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

Friday, 29 August 2014

CIBC has provided $108 million of floating-rate financing against 1333 H St. NW, a 269,151-square-foot office property in the East End submarket of Washington, D.C., that recently was acquired by a venture of MRP Realty and Rockpoint Group for $127.2 million. The property previously was owned by Miller Global Properties.

Thursday, 28 August 2014

A tenant-in-common group, facing the pending maturity of a $42.2 million mortgage against NetPark, a 929,023-square-foot office property in Tampa, Fla., managed to line up a $47.4 million loan from UBS, which securitized it in a recent transaction. The mortgage is among the first against a property owned by a TIC group to be securitized since the capital-markets collapse in 2008.

AEW Offers Atlanta Office Property for Sale

Wednesday, 27 August 2014

The Boston investment manager is offering for sale 1155 Perimeter Center West, a 376,694-square-foot office property in Atlanta's central perimeter submarket. The 12-story building could sell for $83 million, or about $220/sf.

TIAA-CREF Lends $172.1Mln Against Boston Office Building

Tuesday, 26 August 2014

TIAA-CREF has provided $172.1 million of mortgage financing against One Marina Park Drive, a 525,000-square-foot office building in Boston that was developed in 2010 by a venture of Fallon Co. and MassMutual Financial Group. The TIAA loan retires construction financing that was originated by Anglo Irish Bank in 2008.

Monday, 25 August 2014

A venture led by Winthrop Realty Trust has hired JLL to market for sale a 502,000-square-foot office building at 1515 Market St. in downtown Philadelphia. In a regulatory filing, the Boston company said the property was worth between $72 million and $77.4 million. The property is on track to generate $5.4 million of net operating income this year.

AMLI to Sell Suburban Atlanta Apartment Property for $95Mln

Friday, 22 August 2014

AMLI Residential has struck a deal to sell the 696-unit AMLI at McGinnis Ferry apartment property in the Atlanta suburb of Suwanee, Ga., for roughly $95 million, or $136,494/unit. The property, at 4021 McGinnis Ferry Road, is being offered through JLL. The identity of the proposed buyer couldn't immediately be learned.

Investment Manager Taps Crowdfunding Market to Raise Equity for Fund

Friday, 22 August 2014

American Colonial Capital is looking to raise $50 million of equity, with roughly a quarter of that coming through the crowdfunding market, for a fund that will invest primarily in select-service hotels. The Palm Desert, Calif., investment manager so far has raised $10 million, but none of that has come through crowdfunding.

Terra Capital Raises $120Mln for Debt Fund

Thursday, 21 August 2014

Terra Capital Partners has raised $120 million of a targeted $160 million for its latest fund, which will provide mezzanine financing and B-notes against commercial properties as well as make preferred-equity investments. The vehicle, Terra Secured Income Fund 5, succeeds a $100 million fund that was launched in 2011. It's been totally invested.

Wednesday, 20 August 2014

A venture led by the Daniel Corp. has struck a deal to sell the 330-unit apartment building at 77 12th St. in midtown Atlanta for $121 million to John Joyce, a Massachusetts investor. Daniel, which developed the property with partners Northwestern Mutual Life Insurance Co. and Selig Enterprises Inc., is being represented by Engler Financial Group.

Blackstone Pays $800Mln for Hotel Portfolio, Lines up $675Mln of Debt

Tuesday, 19 August 2014

The New York investment manager has paid $800 million, or roughly $135,410/room, for a portfolio of 47 extended-stay hotels with 5,908 rooms scattered across 18 states in major metropolitan markets. It funded the purchase with $675 million of financing that was provided by JPMorgan Chase Bank and Deutsche Bank. The floating-rate debt likely will be securitized.

Developer Eyes $400Mln-Plus of Deals via Partnerships

Monday, 18 August 2014

CapRock Partners is looking to make at least $400 million of investments on behalf of its two latest funds, which will have $28.5 million of equity. The Irvine, Calif., developer and investment manager leverages its cash by joint venturing with larger institutional investors that provide between 90 and 95 percent of the equity required for the deals. The firepower is boosted further by the debt financing the ventures take out on their properties.

