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  • 2 Amazon Fulfillment Centers in Jacksonville, Fla., Kansas City, Kan., Sell for $215Mln

    JDM Partners has paid $215 million, or $126/sf, for two industrial buildings with a combined 1.7 million square feet in Jacksonville, Fla., and Kansas City, Kan., that are fully leased to Amazon.com Inc., which uses them as fulfillment centers. The properties were purchased from USAA Real Estate Co. of San Antonio, which had developed them in 2017.

    Written on Monday, 10 August 2020 15:52 Read more...
  • CBL Gets Current on Unsecured Notes, Remains in Talks with Lenders

    CBL & Associates Properties Inc. on Wednesday became current on the missed debt-service payments against $1.1 billion of unsecured debt it carries. It used cash on hand to make the $30.4 million of payments it had missed.

    Written on Friday, 07 August 2020 16:00 Read more...
  • Mack Real Estate Writes $40Mln Construction Loan for Suburban Los Angeles Hotel

    In what's likely a first since the coronavirus pandemic started, Mack Real Estate Credit Strategies has provided a $40 million loan for the development of a 170-room extended-stay hotel in suburban Los Angeles. The property, which already is 40 percent completed, is being developed by Chatham Lodging Trust.

    Written on Thursday, 06 August 2020 14:26 Read more...
  • Colony, Chatham Venture Seen Giving Up on 6,402-Room Hotel Portfolio

    The Colony Capital Inc. venture that owns 48 hotels that secure $780 million of CMBS debt expects to turn the collateral portfolio over to Credit Suisse Commercial Mortgage Trust, 2017-CHOP, the deal that holds the loan. The investment manager owns the 6,402-room portfolio with Chatham Lodging Trust. Meanwhile, the venture is trying to negotiate some sort of forbearance on another $755 million CMBS loan.

    Written on Wednesday, 05 August 2020 18:03 Read more...
  • TIAA Auctioning Ownership Interests in Portfolio of Storage Properties

     

    TIAA is planning an auction, under the Uniform Commercial Code, of ownership interests in a portfolio of 64 self-storage properties with 30,812 units in 10 states that last year generated $15.8 million of net operating income. The life insurance company owns mezzanine debt against the portfolio. The auction is being coordinated by JLL Capital Markets.

     

    Written on Tuesday, 04 August 2020 14:52 Read more...
  • Ashford Eyes Recap, Capital Raising in Face of 'Gut-Wrenching' Revenue Drop

    Ashford Hospitality Trust Inc., which last April ceased making payments on its $4.1 billion of mortgage debt as it braced for the repercussions of the coronavirus lockdowns, has warned of its ability to remain a going concern. It's planning to slash its preferred dividend outlay, along with other ways of preserving cash as it steers unchartered waters. It's also willing to give up on properties.

    Written on Monday, 03 August 2020 16:09 Read more...
  • PCCP Buys $99.3Mln Loan Against Houston Mixed-Use Property from TPG

    PCCP LLC has purchased a $99.3 million performing loan against The Star, a mixed-use property at 1111 Rusk St. in downtown Houston. The Los Angeles investment manager bought the loan from TPG Real Estate Finance Trust, which suffered a loss of $13.8 million from the transaction

    Written on Friday, 31 July 2020 15:49 Read more...
  • Monday, Goldman Venture Puts Up $102Mln to Extend Term of Office Loan

     

    A venture of Monday Properties and a Goldman Sachs fund that owns seven office properties with 2 million square feet in Arlington, Va., has ponied up roughly $102 million of fresh equity in order to qualify for a one-year extension of the portfolio's $752.6 million mortgage. A $426.6 million senior piece of that debt is securitized and the rest is held by Blackstone Mortgage Trust.

    Written on Friday, 31 July 2020 11:14 Read more...
  • Hudson Pacific Eyes $900Mln Loan for Calif. Production Studios, Offices

    Hudson Pacific Properties Inc. and Blackstone Property Partners, which are forming a venture to own a portfolio of three production studios and five adjacent office properties with 2.2 million square feet in Hollywood, Calif., will place $900 million of debt against the properties. The floating-rate loan likely would end up being securitized.

    Written on Thursday, 30 July 2020 16:40 Read more...
  • Watermark Lodging Gets Capital Infusion from Oaktree, Ascendant

    Watermark Lodging Trust Inc., which last month had warned about its ability to remain a "going concern," has raised $200 million from Oaktree Capital Management and Ascendant Capital Partners, allowing it to stabilize its balance sheet and possibly pursue opportunistic investments. Oaktree and Ascendant could invest up to another $250 million, giving Watermark a lifeline as most of its properties have had their cash flow trapped by lenders.

    Written on Wednesday, 29 July 2020 12:48 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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