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

Tuesday, 15 August 2017

JRK Pays $60.7Mln for Residential Property in Marysville, Wash.

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JRK Property Holdings has paid $60.7 million, or $210,764/unit, for Carroll's Creek Landing, a 288-unit residential property in Marysville, Wash.

Gateway Trident LLC sold the property, which it had built in 2002, and was represented in the deal by Berkadia. Gateway Trident's partners include the United States Navy.

The property, at 18111 25th Ave. NE, had been backed by a $29 million loan that was securitized through GE Capital Commercial Mortgage Corp., 2002-3, but the debt was retired earlier this year. It generated $3.2 million in net cash flow last year.

JRK, a Los Angeles REIT, owns a portfolio of more than 32,000 apartment units in 20 states. It also owns five hotels with a combined 1,225 rooms. They are: the 287-unit Holiday Inn Express at 920 Broadway in Nashville, Tenn.; the 70-unit Oceana Beach Club at 849 Ocean Ave. in Santa Monica, Calif.; the 485-unit Sheraton Nashville Downtown at 623 Union St. in Nashville; the 194-unit Roger New York at 131 Madison Ave. in Manhattan, and the 189-unit Villa Florence in San Francisco.

In June, JRK raised $330 million of equity commitments for a fund targeting older apartment properties. The REIT plans on pursuing properties valued at between roughly $30 million to $60 million.

Comments? E-mail Tim Casey or call him at (267) 247-0112, Ext. 213.



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Additional Info

  • Syndicate to Realpoint: No
  • States: Washington
  • Sector: Multifamily
  • Subject: Property Acquisitions (ACQ)
  • Valuation: Between $50 million and $100 million
  • Private: No
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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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