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

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  • Bistricer's Clipper Realty Paying $87.5Mln for Brooklyn, N.Y., Apartments

    David Bistricer has taken his Clipper Realty Inc. investment operation public, and is earmarking some of the proceeds to fund the $87.5 million, or $543,480/unit, purchase of 107 Columbia Heights, a 161-unit apartment property in Brooklyn, N.Y.,'s exclusive Columbia Heights neighborhood.

    Written on Thursday, 16 March 2017 10:11 Read more...
  • JPMorgan Lent $91Mln for Recap of Ariz. Shopping Mall-Turned-Office

    JPMorgan Chase Bank has provided $91 million of financing against the Galleria Corporate Centre, facilitating a recapitalization of the 537,110-square-foot office property in Scottsdale, Ariz., that started life as a shopping mall. As part of the recap, Jasper Ridge Partners bought out Oaktree Capital Management. Stockdale Capital Partners retained its stake.

    Written on Wednesday, 15 March 2017 16:01 Read more...
  • MassMutual Circles First CMBS B-Piece

    Massachusetts Mutual Life Insurance Co. is making its first CMBS B-piece investment. It moved into the business last year by hiring Doug Cooper, who previously built out Allied Capital Ltd.'s B-piece business. The insurer has circled the most subordinate classes of JPMDB Commercial Mortgage Securities Trust, 2017-C5, and is shooting for a 13.9 percent return.

    Written on Tuesday, 14 March 2017 12:32 Read more...
  • Oak Street Capital Raising Latest Net Leased Fund

    The Chicago investment manager has raised $380.1 million of a targeted $1.25 billion for its latest fund, which like its predecessors will pursue office, industrial and retail properties that are net leased to their tenants.

    Written on Tuesday, 14 March 2017 12:00 Read more...
  • BofA Lends $100.5Mln Against Austin, Texas, Office

    Bank of America has provided $100.5 million of financing against Chase Tower, a 389,503-square-foot office property in downtown Austin, Texas, facilitating its purchase by a venture of Lincoln Property Group and Goldman Sachs. The deal resulted in the early pay-off of a $78.9 million CMBS loan. Investors in the CMBS deal got a $10.1 million yield maintenance penalty.

    Written on Monday, 13 March 2017 15:44 Read more...
  • Barclays Lends $140Mln Against Manhattan Office Property

    Barclays Bank has provided a $140 million mortgage against 123 William St., a 545,000-square-foot office property in lower Manhattan. The interest-only loan has a 10-year term and pays a coupon of 4.67 percent.

    Written on Friday, 10 March 2017 14:01 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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