting taken out.

    Written on Thursday, 16 October 2014 15:36 Read more...
  • Santa Monica, Calif., Property Under Agreement to Sell for $113Mln

    Hines has agreed to sell a 206,000-square-foot industrial property that it had planned to redevelop into a mixed-use complex in Santa Monica, Calif., for $113 million, or $550/sf. The property's being purchased by a venture of Lincoln Property Co. and Clarion Partners, which will likely redevelop it into creative office use.

    Written on Wednesday, 15 October 2014 16:55 Read more...
  • Nightingale to Pay $100Mln for Philadelphia's 1835 Market St.

    Nightingale Group has struck a deal to pay roughly $100 million, or $125/sf, for 1835 Market St., a 799,994-square-foot office property in Philadelphia. The New York investor is buying the 29-story building from the California State Teachers' Retirement System in a deal arranged by JLL.

    Written on Wednesday, 15 October 2014 16:46 Read more...
  • Dallas Investment Manager Seeks $300Mln for Fourth Fund

    Thackeray Partners is seeking $300 million of commitments for its fourth investment fund. The Dallas investment manager has so far raised $204 million of its target. The fund would be a follow-up to a vehicle that raised $225 million - more than the $200 million targeted - in 2012.

    Written on Wednesday, 15 October 2014 10:18 Read more...
  • Seer Capital Most-Active CMBS B-Piece Buyer During 3Q

    Seer Capital Management, a New York investment manager that started investing in CMBS earlier this year, was the most active buyer of B-pieces during the third quarter. The company is one of two newcomers to the market this year. For the nine months, Rialto Capital Management was the most active player.

    Written on Tuesday, 14 October 2014 16:55 Read more...
  • JRK Offers Portfolio of Apartment Properties with 1,028 Units

    The Los Angeles investor has taken a first round of offers for a portfolio of three apartment properties, in Florida, Georgia and Ohio, with a total of 1,028 units. It plans to take a second round later this month. It's offering the properties, which it had acquired following the capital-markets collapse, through CBRE.

    Written on Tuesday, 14 October 2014 16:44 Read more...
  • Pier Shops at Caesars in Atlantic City, N.J., to Sell for $3Mln

    The Pier Shops at Caesars, a 303,788-square-foot retail property in Atlantic City, N.J., that had served as collateral for $135 million of financing, including $80.5 million that was securitized, is under contract to be sold for roughly $3 million. The buyer is Tower Investments Inc. of Philadelphia.

    Written on Friday, 10 October 2014 16:36 Read more...

Data Digest

 

CMBS DELINQUENCY VOLUME

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CMBS SPECIAL SERVICING VOLUME

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Top Bookrunners
Private-Label CMBS - 9Mos2014
Inv Bank #Deals Bal $mln MktShr%
Deutsche Bank 26.0 19,675.34 29.5
JPMorgan 12.1 8,678.41 13.0
Wells Fargo 15.1 8,504.57 12.8
Goldman Sachs 7.0 5,740.15 8.6
Citigroup 9.3 5,337.91 8.0

 

 

MOODY'S/RCA CPPI

 

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Top Loan Contributors
Private-Label CMBS 9Mos2014
Lender Vol $mln MktShr%
Deutsche Bank 11,647.54 17.75
JPMorgan 7,496.78 11.42
Wells Fargo 4,540.31 6.92
CCRE 4,474.33 6.82
Morgan Stanley 4,312.62 6.57

 

 

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REITCafe

  • Ebola Fears Contribute to Lagging Lodging REIT Sector Performance
    Travel related stocks, including lodging REITs, have been particularly affected by the Ebola outbreak. With several confirmed Ebola cases in the U.S., investors are concerned that a fearful public will avoid travel. It is too soon for Ebola to...
     
  • Will Apartment REITs Continue to Outperform?
    A long-anticipated increase in apartment vacancies began in the third quarter, heightening concern about the outlook for apartment REITs. Apartments stand out as the best performing REIT sector during 2014 with a total return of 23.65 percent year-to-date through October 8th. Apartment REITs have significantly outperformed...

  • REITs Pull Back in September
    After experiencing strong growth in August, the FTSE NAREIT All REIT Index declined 5.63 percent during September. Monthly REIT performance was well below the DJIA (-0.32 percent), S&P 500 (-1.40 percent), and NASDAQ (-1.90 percent). During September, markets were affected by the Scottish referendum on whether to exit the UK and...

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