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

Wednesday, 27 November 2019

Citibank, Wells Fargo Lend $97Mln for Grocery-Anchored Retail Portfolio

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Citibank and Wells Fargo Bank have provided $97 million of financing for the purchase, by a venture of Vastgood Properties and RW Partners of a portfolio of seven grocery-anchored retail properties with 548,482 square feet throughout the eastern half of Pennsylvania.

The 10-year loan, which will be securitized, requires only interest payments for the first five years, after which it amortizes on a 30-year schedule. It pays a coupon of 3.87 percent. It was arranged by Meridian Capital Group of New York.

The properties in the collateral portfolio, which was purchased in a deal valuing them at $127 million, previously were owned by a venture of Vastgood and a PGIM Real Estate fund, which had acquired them in 2012 from a venture led by Cedar...





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“The Weekly” is Commercial Real Estate Direct’s PDF newsletter, sent to subscribers every Friday morning. With over 100 news stories published on Commercial Real Estate Direct each week, “The Weekly” features the top stories in commercial real estate that industry participants need to know first. “The Weekly” also contains:

  • Breaking mortgage, CMBS, and REIT news

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Additional Info

  • Syndicate to Realpoint: No
  • States: Pennsylvania
  • Sector: Retail
  • Subject: Mortgages/Financing (MOR), Property Acquisitions (ACQ)
  • Company: Citigroup, Wells Fargo Bank
  • Valuation: Between $100 million and $150 million
  • Private: Yes
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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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