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Friday, 01 June 2018

Freddie Mac Lends $35.8Mln Against Phila. Student Housing; CMBS Loan Unscathed

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Commercial Real Estate Direct Staff Report

Freddie Mac had provided $35.8 million of financing against the Edge at Avenue North, a 602-unit student-housing property near the main campus of Temple University in Philadelphia, allowing the property's modified CMBS loan to be retired.

The Freddie loan, arranged by Grandbridge Real Estate Capital, has a 10-year term, and pays a floating coupon. It requires only interest payments for a period, then amortizes on a 30-year schedule.

It was used to retire what originally was a $60.8 million mortgage that was securitized through Credit Suisse Commercial Mortgage Trust, 2006-C4. The loan, which had amortized to $51.9 million as of January 2017, two years ago got into trouble, as it was maturing and its collateral, which has 1,067 beds, wasn't generating the cash flow needed for a like-sized replacement loan. The property, at 1401 West Oxford St., also had been encumbered by a $15 million mezzanine loan that presumably...


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Additional Info

  • Syndicate to Realpoint: No
  • Cities: Philadelphia
  • States: Pennsylvania
  • Sector: Multifamily
  • Subject: Commercial MBS (CMBS), Mortgages/Financing (MOR)
  • Deal Name: Credit Suisse Comm Mtg Trust 2006-C4
  • Company: Freddie Mac
  • Private: Yes
  • bloombergDealName: CSMC 2006-C4
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Data Digest







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




cppichart FP



CMBS 2.0 Spreads


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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