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

Recent Headlines

Top News

  • Fannie Mae Transfers Risk from Multifamily Loans

    Fannie Mae has transferred much of the risk it held against a portfolio of $10.9 billion of multifamily mortgages through a structured transaction with nine re-insurance companies. The deal was the fourth by the housing-finance agency since it started offloading the risk it held in its multifamily loans in 2016, but it marks the first time it did so in a structured transaction.

    Written on Tuesday, 18 December 2018 17:28 Read more...
  • Trouble Brews for $62Mln CMBS Loan Against 5-Year-Old Retail Center in Mississippi

    A $62 million CMBS loan that was written four years ago against a then-newly built outlet shopping center near Jackson, Miss., has transferred to special servicer LNR Partners because it's expected to default. The property, Outlets of Mississippi, has seen occupancy and cash flow decline as tenants have departed, some as a result of their bankruptcy.

    Written on Monday, 17 December 2018 13:36 Read more...
  • CrossHarbor Capital Raises $400Mln for Debt-Investment Fund

    CrossHarbor Capital Partners has raised $400 million for its debut debt-investment fund, which is anchored by the California State Teachers' Retirement System. The Boston investment manager's loan origination team is led by Richard Flohr, who joined earlier this year from PGIM Real Estate Finance.

    Written on Friday, 14 December 2018 16:19 Read more...
  • Private-Label CMBS Issuance Likely to Fall 11 Percent From 2017's Volume; 2019 Seen Weaker

    Private-label CMBS issuance is poised to reach $76.6 billion this year, which would leave it just more than 11 percent shy of the $86.4 billion issued last year. Expectations for next year are that issuance will drop again. And by as much as 10 percent. Conduit issuance is widely seen declining. CLO issuance, meanwhile, is expected to increase again, thanks to healthy investor demand.

    Written on Thursday, 13 December 2018 13:50 Read more...
  • Hines Raises $72Mln for Lending Investment Fund

    Hines has raised $72 million of a planned $200 million for an investment vehicle that funds short-term loans against commercial properties. The Houston developer, which also sponsors a number of non-traded REITs, is raising capital for the vehicle, Hines Realty Income Fund, through a private offering to accredited investors.

    Written on Wednesday, 12 December 2018 17:27 Read more...
  • Woodbine Raises Fund to Pursue Full-Service, Upscale Select-Service Hotels in Major Markets

    Woodbine Development Corp. is on its way to raising $250 million of equity for its first investment fund, targeting full-service and upscale select-service hotels in major U.S. markets. So far, the Dallas company has raised $200 million through Woodbine Legacy Investments, exceeding the $85 million initial target when the fund launched last year.

    Written on Tuesday, 11 December 2018 16:23 Read more...
  • CMBS Conduit Spreads Widen Amid Volatility, Weak Demand

    Spreads on new-issue CMBS conduit deals blew out last week as volatility, weak demand and a relatively healthy issuance pipeline took their toll. Wells Fargo Commercial Mortgage Trust, 2018-C48, an $833.93 million deal that priced Friday, took it on the chin, as its benchmark bond class priced at a spread of 105 basis points more than swaps.

    Written on Monday, 10 December 2018 16:31 Read more...
  • New York-Centric Non-Traded REIT Eyes Liquidation

    American Realty Capital New York City REIT Inc., a non-traded REIT that was launched roughly five years ago, is gearing up for its liquidity event. That could entail a sale of its assets - six properties in Manhattan - a merger with another company, or a listing of its shares. The company's portfolio includes the office buildings at 1140 Ave. of the Americas, 123 William St. and 9 Times Square.

    Written on Friday, 07 December 2018 15:00 Read more...
  • Alternative Lender Eyes Expansion with Sale of Stake to Private-Equity Firm

    Romspen Investment Corp., among the largest non-bank commercial mortgage lenders in Canada, has sold a minority stake in itself to TIG Advisors, a New York private-equity firm, giving it the ability to further expand its lending activity. The company operates a $2.4 billion mortgage-lending fund that has a 42 percent exposure to the U.S., up from 41 percent a year ago.

    Written on Thursday, 06 December 2018 16:11 Read more...
  • Former DDR Corp. Sells 80 Percent Stake in 10 Retail Properties to Chinese Investors

     

    Site Centers Corp., the former DDR Corp., has sold an 80 percent equity stake in a portfolio of 10 of its retail properties with 4.1 million square feet to two Chinese institutional investors in a deal valuing the properties at $607 million. The venture, Dividend Trust Portfolio, has lined up a $364.3 million mortgage from Credit Suisse that is in the process of being securitized.

    Written on Wednesday, 05 December 2018 16:06 Read more...

Data Digest

 

CMBS DELINQUENCY VOLUME

dqdataFP1

 

CMBS SPECIAL SERVICING VOLUME

sschartfp

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

 

cppichart FP

 

 

CMBS 2.0 Spreads

AAAspreads

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

 

 

Receive daily updates on major news, trends and events occurring in the CRE market nationwide.


 

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
warehouse-backstage