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Wednesday, 14 August 2019

CMBS Loan Against Crimson Tide Student-Housing Property Goes to Special Servicer

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Commercial Real Estate Direct Staff Report

The $39.9 million CMBS loan against the 456-unit University Village student-housing property near the campus of the University of Alabama in Tuscaloosa, Ala., has transferred to special servicer Midland Loan Services because it's expected to default.

The loan is securitized through COMM, 2014-UBS6. Its collateral, which is owned by an affiliate of Campus Evolution, was only 63 percent occupied as of the end of March, according to servicer data compiled by Trepp LLC. That was down from its 80 percent occupancy level for all of last year, when the property generated $2.6 million of net cash flow, which was 43 percent more than was needed to fully service the interest-only loan.

Current cash flow remains well above the break-even point. But the loan, which pays...





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Additional Info

  • Syndicate to Realpoint: No
  • Cities: Tuscaloosa
  • States: Alabama
  • Sector: Multifamily
  • Subject: Commercial MBS (CMBS), Mortgages/Financing (MOR)
  • Deal Name: COMM, 2014-UBS6
  • Valuation: Between $25 million and $50 million
  • Private: Yes
  • bloombergDealName: COMM 2014-UBS6
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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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