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

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  • 2012 CMBS Conduit Deal Faces Tough Times as Mall Loans Take Hits

    WFRBS Commercial Mortgage Trust, 2012-C7, a $929.5 million conduit deal issued just seven years ago, could be heading into stormy waters. Its collateral pool has a 58.5 percent exposure to the retail sector and three of its largest loans are backed by regional malls that Morningstar Credit Ratings has flagged on its watchlist.

    Written on Thursday, 05 December 2019 16:57 Read more...
  • Conn. Asset Manager Launches Publicly Funded Opportunity Zone REIT

    Belpointe Cos., a Greenwich, Conn., family office that earlier this year launched a REIT that would invest in properties in opportunity zones, so far has raised $13.4 million for the vehicle, Belpointe REIT Inc., which has a $50 million equity target. The company would be the first publicly registered vehicle, funded by retail investors, that's investing in opportunity zone properties.

    Written on Wednesday, 04 December 2019 15:53 Read more...
  • Barclays, Citi, Aimco Lend $1.78Bln Against San Francisco's Parkmerced

    Barclays Capital, Citibank and an affiliate of Apartment Investment and Management Co. have provided $1.78 billion of financing for the massive Parkmerced apartment complex in San Francisco. The financing would allow the 3,221-unit property to refinance $1.55 billion of debt, including a $450 million CMBS loan that was set to mature this month.

    Written on Tuesday, 03 December 2019 18:17 Read more...
  • CMBS Trust Seen Taking Okla. Student-Housing Property

    The student-housing property that backs a $37.7 million loan that's in special servicing has been appraised at a value of $36.3 million, which could spell losses for the CMBS trust that holds it. The property, some three miles from Oklahoma State University's main campus in Stillwater, Okla., is one of at least five owned by Aspen Heights Management, whose CMBS loans either are in special servicing or could soon transfer.

    Written on Monday, 02 December 2019 11:17 Read more...
  • Libor Floors Show Value as Benchmark Rate Continues Decline

    Libor floors lately have proven to be godsends for alternative lenders, providing them with downside protection as the benchmark one-month Libor rate has declined steadily since the end of last year. The rate, which had peaked at 2.52 percent at the end of last year, has steadily dropped and this week was 1.72 percent.

    Written on Wednesday, 27 November 2019 13:04 Read more...
  • Kite Realty Refocusing Portfolio; Sells $502Mln of Non-Core Properties This Year

    Kite Realty Group Trust has sold 20 shopping centers with about 2.8 million square feet so far this year for $502 million as it repositions its portfolio to focus on markets in the Southern and Western U.S., where it expects populations to grow in the coming years.

    Written on Tuesday, 26 November 2019 13:41 Read more...
  • Net-Lease Investments on Record Pace for 2019

    Net-lease investments saw a 30.2 percent increase to $20.9 billion in the third quarter when compared to last year, according to CBRE. Year-to-date volume, meanwhile, is up 24 percent from last year's pace, to $55.2 billion. Transaction activity indicates that full-year volume will top last year's $69.6 billion of volume.

    Written on Monday, 25 November 2019 16:44 Read more...
  • JPMorgan Seen Lending $430Mln Against Philly's Centre Square

    JPMorgan Chase Bank is said to be close to providing up to $430 million of mortgage financing against the 1.8 million-square-foot Centre Square office property at 1500 Market St. in Philadelphia. The loan would take out roughly $300 million of financing against the two-building property, including a $240 million CMBS loan that's been in special servicing since July.

    Written on Friday, 22 November 2019 16:04 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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