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

Wednesday, 13 September 2017

Starwood, Morrison Street Lend $42Mln for Pittsburgh Office

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Commercial Real Estate Direct Staff Report

Starwood Mortgage Capital and Morrison Street Capital have provided a total of $42 million of financing against the Grant Building, a 461,007-square-foot office property in downtown Pittsburgh.

The financing is comprised of a $38 million senior loan that Starwood funded and a $4 million mezzanine loan from Morrison Street, a Portland, Ore., investment manager that earlier this year completed capital-raising for its Morrison Street Debt Opportunities Fund, after having raised $200 million of equity commitments.

The fund writes mezzanine loans and B notes, and makes preferred-equity investments of $2 million to $10 million against properties in the country's top 100 markets.

The financing package was arranged by HFF's Pittsburgh office. It allowed the property's owner, McKnight Realty Partners, to retire a $32.25 million loan that Nationwide Real Estate Investments had provided six years ago. That loan, which also was arranged by HFF, paid a...





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Additional Info

  • Syndicate to Realpoint: No
  • Cities: Pittsburgh
  • States: Pennsylvania
  • Sector: Office
  • Subject: Mortgages/Financing (MOR)
  • Company: Starwood Capital
  • Valuation: Between $25 million and $50 million
  • 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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