Nomura Finds $500Mln of CMBS Conduit Loans Subject to Rep, Warranty Claims

Friday, 15 August 2014

Nomura Securities has found 16 CMBS conduit loans with a combined balance of $500 million that are subject to claims that their representations and warranties were breached. Such claims could provide an eventual bonus to bondholders, but they often take time, sometimes years, to resolve.

Friday, 15 August 2014

Deutsche Bank has provided a $170 million construction loan against the 115-year-old Old Post Office Pavilion building in Washington, D.C., that a venture of the Trump Organization and Colony Capital is converting into an upscale 270-room hotel. The property will be known as Trump International Hotel.

Northwestern Lends $170Mln Against Washington, D.C., Office Building

Thursday, 14 August 2014

Northwestern Mutual Life Insurance Co. has provided $170 million of mortgage financing against 888 First St. NE, a 503,997-square-foot office building in downtown Washington, D.C. The 10-year loan pays a coupon of roughly 3 percent. The collateral building is leased nearly in its entirety by a federal agency that recently renewed its lease for another 10 years.

Wednesday, 13 August 2014

A venture of Harbert Management Corp. and Smith/Hallemann Partners is in the market to sell two downtown Cincinnati office buildings with 609,275 square feet. The two, 312 Plum St. and 312 Elm St., are expected to sell for up to $100 million, or about $164/sf. Cassidy Turley has the listing.

AEW Offers Atlanta Office Property for Sale

Wednesday, 27 August 2014

The Boston investment manager is offering for sale 1155 Perimeter Center West, a 376,694-square-foot office property in Atlanta's central perimeter submarket. The 12-story building could sell for $83 million, or about $220/sf.

TIAA-CREF Lends $172.1Mln Against Boston Office Building

Tuesday, 26 August 2014

TIAA-CREF has provided $172.1 million of mortgage financing against One Marina Park Drive, a 525,000-square-foot office building in Boston that was developed in 2010 by a venture of Fallon Co. and MassMutual Financial Group. The TIAA loan retires construction financing that was originated by Anglo Irish Bank in 2008.

AMLI to Sell Suburban Atlanta Apartment Property for $95Mln

Friday, 22 August 2014

AMLI Residential has struck a deal to sell the 696-unit AMLI at McGinnis Ferry apartment property in the Atlanta suburb of Suwanee, Ga., for roughly $95 million, or $136,494/unit. The property, at 4021 McGinnis Ferry Road, is being offered through JLL. The identity of the proposed buyer couldn't immediately be learned.

Investment Manager Taps Crowdfunding Market to Raise Equity for Fund

Friday, 22 August 2014

American Colonial Capital is looking to raise $50 million of equity, with roughly a quarter of that coming through the crowdfunding market, for a fund that will invest primarily in select-service hotels. The Palm Desert, Calif., investment manager so far has raised $10 million, but none of that has come through crowdfunding.

Terra Capital Raises $120Mln for Debt Fund

Thursday, 21 August 2014

Terra Capital Partners has raised $120 million of a targeted $160 million for its latest fund, which will provide mezzanine financing and B-notes against commercial properties as well as make preferred-equity investments. The vehicle, Terra Secured Income Fund 5, succeeds a $100 million fund that was launched in 2011. It's been totally invested.

Blackstone Pays $800Mln for Hotel Portfolio, Lines up $675Mln of Debt

Tuesday, 19 August 2014

The New York investment manager has paid $800 million, or roughly $135,410/room, for a portfolio of 47 extended-stay hotels with 5,908 rooms scattered across 18 states in major metropolitan markets. It funded the purchase with $675 million of financing that was provided by JPMorgan Chase Bank and Deutsche Bank. The floating-rate debt likely will be securitized.

Developer Eyes $400Mln-Plus of Deals via Partnerships

Monday, 18 August 2014

CapRock Partners is looking to make at least $400 million of investments on behalf of its two latest funds, which will have $28.5 million of equity. The Irvine, Calif., developer and investment manager leverages its cash by joint venturing with larger institutional investors that provide between 90 and 95 percent of the equity required for the deals. The firepower is boosted further by the debt financing the ventures take out on their properties.

