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

Thursday, 20 February 2020

TPG Real Estate Pulls Back from Multifamily Sector, Increases Exposure to Office

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Commercial Real Estate Direct Staff Report

TPG Real Estate Finance Trust Inc. reduced its exposure to the apartment sector by 20 percent. Loans backed by those properties now account for 19.6 percent of its portfolio, down from 25 percent a year ago.

The reason debt yields are on the decline: newly constructed properties are taking longer to lease up and rents in some areas are declining as a result of an abundance of new supply.

At the same time, the mortgage REIT, sponsored by TPG Capital of Fort Worth, Texas, increased its exposure to the office sector, which now accounts for 52 percent of its portfolio, up from 39 percent a year ago, as certain...





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“The Weekly”

“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:

  • Breaking mortgage, CMBS, and REIT news

  • Quarterly league tables with rankings of B-piece buyers, book runners, and lenders

  • Industry moves and changes in “The Insider“

Additional Info

  • Syndicate to Realpoint: No
  • Sector: Multifamily, Office
  • Subject: Institutional Investment (INS)
  • 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 - 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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shouldn’t be a surprise as it comes while the yield from 10-year Treasury bonds, the benchmark against which most REIT’s price their bonds
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