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Tuesday, 26 March 2019

Tenant Departure Puts CMBS Loan Against Texas Offices at Risk

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Commercial Real Estate Direct Staff Report

American Airlines, the sole tenant at Royal Ridge - III, a 123,740-square-foot office building at 3939 John Carpenter Freeway in Irving, Texas, will be vacating the property at the end of the year.

The airline company is exercising a termination option that was part of its lease, according to a report yesterday on TreppWire. That will put pressure on a $48 million loan whose four-building collateral includes Royal Ridge - III. The loan is securitized through Morgan Stanley Capital I Inc., 2011-C3.

The four buildings that secure the loan have a total of 505,950 sf and were 91.2 percent occupied as of the end of last year, according to servicer notes compiled by Trepp LLC.

The complex is owned by Accesso Partners, which had acquired it in 2011 from Blackstone Group. Two years ago, the Hallandale Beach, Fla.,...


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Additional Info

  • Syndicate to Realpoint: No
  • States: Texas
  • Sector: Office
  • Subject: Commercial MBS (CMBS), Leases (LSE)
  • Deal Name: Morgan Stanley Capital I Trust, 2011-C3
  • Private: Yes
  • bloombergDealName: MSC 2011-C3
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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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