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Monday, 22 July 2019

a pair of apartment properties with 227 units in the Washington, D.C., area

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Sanford Capital previously had owned the properties, but were being operated by a receiver, E&G Group, which was installed on behalf of the two CMBS trusts that had held a total of $18.9 million of financing against them.

Greysteel arranged the sale on E&G's behalf.

The Elsinore property had backed a $12.2 million loan that was securitized through WFRBS Commercial Mortgage Trust, 2014-C25. Servicer notes compiled by Trepp LLC indicate that the property sold for $14.1 million, generating a loss of $672,680 to the trust. The loan had suffered as collateral cash flow had plunged and a number of tenants stopped paying rent. As eviction efforts got underway, occupancy declined, impacting cash flow. Many of the units at the property receive rental subsidies from the Washington Housing Choice Voucher program.

The Fitch property, meanwhile, had backed a $6.7 million loan that was securitized through WFRBS 2014-C21. It sold for $6.5 million, resulting in a $1.6 million loss to the trust, after liquidation expenses. It too suffered as tenants became delinquent with their rents.


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Additional Info

  • Type: APT
  • Price: 21750000
  • Size: 227
  • Unit Price (in USD): $95,815/unit
  • Buyer: Solid Properties
  • Broker: [{"name":null,"value":"","target":null}]
  • Cap: [{"name":null,"value":"","target":null}]
  • Status: [{"name":"","value":1,"target":null},{"name":"SOLD","value":2,"target":null},{"name":"PENDING","value":3,"target":null}]
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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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