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

Properties

Properties (12584)

Properties category

1823 Hillandale Road

Monday, 18 May 2020 Written by

Croasdaile Commons

Tenants at the property, which was built in 2002, include Duke Urgent Care Croasdaile and Duke Triangle Heart Associates.

Commerce Plaza office campus is fully leased to tenants that include the County of Los Angeles, Waste Management and DaVita Medical Management.

Harvest Sherwood Food Distributors fully leases the property, which was built in stages between 1983 and 2004.

2912 Executive Parkway

Monday, 18 May 2020 Written by

Vibe Thanksgiving Point office building

7935 Zelma Fields Ave.

Monday, 18 May 2020 Written by

 Avalon Springs Apartments is 99 percent occupied.

The Louisville, Colo., investment manager, formerly known as H2 Capital, financed its purchase with a $14.3 million Freddie Mac loan with a 10-year term. The loan, originated by Newmark Knight Frank, requires only interest payments for the first five years, after which it amortizes, and pays a coupon of 3.14 percent.

1015 Essex St. SE

Monday, 18 May 2020 Written by

Classic City Apartments

909 Pine St.

Monday, 18 May 2020 Written by

One AT&T Center had been encumbered by a $107.1 million loan that was securitized through Bear Stearns Commercial Mortgage Securities Trust, 2007-TOP26, and was offered through Mission Capital Advisors, which conducted an online auction on the RealINSIGHT Marketplace platform. 

The offering marks the second time the property has been brought to market. It was offered nearly two years ago and received a $21 million offer from St. Louis developer Bob Clark. That was rejected, and special servicer C-III Asset Management then chose to try leasing up the property before offering it for sale again. The building was taken through a deed-in-lieu of foreclosure in August 2017, after its then sole tenant, AT&T, had vacated it. It had been owned by Highlands REIT Inc., which was spun off from the former Inland American Real Estate Trust.

In the meantime, the CMBS deal has been hammered as the AT&T loan was hit with a $107.1 million appraisal reduction amount, which allowed the loan's servicer to reduce the amount it was advancing against it. That's resulted in $10.7 million of appraisal subordinate entitlement reductions, or ASERs, that represent the difference between what had been advanced and what was advanced after the reduction. ASERs typically result in certain bondholders getting shorted their expected interest payments.

So, the CMBS deal has a $118.9 million exposure to the asset, meaning bondholders could see $100 million or more in losses from its resolution.

The BSCMS 2007-T26 transaction has absorbed $123.8 million of losses - not including the potential loss resulting from the One AT&T loan - which amounts to 5.9 percent of the deal's original $2.1 billion balance. It has also accumulated $17.3 million of interest shortfalls, which eat into the junior-AAA bond class. In fact, that class very well could see losses as only three bonds with a total balance of $73.7 million are junior to it. It has a balance of $160.6 million.

6001 East Tropical Parkway

Monday, 18 May 2020 Written by

Tropical Distribution Center 1 was developed last May as an Amazon.com fulfillment center.

The sale was financed with a loan from Goldman Sachs. Terms of the loan were not disclosed.

9401 Aston Gardens Court

Monday, 18 May 2020 Written by

Wells Fargo Bank provided $39 million of acquisition financing.

880 North Military Highway

Monday, 18 May 2020 Written by

Military Circle Mall. The property was the last remaining asset of GMAC Commercial Mortgage Securities Inc., 2004-C2.

As of last September, occupancy was 72 percent and net operating income in 2018 was $1.8 million. That's compared with $7.3 million in 2004.

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