Daily market intelligence on mortgages, equity raising, investment sales, and CMBS.

Top Stories

  • Atlanta Apartments, Retail Space Seen Selling for $121Mln

    A venture led by the Daniel Corp. has struck a deal to sell the 330-unit apartment building at 77 12th St. in midtown Atlanta for $121 million to John Joyce, a Massachusetts investor. Daniel, which developed the property with partners Northwestern Mutual Life Insurance Co. and Selig Enterprises Inc., is being represented by Engler Financial Group.

    Written on Wednesday, 20 August 2014 Read more...
  • Blackstone Pays $800Mln for Hotel Portfolio, Lines up $675Mln of Debt

    The New York investment manager has paid $800 million, or roughly $135,410/room, for a portfolio of 47 extended-stay hotels with 5,908 rooms scattered across 18 states in major metropolitan markets. It funded the purchase with $675 million of financing that was provided by JPMorgan Chase Bank and Deutsche Bank. The floating-rate debt likely will be securitized.

    Written on Tuesday, 19 August 2014 Log In or Subscribe to read more...
  • Developer Eyes $400Mln-Plus of Deals via Partnerships

    CapRock Partners is looking to make at least $400 million of investments on behalf of its two latest funds, which will have $28.5 million of equity. The Irvine, Calif., developer and investment manager leverages its cash by joint venturing with larger institutional investors that provide between 90 and 95 percent of the equity required for the deals. The firepower is boosted further by the debt financing the ventures take out on their properties.

    Written on Monday, 18 August 2014 Log In or Subscribe to read more...
  • Nomura Finds $500Mln of CMBS Conduit Loans Subject to Rep, Warranty Claims

    Nomura Securities has found 16 CMBS conduit loans with a combined balance of $500 million that are subject to claims that their representations and warranties were breached. Such claims could provide an eventual bonus to bondholders, but they often take time, sometimes years, to resolve.

    Written on Friday, 15 August 2014 Log In or Subscribe to read more...
  • Deutsche Bank Lends $170Mln Against Proposed Washington, D.C., Hotel

    Deutsche Bank has provided a $170 million construction loan against the 115-year-old Old Post Office Pavilion building in Washington, D.C., that a venture of the Trump Organization and Colony Capital is converting into an upscale 270-room hotel. The property will be known as Trump International Hotel.

    Written on Friday, 15 August 2014 Read more...
  • Northwestern Lends $170Mln Against Washington, D.C., Office Building

    Northwestern Mutual Life Insurance Co. has provided $170 million of mortgage financing against 888 First St. NE, a 503,997-square-foot office building in downtown Washington, D.C. The 10-year loan pays a coupon of roughly 3 percent. The collateral building is leased nearly in its entirety by a federal agency that recently renewed its lease for another 10 years.

    Written on Thursday, 14 August 2014 Log In or Subscribe to read more...
  • Cincinnati Office Buildings Seen Fetching $100Mln

    A venture of Harbert Management Corp. and Smith/Hallemann Partners is in the market to sell two downtown Cincinnati office buildings with 609,275 square feet. The two, 312 Plum St. and 312 Elm St., are expected to sell for up to $100 million, or about $164/sf. Cassidy Turley has the listing.

    Written on Wednesday, 13 August 2014 Read more...
  • Shidler Seen Buying Tampa City Center for $130Mln

    Shidler Group's Alliance Partners unit has struck a deal to pay roughly $130 million, or about $174.90/sf, for Tampa City Center, a 743,250-square-foot office building in downtown Tampa, Fla. The property would be the first acquired in Florida for Alliance, which focuses on deals along the East Coast.

    Written on Tuesday, 12 August 2014 Log In or Subscribe to read more...
  • Morgan Stanley Lends $574.3Mln Against Portfolio of Office, Retail Properties

    Morgan Stanley has provided $574.3 million of financing against five properties with 1.1 million square feet of retail and office space owned by a venture of Millennium Partners and Jamestown Properties. The transaction was prompted by a large tenant's decision to buy the space it occupies. Proceeds are being used to defease $489 million of CMBS debt.

    Written on Monday, 11 August 2014 Log In or Subscribe to read more...
  • Brookfield Strikes Deal to Buy 5.6Mln-SF Portfolio from Morris Cos.

    The buzz is that Brookfield Property Partners has struck a deal to acquire a portfolio of 24 properties with 5.6 million square feet of retail, industrial and office space. The portfolio, which is being sold by the Morris Cos. of Rutherford, N.J., is valued at roughly $1 billion, or about $178.57/sf.

    Written on Friday, 08 August 2014 Log In or Subscribe to read more...

Data Digest

 

CMBS Deliquency Volume

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CMBS Special Servicing Volume

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Top Bookrunners
Private-Label CMBS

1H2014

Investment Bank

#Deal

Bal $mln

Mkt
Shr%

Deutsche Bank

16.0

12,761.50

32.44

JPMorgan

6.10

4,856.29

12.35

Wells Fargo

8.11

4,790.00

12.18

Citigroup

4.33

3,750.65

9.54

Goldman Sachs

4.00

3,722.62

9.46

 

Moody’s/RCA CPPI

cppichartAFP

 

CMBS Pricing Matrix (Legacy AAA Spreads)

AAAspreadsFPa

 

Top Loan Contributors
Domestic, Private-Label CMBS - 1H2014

Lender

Vol $mln

Mkt
Shr%

Deutsche Bank

8,118.01

20.87

JPMorgan

4,486.83

11.53

CCRE

3,064.41

7.88

Citigroup

2,779.70

7.15

Goldman Sachs

2,604.85

6.70

 

 

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REITCafe

  • July REIT Performance Flat, but Outpaces Larger Stock Market
    The FTSE NAREIT All REIT Index’s July return of -0.19 percent was relatively healthy compared to the overall stock market, which ended its months-long push upward during July. REITs continued to outperform the DJIA (-1.56 percent), S&P 500 (-1.38 percent), and the NASDAQ (-0.87 percent). Infrastructure REITs were the best performing...
     
  • Office REITs Beating 2Q Earnings Estimates
    Office REITs have begun announcing second quarter earnings, and many are beating analyst estimates. Boston Properties Inc.(BXP), the largest office REIT, reported second-quarter funds from operation, or FFO, of $1.35/share this week, slightly exceeding guidance and analyst estimates. SL Green Realty Corp. (SLG) also beat analyst’s estimates with strong results that included...

  • Non-traded REITs Contribute to Listed REIT Expansion
    Non-traded REITs, especially those focused on healthcare, lodging, and retail, have been very popular in recent years and have become a notable source of expansion for the listed REIT market. Collectively, they raised $8.8 billion during the first half of 2014 and sales are in line to reach $20 billion by year end...

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