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  • TruAmerica Sees $800Mln of Investments in 2017; Eyes Fund

    TruAmerica Multifamily, which was founded only four years ago, now owns 140 apartment properties with about 32,000 units valued at some $7 billion. It's aiming to make roughly $800 million of investments this year and is said to be laying the groundwork to launch a commingled fund.

    Written on Wednesday, 28 June 2017 16:37 Read more...
  • Rubenstein Eyes Originating Bridge Loans Against Transitional Office Properties

    The Philadelphia investment manager, which long has focused solely on owning office properties, is making a move to write loans against office properties that might be in transition. It's hired Fred Harmeyer, a long-time lending executive, to spearhead its efforts. The company becomes the latest equity player to move into the debt space.

    Written on Tuesday, 27 June 2017 16:11 Read more...
  • Blackstone Pays $790.5Mln for Apartment Portfolio

    Blackstone Property Partners has paid $790.5 million for a portfolio of 11 apartment properties with 4,488 units in Florida, Texas and California. It bought the portfolio from IMT Capital, which pursues value-add and opportunistic investments in the multifamily sector through a series of funds.

    Written on Monday, 26 June 2017 14:54 Read more...
  • MBA: Anemic Property-Sales Volumes Should Put Brakes on Lending

    With the pace of property sales running well behind that of last year, it's likely that commercial mortgage origination volumes this year will show a decline from 2016. That's according to the Mortgage Bankers Association, which has updated its projections and now sees full-year volume declining by 3 percent, to $478 billion.

    Written on Friday, 23 June 2017 14:32 Read more...
  • Brookfield Seen Paying $45Mln for Independence Mall in N.C.

    Brookfield Asset Management is said to have purchased the Independence Mall in Wilmington, N.C., resolving a troubled $110 million CMBS loan against it. It paid $45 million for the 1 million-square-foot property, which betters the $42 million appraised valued pegged on it late last year.

    Written on Thursday, 22 June 2017 11:33 Read more...
  • JMP Funds Venture Pursuing Ambitious Apartment Investment Plan

    A group of real estate executives that nearly four years ago launched a management and advisory firm, whose portfolio has grown to some 4,500 apartment units, is now aiming to buy properties for its own account. They've formed 5 Cap Realty LLC and ventured with JMP Asset Management to build a $1 billion portfolio of apartment properties in the coming five years.

    Written on Wednesday, 21 June 2017 18:07 Read more...
  • Departure of Anchor Tenant Puts CMBS Loan Against Ala. Office at Risk

    Regions Bank, which occupies just more than one-third of the space at the Regions Harbert Plaza office building in Birmingham, Ala., won't be renewing its lease, which matures at the end of the year. That has prompted the property's $82.7 million CMBS loan to transfer to special servicer CWCapital Asset Management.

    Written on Tuesday, 20 June 2017 15:07 Read more...
  • CMBS Issuance Picks Up Steam, Topping 2016 Volumes

    CMBS issuance, which was running at a snail's pace through April, has picked up smartly since then. Including deals in the pipeline, issuance in May and June will top the volume for the first four months of the year. We're now looking at $32.4 billion of issuance for the first half, up more than 19 percent from last year's anemic pace.

    Written on Monday, 19 June 2017 17:56 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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