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Friday, 04 January 2019

Drop in Enrollment at Ole Miss Impacts CMBS Loan Against Student Housing

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Commercial Real Estate Direct Staff Report

The $38.2 million CMBS loan against the Highland Square student-housing property outside of the University of Mississippi in Oxford, Miss., has transferred to special servicer Rialto Capital Advisors as it's expected to default.

The loan is securitized through Citigroup Commercial Mortgage Trust, 2015-GC27. Its transfer was highlighted this morning by Kroll Bond Rating Agency.

The property, constructed in 2008, is owned by a venture of PPG Manhattan Student RE LLC and H. Katz Capital Group, which used the CMBS loan to buy the property in 2015 for $49 million. At the time, it was roughly 95 percent occupied and had generated $2.8 million of net cash flow.

The complex, a string of flats, townhomes and cottage houses with up to six bedrooms each, along Grove Hill Drive and Olive Branch Way, roughly 1.5 miles from the Ole Miss campus,...





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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

  • Quarterly league tables with rankings of B-piece buyers, book runners, and lenders

  • Industry moves and changes in “The Insider“

Additional Info

  • Syndicate to Realpoint: No
  • Cities: Jackson
  • States: Mississippi
  • Sector: Multifamily
  • Subject: Commercial MBS (CMBS)
  • 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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