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

Thursday, 03 January 2013

Manhattan Apartments Get $28Mln Loan

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Commercial Real Estate Direct Staff Report

Astoria Federal Savings and Loan Association has provided a $28 million loan against the Tribeca Abbey, a 123-unit apartment building at 121 Reade St. in Manhattan.

The property owner, an affiliate of Abington Properties, a New York real estate management company, used the 10-year debt to retire a loan with a $12.4 million balance that was securitized through Salomon Brothers Mortgage Securities VII, 2001-MM.

The CMBS debt had a coupon of 6.61 percent and was scheduled to mature June 2013. Abington Properties has made a prepayment penalty of $403,187.

The 12-story building was constructed in 1997 between Chambers and Hudson streets. It generated $3.5 million of net cash flow in 2011, according to servicer data compiled by Morningstar Credit Ratings.

The building's units have up to three bedrooms each. It includes a courtyard and laundry room.

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



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Additional Info

  • Syndicate to Realpoint: No
  • Cities: New York City
  • States: New York
  • Sector: Multifamily
  • Subject: Mortgages/Financing (MOR)
  • Valuation: Between $25 million and $50 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
Private-Label CMBS - 9Mos2014
Inv Bank #Deals Bal $mln MktShr%
Deutsche Bank 26.0 19,675.34 29.5
JPMorgan 12.1 8,678.41 13.0
Wells Fargo 15.1 8,504.57 12.8
Goldman Sachs 7.0 5,740.15 8.6
Citigroup 9.3 5,337.91 8.0

 

 

MOODY'S/RCA CPPI

 

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Top Loan Contributors
Private-Label CMBS 9Mos2014
Lender Vol $mln MktShr%
Deutsche Bank 11,647.54 17.75
JPMorgan 7,496.78 11.42
Wells Fargo 4,540.31 6.92
CCRE 4,474.33 6.82
Morgan Stanley 4,312.62 6.57

 

 

 

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