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

KeyBank Writes $215Mln Freddie Loan Against Boston's Harbor Point Apartments

Friday, 17 April 2015

The loan matures in 2035 and was used to defease a $156.7 million loan that was securitized through GS Mortgage Securities Corp. II, 2007-GG10. The CMBS loan pays a 6.544 percent coupon and is locked out from prepayment until April 2017. It doesn't mature until July 2017.

Friday, 17 April 2015

Broe Real Estate Group, a Denver investment manager, has earmarked $100 million of capital to recapitalize properties owned by tenant-in-common investment groups. The company expects that opportunities to recapitalize TIC-owned properties will blossom over the next few years. So it's put together what it calls its Equity Solutions program.

Bridge Lender Combines Traditional and Crowdfunded Capital

Thursday, 16 April 2015

Money 360, an online marketplace through which property owners can access loans funded by accredited investors, is aiming to facilitate some $150 million of bridge loans this year. It allows borrowers to access investors directly through its Web site. It also has lined up a $100 million commitment from a lender that would fund loans on its site.

Suburban Washington, D.C., Apartment Property Offered for Sale

Wednesday, 15 April 2015

LaSalle Investment Management is offering for sale Jefferson at Orchard Pond, a 748-unit apartment property in the Washington, D.C., suburb of Gaithersburg, Md. The Chicago investment manager has hired CBRE to market the property, which could sell for about $105 million, or $140,374/unit.

Natixis Lends $180Mln Against Ground Beneath Manhattan's Carnegie House

Tuesday, 14 April 2015

Natixis Real Estate Capital has provided $180 million of financing against the ground beneath the Carnegie House, a 325-unit cooperative apartment property at 100 West 57th St. in midtown Manhattan. The loan that Natixis provided has a 2019 anticipated repayment date and requires only interest payments until then. It pays a coupon of 2.307 percent.

CIBC Lends $120Mln Against Mo. Office Property

Monday, 13 April 2015

CIBC has provided a $120 million loan against the 1 million-square-foot Summit Office Campus in the Kansas City, Mo., suburb of Lee's Summit, Mo. The debt takes out a CMBS loan that was modified two years ago, sharply reducing its prepayment penalty.

Lubert-Adler Nears Equity Target for First Fund Since 2009

Monday, 13 April 2015

Lubert-Adler Partners has raised $485 million of the $560 million equity target for its first real estate investment fund since 2009. The Philadelphia company employs value-add and opportunistic strategies to invest in all the major property sectors, along with hotels and student housing, across the country.

Friday, 10 April 2015

Morgan Stanley has provided a $578.9 million loan against a portfolio of 61 suburban office properties with 6.9 million square feet, mostly in the Southeast. The portfolio was acquired for $1.12 billion by a venture led by Starwood Capital Group from Duke Realty Corp.

Mission Capital Arranges $50Mln of Financing for Bridge Lender

Friday, 10 April 2015

Mission Capital Advisors has arranged a $50 million financing facility, from a foreign bank, for Columbia Pacific Advisors, allowing the Seattle investment manager to leverage its bridge-lending platform. The financing was a first for Mission, which is aiming to carve out a niche helping other lenders line up innovative financing instruments.

MetLife Offers for Sale Atlanta Office Complex

Thursday, 09 April 2015

MetLife, which took over Atlanta's Mansell Overlook office complex in 2012, is putting it up for sale through Cushman & Wakefield. The life-insurance company had lent $92.7 million against the property in 2009 and could generate as much as $149 million from its sale.

Some New York Developers Tap Israeli Bond Market for Low-Cost Capital

Thursday, 09 April 2015

A small number of New York-area developers have tapped the Israeli bond market to raise capital for some of their projects. Others are poised to follow. Those that so far have raised capital include Extell Development Co. and Lightstone Group. They're likely to be followed by Related Cos., GFI Capital Resources Group, Witkoff Group and Brookland Capital.

