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

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  • Credit Suisse, JPMorgan, Morgan Stanley Lend $900Mln for Retail Value Portfolio

    The three lenders have provided financing against Retail Value Inc.'s remaining portfolio of 38 retail properties with 14 million square feet in the United States and Puerto Rico. The loan, which pays a coupon pegged to Libor plus 250 basis points, was used to retire a mortgage that was written only last year and paid a rate of Libor plus 315 bps.

    Written on Monday, 18 March 2019 11:13 Read more...
  • Pebblebrook Could Sell Up to $900Mln of Hotels in Next 18 Months

    The Bethesda, Md., company, which started paring its portfolio following its purchase of LaSalle Hotel Properties, plans to continue selling select properties in order to reduce its indebtedness and improve the quality and diversity of its remaining portfolio. So far, it has sold $1.1 billion of properties and could sell up to another $900 million in the coming year and a half.

    Written on Friday, 15 March 2019 17:07 Read more...
  • Morgan Properties Pays $890.5Mln for 10 Pa., Va. Apartments; Becomes Top Dog in Pa.

    Morgan Properties has paid $890.5 million for 10 apartment properties with 4,130 units in the Philadelphia and northern Virginia suburbs of Washington, D.C. The properties were purchased from Lone Star Funds. The Pennsylvania properties increased the company's portfolio in the state to 9,300 units, making it the commonwealth's big kahuna.

    Written on Thursday, 14 March 2019 15:16 Read more...
  • KKR Launches Follow-Up Fund to Pursue CMBS B-Pieces

    KKR & Co. has started raising its second CMBS B-piece investing vehicle. The fund, KKR Real Estate Credit Opportunity Partners II LP, would be a follow-up to Partners I, through which the New York REIT had raised $1.1 billion of equity commitments in 2017. That fund likely is reaching its capacity.

    Written on Wednesday, 13 March 2019 17:16 Read more...
  • UBS Lends $240Mln Against Colonnade Office Complex Near Dallas

    UBS has provided $240 million of financing against the 1.1 million-square-foot Colonnade office complex in the Dallas suburb of Addison, Texas. A $63 million subordinate piece of the financing was syndicated to EverWest Real Estate Investors. The debt allowed for the defeasance of a $152.4 million CMBS loan that was securitized six years ago.

     

    Written on Tuesday, 12 March 2019 16:30 Read more...
  • Special Servicer Selling Troubled CMBS Loan; Comes Under Fire from Controlling-Class Holder

    Midland Loan Services has agreed to sell the A1 piece of a distressed $107.8 million CMBS loan against a northern California office property. But evidently it didn't widely market the note, nor did it determine its fair value. That prompted the holder of the controlling class from one of the deals to object, arguing that the sale could result in an outsized loss to the trust holding the loan's A2 piece.

     

    Written on Monday, 11 March 2019 10:31 Read more...
  • Apartment Specialist Electra America Nears Finish Line for Second Fund, Aims for Third

    Electra America is close to raising a total of $400 million of equity commitments for its second apartment-investment fund and already has set its sights on a follow-up vehicle through which it would like to raise 50 percent more. The Tampa, Fla., company pursues value-add properties in the Southeastern United States and Texas.

    Written on Friday, 08 March 2019 11:52 Read more...
  • Broadshore Capital Sees Up to $500Mln of Investments This Year; Has Eyes for Seniors

    Broadshore Capital Partners, the former Lowe Enterprises Investors, expects to make between $300 million and $500 million of investments this year. The investment manager, with $2 billion of assets under management, expects to favor properties in the seniors-housing sector, which will benefit from favorable demographics.

    Written on Thursday, 07 March 2019 16:18 Read more...
  • UC Funds Aims for Doubling of Bridge Lending Volume This Year

    UC Funds, an alternative lender that in 2017 had launched a program through which it funds bridge loans against properties undergoing light transitions, is looking to double that program's volume this year to $1 billion. The program's volume was comprised overwhelmingly of loans against apartment properties.

    Written on Wednesday, 06 March 2019 16:36 Read more...
  • Somera Road Keeps Chasing Opportunities as Defaults in CMBS Dwindle

    Somera Road Inc., a New York investor widely known for buying distressed loans, particularly from CMBS deals, has diversified its business substantially. While it's still highly opportunistic, it no longer relies solely on the CMBS market for its business leads.

    Written on Tuesday, 05 March 2019 16:37 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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