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

Properties

Properties (12584)

Properties category

One Bridge Plaza

Friday, 01 May 2020 Written by

One Bridge Plaza office building is 69 percent leased.

Fully leased to Puma through 2033.

The building also has 138,563 sf of office space that's fully leased to WeWork. 

9450 West Cabela Drive

Friday, 01 May 2020 Written by

Metro at Zanjero apartments 

The sale was financed with a $49.9 million loan from Prime Finance Partners of Chicago.

215 William Penn Plaza

Tuesday, 28 April 2020 Written by

Independence Park apartment complex is 96 percent occupied.

Magma financed its purchase of Independence Park with a $37 million Freddie Mac loan written by Greystone. The 10-year loan pays a floating coupon.

4711, 4715 and 4719 Viewridge Ave.

Tuesday, 28 April 2020 Written by

Viewridge Business Park is 93 percent leased to tenants in the medical, financial and technology sectors.

The sale to Dollinger was financed with a loan provided by Wells Fargo Bank, according to San Diego County records. Details about the loan were not available.

MIG used proceeds from the sale to pay off a 2017 loan provided by Bank of America, a portion of which was used to fund $2.5 million of capital improvements to the property.

7100 Ducketts Lane

Tuesday, 28 April 2020 Written by

Point at Elkridge apartment property, which has been renamed Village at Elkridge.

The deal was financed with a $55 million Fannie Mae loan arranged by CBRE. 

The property previously had served as collateral for $49.4 million of Freddie Mac debt that was securitized through FREMF, 2018-KL29. That loan wasn't set to mature until the end of 2027 and was subject to a 1 percent prepayment penalty.

2829 University Ave.

Tuesday, 28 April 2020 Written by

University Park Plaza

The deal also includes a 350-stall parking garage that sits a block away at 2721 Fourth St. SE.

A mix of tenants occupy the property, but the university plans to use it for its staff once those leases expire.

3120 East Mission Blvd.

Tuesday, 28 April 2020 Written by

4275 and 4283 El Cajon Blvd.

Tuesday, 28 April 2020 Written by

The San Diego State University Research Foundation will fully occupy on a five-year lease. The deal also includes a four-story parking garage with 149 stalls.

 

2551 and 2650 North Downer Ave.

Tuesday, 28 April 2020 Written by

Downer Avenue Retail Collection, constructed between 1912 and 1916 and renovated in 2006, was 95 percent occupied late last year. Tenants include Pizza Man, Henry's Tavern, Boswell Book Co., Landmark Theatre and Stone Creek Coffee.

The CMBS trust had held an $11 million loan against the property. The loan had been with special servicer C-III Asset Management since 2013, as the property then wasn't generating enough cash flow to service its indebtedness.  

The property took a beating following the Global Financial Crisis, with occupancy falling to 72 percent in late 2008 from 94 percent the previous year. By late 2018, occupancy was only 63 percent, according to servicer data compiled by Trepp LLC.

C-III was able to get a receiver installed in late 2014 and took the property through a foreclosure in August 2015. It had made efforts to sell the property, after signing a number of leases, in 2017, but those efforts were stymied by a lawsuit filed by the former ownership group alleging that the two buildings were poorly maintained while in receivership.

Because the loan - and property - were in special servicing for so long, the sale to Bridge33 resulted in a total of $5.1 million of liquidation costs. So, the sale generated a $2.9 million loss to the CSMC 2006-C4 transaction, which has suffered $464.5 million of losses, or 10.9 percent of its original $4.3 billion balance. The transaction, which has a 1 percent cleanup provision, has seven loans with a combined $10.8 million balance left in its collateral pool. Five are fully amortizing and all are current with their payments.

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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