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

Friday, 28 December 2018

CMBS Loan Against GSA-Leased Portfolio Again Lands In Special Servicing, But Full Payoff Expected

The $91.9 million CMBS loan against a portfolio of office buildings leased to various federal agencies once again has transferred to special servicer C-III Asset Management. It's the fourth time the loan has been transferred, with the last being in 2016. That resulted in the loan, then with a balance of $259 million, being split into a $225 million A-note and $34 million B-note.

Commercial Real Estate Direct Staff Report

The $91.9 million CMBS loan against a portfolio of office buildings leased to various federal agencies has once again transferred to special servicer C-III Asset Management. But the loan is expected to be resolved through a full payoff.

The transfer, highlighted this morning in a TreppWire report, marks the fourth time the loan, which is securitized through JPMorgan Chase Commercial Mortgage Securities Trust, 2007-LDP11, has been in special servicing. It last transferred in 2016. That resulted in the loan, then with a balance of $259 million, being split into a $225 million A-note and $34 million B-note.

In addition, its term was extended through May 2020. It originally had matured in 2012, but was extended at least once before.

The loan originally had a balance of $284 million and was backed by nine office buildings with 1.1 million square feet. The A-note's balance is now $57.9 million.

But it has been paid down, partly with proceeds from the sale of certain collateral properties. Those sales included a sizable deal with Easterly Government Properties Inc.,...





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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

 

 

 

REITCafe

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