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Wednesday, 03 June 2020

Trepp Integrates CompStak Leasing Data into Analytics Platform

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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.


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Additional Info

  • Syndicate to Realpoint: No
  • Subject: CMBS - non-deal specific (CMBS-G), Commercial MBS (CMBS), Research (RES)
  • Company: Trepp LLC
  • 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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