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

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  • ACORE Writes $96.5Mln Loan on Md. Office; Sees $5Bln of Originations This Year

    ACORE Capital has provided $96.5 million of financing against One Discovery Place, a soon-to-be vacated office building in the Washington, D.C., suburb of Silver Spring, Md. The loan funded the property's acquisition and planned redevelopment. It's the latest loan in what ACORE expects will be $5 billion of originations this year.

    Written on Monday, 17 September 2018 16:24 Read more...
  • Sears' Departure from S.C. Mall Puts CMBS Loan at Risk

    The $34.2 million CMBS loan against the Westgate Mall in Spartanburg, S.C., faces a greater risk of default as a result of the closure of its Sears anchor store. The loan is securitized through UBS-Barclays Commercial Mortgage Trust, 2012-C2. It hasn't missed any scheduled payments, isn't in special servicing and isn't on any servicer watchlist. But it's losing its Sears store, which takes up a large anchor space.

    Written on Friday, 14 September 2018 11:11 Read more...
  • 3 CMBS Conduits Totaling $3.2Bln Teed Up; Issuance Tracks 2017 Levels

    After a month-long hiatus, the CMBS new issue market is coming alive. Three conduits totaling $3.2 billion have launched and another two are expected to follow suit in the coming days. The deals likely will push issuance for the nine-month period to a level greater than the $60.4 billion that took place last year.

    Written on Thursday, 13 September 2018 16:24 Read more...
  • Seasoned Bridge Lender Launches Own Shop, Offers Loans with Negative Amortization

    Elliot Shirwo, who helped launch a bridge lending platform at Bolour Associates, a family office in Beverly Hills, Calif., has formed his own company and is offering to write loans with negative amortization against properties in California.

    Written on Wednesday, 12 September 2018 15:19 Read more...
  • Mack Real Estate Credit Raises Capital for New Lending Vehicle

    Mack Real Estate Credit Strategies, the financing arm of Mack Real Estate Group, has raised more than $500 million for an investment vehicle that will provide debt capital for commercial properties. It's not clear what sort of financing the vehicle will specialize in. Mack already pursues senior loans through its Claros Mortgage Trust operation.

    Written on Tuesday, 11 September 2018 16:50 Read more...
  • REIT That Invests in Ground Leases Shoots for $1Bln Portfolio

     

    Safety, Income & Growth Inc., a year-old REIT managed by iStar Inc. that invests in the ground beneath commercial properties, is aiming to increase the size of its portfolio to at least $1 billion by the end of the year. It's well on its way. It recently completed four investments totaling about $70 million, bringing its portfolio to 25 assets valued at roughly $700 million.

    Written on Monday, 10 September 2018 17:50 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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