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

Tuesday, 05 November 2013

Wells Fargo Lends $85Mln Against Manhattan's 529 Fifth Ave.

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Wells Fargo Bank has provided an $85 million loan against 529 Fifth Ave., a 282,696-square-foot office building in Manhattan.

The seven-year loan was arranged by Cushman & Wakefield and was used to refinance $65 million of debt that was securitized through Morgan Stanley Capital I Trust, 2007-HQ12. It wasn't coming due until January 2014, but was open to prepay without penalty early last month.

The 19-story building, between East 43rd and East 44th streets, generated $5.8 million of net cash flow last year, according to servicer information provided by Morningstar Credit Ratings.

The 59-year-old property was 93 percent leased at the end of June by office tenants that include Citrin Cooperman & Co., which has 91,972 sf through September 2021, and Eze Castel Integration Inc., which has 34,982 sf through November 2017. Best Buy occupies 529 Fifth’s 28,840-sf retail component.

A venture of Silverstein Properties Inc. and Loeb Partners Realty, both of New York, owns the building.

Comments? E-mail Josh Mrozinski or call him at (267) 247-0112, Ext. 213.



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Additional Info

  • Syndicate to Realpoint: No
  • Cities: New York City
  • States: New York
  • Sector: Office
  • Subject: Mortgages/Financing (MOR)
  • Company: Winston Hotels
  • Valuation: Between $50 million and $100 million
  • Private: No
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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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