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

Wednesday, 03 June 2020

Trepp Integrates CompStak Leasing Data into Analytics Platform

Written by 
Rate this item
(0 votes)

Trepp LLC has integrated CompStak leasing and sales comp data into its analytics platform, allowing clients to review leases at properties underlying loans securing CMBS and collateralized loan obligations backed by commercial real estate.

CompStak compiles a variety of data and analysis on properties in markets across the country, while Trepp provides a number of analytics products covering the CMBS and broader commercial mortgage markets. Trepp also publishes Commercial Real Estate Direct.

Trepp and CompStak reviewed 126 loans with a balance of $41 billion in Trepp's database against Manhattan office properties to determine which would face a high risk of being refinanced, given existing lease terms and rents. They found four loans with a balance of $750 million that mature within two years that might be at higher risk of default because many existing leases are slated to roll within the next two years.

Trepp typically captures lease information on a collateral property's five largest tenants, as that information, dictated by the CRE Finance Council investor reporting package, is made available by deal issuers. The investor reporting package outlines data and information that issuers must include for loans securing a CMBS deal.

CompStak, meanwhile, is able to capture all leases at a given building. It tracks a variety of data points, including actual rent at the start of a lease, space leased, tenant improvements and lease maturities. Coupling that data to Trepp's property-level database would allow CMBS investors and other market participants to better identify previously hidden potential risks within transactions.

"The addition of CompStak data within the Trepp suite provides analyst-reviewed transaction details at a critical time in commercial real estate," explained Steve Baumgartner, chief innovation officer at Trepp.

Added Michael Mandel, co-founder and chief executive of CompStak: "Combining the strength of granular lease, sale and property data with critical loan information will provide unparalleled insight into the performance of securitized and non-securitized assets, particularly in our current economic environment."

Comments? E-mail Orest Mandzy, or call him at (267) 327-4281.



weekly-call-to-action

“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
  • Subject: CMBS - non-deal specific (CMBS-G), Commercial MBS (CMBS), Research (RES)
  • Company: Trepp LLC
  • Private: No
Read 1119 times

Data Digest

 

CMBS DELINQUENCY VOLUME

dqdataFP1

 

CMBS SPECIAL SERVICING VOLUME

sschartfp

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

 

cppichart FP

 

 

CMBS 2.0 Spreads

AAAspreads

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

 

 

 

REITCafe

  • Challenging Retail Environment Weights on REITs
    Mixed economic news is weighing on retail markets, pushing REIT performance down in 2015. This week, the National Retail Federation announced that back-to-school spending is expected to be down 9.3% in 2015. This news came on the heels of a report from the Commerce Department stating that retail sales declined 0.3%...
     
  • US REITs Feeling Effects from Turmoil in Greece and China
    International economic forces have taken center stage this week, affecting both US stock markets and REITs. The crash in the Chinese stock market and ongoing concerns about the future of Greece in the eurozone drove markets down during the first half of the week. REITs fared better than the overall market...

  • What Does Increased Construction Mean for Apartment REITs?
    REITs so far this year have raised $17.1 billion of capital through the sale of unsecured notes, bringing the total raised over the past two and a half years to just more than $75 billion. That’s more than they raised during the previous five years. The massive volume shouldn’t be a surprise as it comes while the yield from 10-year Treasury bonds, the benchmark...
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
warehouse-backstage