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

Monday, 20 March 2017

Cleveland Retail Center Sees Sharp Drop in Cash Flow as Loan Maturity Nears

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Commercial Real Estate Direct Staff Report

The $38.1 million CMBS loan against the Steelyard Commons shopping center in Cleveland could very well be challenged to get refinanced when it matures in just more than a year.

The loan, securitized through JPMBB Commercial Mortgage Securities Trust, 2013-C12, has never missed a scheduled payment, even though its collateral last year generated cash flow that was just two thirds the amount needed to fully service the loan. That cash flow shortfall was highlighted this afternoon by Wells Fargo Securities, whose CMBS research analysts highlighted the loan as a credit concern.

Its collateral, with 264,848 square feet at 3506 Steelyard Drive, is owned by First Interstate Properties, a Lyndhurst, Ohio, developer that built the property in 2007 at a cost of $95.5 million on the...





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“The Weekly”

“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
  • Cities: Cleveland
  • States: Ohio
  • Sector: Retail
  • Subject: Commercial MBS (CMBS), Mortgages/Financing (MOR)
  • Deal Name: JPMBB Commercial Mortgage Trust, 2013-C12
  • Private: Yes
  • bloombergDealName: JPMBB 2013-C12
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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 - 2016
Investment Bank #Deals Vol$mln MktShr%
JPMorgan Securities 14.94 10,350.16 15.14
Deutsche Bank 14.21 9,926.60 14.52
Wells Fargo Securities 13.36 9,513.96 13.92
Citigroup 10.87 8,061.79 11.80
Goldman Sachs 10.05 7,563.72 11.07

 

MOODY'S/RCA CPPI

 

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CMBS 2.0 Spreads

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Top CMBS Loan Contributors - 2016
Lender #Loans Vol$mln MktShr%
JPMorgan Chase Bank 133.67 8,670.33 13.34
Goldman Sachs 156.20 7,418.37 11.41
Deutsche Bank 178.17 6,510.75 10.02
Citigroup 184.41 5,512.20 8.48
Morgan Stanley 113.18 4,130.53 6.35

 

 

 

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