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  • With No Ikea, CBL Ditches Plan to Redevelop N.C. Mall; Puts It Up for Sale

    Furniture retailer Ikea's abrupt decision earlier this year to cancel plans for a large store at the Cary Towne Center retail property in suburban Raleigh, N.C., has resulted in the shopping center's owner, CBL & Associates Properties, putting it up for sale. The property is encumbered by a $46.7 million mortgage that's held by Prudential Insurance.

    Written on Thursday, 16 August 2018 09:06 Read more...
  • Former Paulson Real Estate Team Goes Solo; Launches Fund

    Cross Lake Partners, an investment management company launched two months ago by the former heads of Paulson & Co.'s real estate operation, is in the market with its first solo fund. The investment vehicle, Cross Lake Real Estate Fund III LP, is looking to raise $250 million of equity commitments.

    Written on Wednesday, 15 August 2018 15:47 Read more...
  • Avanath Invests Two-Thirds of Latest Fund; Eyes Follow-Up

    Avanath Capital Management has invested 65 percent of a $388 million investment fund it had raised earlier this year, putting it on track to soon launch a follow-up vehicle, its fourth. The fund, Avanath Affordable Housing III LLC, so far has acquired 18 properties.

    Written on Tuesday, 14 August 2018 11:46 Read more...
  • Prospects for CMBS Loan on Atlanta-Area Mall Weaken, as Development Gets Delayed

    The Mall at Stonecrest, a 1.2 million-square-foot enclosed shopping center in suburban Atlanta, has hit another speedbump as construction of a proposed sports and entertainment complex that was to be built next to it has been put on hold. The property's $91.8 million CMBS loan, which was modified twice, has matured. Meanwhile, its owner has hired a workout specialist.

    Written on Monday, 13 August 2018 16:30 Read more...
  • Equity Residential Eyes Reduction in Exposure to Manhattan Properties with Tax Benefits

    Equity Residential is in the process of selling an apartment property on Manhattan's West Side for more than $400 million, the first of what could be a number of sales as the Chicago REIT moves to reduce its exposure to properties that have expiring tax benefits.

    Written on Friday, 10 August 2018 15:18 Read more...
  • CalPERS, CommonWealth Venture is Buyer of D.C. Office

    A venture of CommonWealth Partners and the California Public Employees' Retirement System is paying $220 million for 2099 Pennsylvania Ave. NW, a 208,776-square-foot office building in Washington, D.C. Paramount Group Inc. is selling the property, in a deal that's expected to close by the end of September.

    Written on Thursday, 09 August 2018 11:38 Read more...
  • CalPERS Increases Real Estate Investment Target

    The California Public Employees' Retirement System has approved $4.8 billion for real estate investments during the fiscal year that began on July 1. That's up from the $4.2 billion that was approved in the last fiscal year. While the pension has been judicious in making new investments, some of the added capital could be used to take advantage of potential off-market and other opportunities.

    Written on Wednesday, 08 August 2018 16:31 Read more...
  • Money360 Seen Doubling Origination Volume This Year

    Money360 Inc., an alternative lender specializing in the small to middle-market space, expects to originate $750 million of bridge loans this year. That would be more than double the $357 million it originated last year. The company recently issued its first collateralized loan obligation and expects to tap that market on a regular basis.

    Written on Tuesday, 07 August 2018 14:58 Read more...
  • Brixmor On Track to Sell $750Mln of Properties This Year

    Brixmor Property Group is nearly complete with its plan to sell $750 million of non-core shopping centers in 2018. It initially had targeted selling $600 million of assets. It’s selling properties that are in markets in which it has little presence and those that underperform relative to its overall portfolio.

    Written on Tuesday, 07 August 2018 09:47 Read more...
  • Mack-Cali Nears Completion of Repositioning; Eyes Sale of Flex Properties

    Mack-Cali Realty Corp., which in 2015 embarked on a massive repositioning of its property portfolio, expects to complete that effort this year with the disposition of another $170 million of properties. It’s now planning on selling its industrial-flex portfolio, most of which is in Westchester County, N.Y., and could be worth $550 million.

    Written on Monday, 06 August 2018 14:53 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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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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