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Wednesday, 06 December 2017

Freddie Securitizes Loan Against Greystar-Owned Apartment Portfolio

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Commercial Real Estate Direct Staff Report

Freddie Mac has securitized the $1.8 billion of mortgage financing it had provided against a portfolio of apartment properties that a Greystar Real Estate Partners fund assumed through its acquisition of Monogram Residential Trust.

As reported, Walker & Dunlop had originated the financing, its largest financing package ever. It facilitated the fund's $4.4 billion purchase of Monogram, the former Behringer Harvard Multifamily REIT. The fund, Greystar Growth & Income Fund, is capitalized by GIC, Singapore's sovereign wealth fund, and investment managers APG Asset Management of the Netherlands and Ivanhoe Cambridge of Canada.

The financing is comprised of 22 floating-rate loans totaling $1.1 billion, with terms of seven and 10 years, and 12 carry fixed rates, all of which have 10-year terms, with a balance of $715 million. All of the loans require only interest payments for their full terms. Their collateral properties have a total of 8,538...





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Additional Info

  • Syndicate to Realpoint: No
  • Subject: Commercial MBS (CMBS), Mortgages/Financing (MOR)
  • Company: Freddie Mac
  • 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 - 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

 

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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