Nomura Finds $500Mln of CMBS Conduit Loans Subject to Rep, Warranty Claims

Friday, 15 August 2014

Nomura Securities has found 16 CMBS conduit loans with a combined balance of $500 million that are subject to claims that their representations and warranties were breached. Such claims could provide an eventual bonus to bondholders, but they often take time, sometimes years, to resolve.

Northwestern Lends $170Mln Against Washington, D.C., Office Building

Thursday, 14 August 2014

Northwestern Mutual Life Insurance Co. has provided $170 million of mortgage financing against 888 First St. NE, a 503,997-square-foot office building in downtown Washington, D.C. The 10-year loan pays a coupon of roughly 3 percent. The collateral building is leased nearly in its entirety by a federal agency that recently renewed its lease for another 10 years.

Shidler Seen Buying Tampa City Center for $130Mln

Tuesday, 12 August 2014

Shidler Group's Alliance Partners unit has struck a deal to pay roughly $130 million, or about $174.90/sf, for Tampa City Center, a 743,250-square-foot office building in downtown Tampa, Fla. The property would be the first acquired in Florida for Alliance, which focuses on deals along the East Coast.

Morgan Stanley Lends $574.3Mln Against Portfolio of Office, Retail Properties

Monday, 11 August 2014

Morgan Stanley has provided $574.3 million of financing against five properties with 1.1 million square feet of retail and office space owned by a venture of Millennium Partners and Jamestown Properties. The transaction was prompted by a large tenant's decision to buy the space it occupies. Proceeds are being used to defease $489 million of CMBS debt.

Brookfield Strikes Deal to Buy 5.6Mln-SF Portfolio from Morris Cos.

Friday, 08 August 2014

The buzz is that Brookfield Property Partners has struck a deal to acquire a portfolio of 24 properties with 5.6 million square feet of retail, industrial and office space. The portfolio, which is being sold by the Morris Cos. of Rutherford, N.J., is valued at roughly $1 billion, or about $178.57/sf.

Duke Eyes up to $400Mln of Additional Sales This Year

Wednesday, 06 August 2014

Duke Realty Corp., which completed $278 million of property sales in the second quarter, is looking to make up to another $400 million of dispositions through the rest of this year. Suburban office properties are expected to account for almost half of the Indianapolis REIT's deals.

Morgan Stanley-Led Group Provides $175Mln Against Manhattan Retail Space

Wednesday, 06 August 2014

A group led by Morgan Stanley Bank has provided a $175 million loan against 38,500 square feet of retail condominium space at the base of a residential co-op building at 680 Madison Ave. in Manhattan. The fixed-rate mortgage retires a total of $136 million of debt that was provided by M&T Bank between 2012 and 2013.

Northern Maryland Shopping Center with 437,227 SF for Sale

Tuesday, 05 August 2014

JBG Rosenfeld Retail is offering for sale the Festival at Bel Air, a 437,227-square-foot shopping center in Bel Air, Md. The property could sell for $115 million, or about $263/sf. CBRE has the listing.

Data Digest

 

CMBS Deliquency Volume

dqdataFP1

 

CMBS Special Servicing Volume

sschartfp

Top Bookrunners
Private-Label CMBS

1H2014

Investment Bank

#Deal

Bal $mln

Mkt
Shr%

Deutsche Bank

16.0

12,761.50

32.44

JPMorgan

6.10

4,856.29

12.35

Wells Fargo

8.11

4,790.00

12.18

Citigroup

4.33

3,750.65

9.54

Goldman Sachs

4.00

3,722.62

9.46

 

Moody’s/RCA CPPI

cppichartAFP

 

CMBS Pricing Matrix (Legacy AAA Spreads)

AAAspreadsFPa

 

Top Loan Contributors
Domestic, Private-Label CMBS - 1H2014

Lender

Vol $mln

Mkt
Shr%

Deutsche Bank

8,118.01

20.87

JPMorgan

4,486.83

11.53

CCRE

3,064.41

7.88

Citigroup

2,779.70

7.15

Goldman Sachs

2,604.85

6.70

 

 

 

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