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  • CMBS Issuance Running Well Ahead of 2017 Pace

    So far this year, $16 billion of private-label CMBS has priced, up 27 percent from last year. Another three deals are in the wings. If they price in the next two weeks, they'll make March the busiest month in terms of new issuance since last August. Meanwhile, conduit spreads have widened somewhat.

    Written on Friday, 16 March 2018 11:41
  • Highgate, Rockpoint Venture Pays $200Mln for Hawaii Hotel

    A venture of Highgate Holdings and Rockpoint Group has paid $200 million, or $310,077/room, for the 645-room Aston Waikiki Beach hotel on the Hawaiian island of Oahu. The hotel last year generated $15.9 million of earnings before certain deductions. It was purchased from Xenia Hotels & Resorts Inc. and is subject to a ground lease with fewer than 40 years remaining on its term.

    Written on Thursday, 15 March 2018 15:07
  • Class-A Malls Saw Increases in Inline Sales in 2017; Class-B Malls Didn't

    Someone needs to tell owners of class-A malls that the consensus is that the mall is dying. They apparently didn't get the memo, given the recent performance of their properties. REITs that own top-tier malls each saw their inline store sales increase. But owners of lesser malls didn't do so well.

    Written on Wednesday, 14 March 2018 13:13
  • Office in Los Angeles' Miracle Mile Area Sells for $96Mln; Gets $68Mln of Financing

    The Taban family's Jade Enterprises has paid $96 million, or $470/sf, for the 204,035-square-foot office building at 6420 Wilshire Blvd. in Los Angeles. The family office bought the 20-story building, in the Miracle Mile area, from TA Realty, and financed its purchase with $68 million of mortgage and mezzanine debt.

    Written on Tuesday, 13 March 2018 16:41
  • Large CMBS Loan Against Chicago Office Moves to Special Servicing

    The $275 million CMBS loan against 175 West Jackson Blvd. in downtown Chicago has transferred to special servicing because it's expected to default. The office building was in the process of being sold. It becomes the largest CMBS 2.0 loan - outside of a pair of portfolio loans - to transfer to special servicing.

    Written on Monday, 12 March 2018 11:58
  • Torchlight Offers Up Brewster, N.Y., Retail Center to Resolve CMBS Loan

    Torchlight Loan Services is making moves to clean up the remaining collateral from Credit Suisse Commercial Mortgage Trust, 2007-C4. The special servicer has put the CMBS deal's largest remaining asset, the Lakeview Plaza shopping center in Brewster, N.Y., on the sales block through Mission Capital Advisors.

    Written on Friday, 09 March 2018 15:47
  • Crowdfunding Platform PeerStreet Moves Into Commercial Mortgage Lending

    PeerStreet, a four-year-old crowdfunding site that has funded more than $800 million of loans, mostly against one-to-four family homes, is moving into the commercial mortgage business. It's hired Greg Galusha, a long-time player in the investment management business, to oversee its expansion. The company will fund and syndicate among its crowd small-balance loans, initially against multifamily properties.

    Written on Thursday, 08 March 2018 16:02
  • Spirit Realty Spinning Off Single-Tenant Properties into REIT

    Spirit Realty Capital Inc. is spinning off some 900 of its properties through a separate REIT as part of an effort to reduce its indebtedness and decrease its exposure to retailer Shopko, which accounts for nearly 8 percent of its overall rental income.

    Written on Wednesday, 07 March 2018 16:06
  • Brookfield's Latest Real Estate Fund Breaches $9Bln Equity Mark

    Brookfield Asset Management has breached the $9 billion equity-raising mark for its flagship real estate fund. And capital-raising efforts haven't been completed yet. The fund, Brookfield Strategic Real Estate Partners III, is expected to end up being "meaningfully larger" than its predecessor, which had raised $9 billion - $2 billion more than targeted.

    Written on Tuesday, 06 March 2018 15:39
  • CMBS Market Share Down, But Not Out

    CMBS loans comprise 13.9 percent of the $3.1 trillion commercial mortgage universe. That's down sharply from the 22 percent share of the universe before the Great Financial Crisis. No one expects CMBS to go away, but it's unlikely to recover to its levels before the recession.

    Written on Monday, 05 March 2018 16:25

Data Digest







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




cppichart FP



CMBS 2.0 Spreads


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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  • 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?
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