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

Friday, 19 May 2017

Sale of Debt Against Two Herald Square Results in $2.5Mln Loss to CMBS Trust

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SL Green Realty Corp.'s recent purchase of the $200 million CMBS loan that encumbered Two Herald Square in Manhattan resulted in a loss of $2.5 million to the CMBS trust, according to a recent TreppWire report.

That's after taking into account $3.2 million of fees.

As reported, the New York REIT bought $250 million of debt against the 354,298-square-foot mixed-use building. The debt consisted of the CMBS loan, which was securitized through Wachovia Bank Commercial Mortgage Trust, 2007-C32, and a $50 million subordinate note from DekaBank.

The CMBS loan had been transferred to special servicing in March due to imminent default. It matured last month.

Two Herald Square, at 1328 Broadway, is owned by Sitt Asset Management, which is close to striking a deal to sell a majority stake in the property to JEMB Realty.

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


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“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:

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Additional Info

  • Syndicate to Realpoint: No
  • Cities: New York City
  • States: New York
  • Sector: Office
  • Subject: Commercial MBS (CMBS), Loan Offerings (LOAN), Mortgages/Financing (MOR)
  • Company: Saul Centers, Inc.
  • Private: No
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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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