NorthStar Strikes $875Mln Deal for Seniors Properties; Seeks $656Mln of Financing

Wednesday, 08 April 2015

NorthStar Realty Finance Corp. has agreed to pay $875 million, or $219,684/unit, for a portfolio of 32 independent-living facilities with 3,983 units in 12 states from Holiday Retirement. It's made a $35 million non-refundable deposit and is looking to line up some $656 million of financing to complete its purchase.

Landesbank Lends $85Mln Against D.C.'s 1875 K St.

Tuesday, 07 April 2015

Landesbank Hessen-Thuringen Girozentrale has provided an $85 million loan against 1875 K St. NW, a 182,460-square-foot office property in downtown Washington, D.C., that has seen a drop in occupancy in recent years. The loan was used to take out an $85 million CMBS loan that was coming due.

Las Vegas Retail Property Sells for $33Mln; CMBS to Get Hit

Monday, 06 April 2015

A group led by Joseph Daneshgar of 3D Investments has paid $33 million, or roughly $99/sf, for Sahara Pavilion North, a 333,679-square-foot retail property in Las Vegas that had served as collateral for a $56.3 million CMBS loan. The property was purchased from ML-CFC Commercial Mortgage Trust, 2006-4.

Moody's Stays Atop CMBS Rating Agency Ranking

Thursday, 02 April 2015

Moody's Investors Service maintained its dominant position among CMBS rating agencies, handling 61.3 percent of the first quarter's $26.3 billion of total volume. It rated every one of the 12 conduit deals that priced during the quarter, but only two of the 17 single-borrower transactions.

KeyBank Writes $215Mln Freddie Loan Against Boston's Harbor Point Apartments

Friday, 17 April 2015

The loan matures in 2035 and was used to defease a $156.7 million loan that was securitized through GS Mortgage Securities Corp. II, 2007-GG10. The CMBS loan pays a 6.544 percent coupon and is locked out from prepayment until April 2017. It doesn't mature until July 2017.

Bridge Lender Combines Traditional and Crowdfunded Capital

Thursday, 16 April 2015

Money 360, an online marketplace through which property owners can access loans funded by accredited investors, is aiming to facilitate some $150 million of bridge loans this year. It allows borrowers to access investors directly through its Web site. It also has lined up a $100 million commitment from a lender that would fund loans on its site.

Suburban Washington, D.C., Apartment Property Offered for Sale

Wednesday, 15 April 2015

LaSalle Investment Management is offering for sale Jefferson at Orchard Pond, a 748-unit apartment property in the Washington, D.C., suburb of Gaithersburg, Md. The Chicago investment manager has hired CBRE to market the property, which could sell for about $105 million, or $140,374/unit.

Natixis Lends $180Mln Against Ground Beneath Manhattan's Carnegie House

Tuesday, 14 April 2015

Natixis Real Estate Capital has provided $180 million of financing against the ground beneath the Carnegie House, a 325-unit cooperative apartment property at 100 West 57th St. in midtown Manhattan. The loan that Natixis provided has a 2019 anticipated repayment date and requires only interest payments until then. It pays a coupon of 2.307 percent.

CIBC Lends $120Mln Against Mo. Office Property

Monday, 13 April 2015

CIBC has provided a $120 million loan against the 1 million-square-foot Summit Office Campus in the Kansas City, Mo., suburb of Lee's Summit, Mo. The debt takes out a CMBS loan that was modified two years ago, sharply reducing its prepayment penalty.

Lubert-Adler Nears Equity Target for First Fund Since 2009

Monday, 13 April 2015

Lubert-Adler Partners has raised $485 million of the $560 million equity target for its first real estate investment fund since 2009. The Philadelphia company employs value-add and opportunistic strategies to invest in all the major property sectors, along with hotels and student housing, across the country.

Mission Capital Arranges $50Mln of Financing for Bridge Lender

Friday, 10 April 2015

Mission Capital Advisors has arranged a $50 million financing facility, from a foreign bank, for Columbia Pacific Advisors, allowing the Seattle investment manager to leverage its bridge-lending platform. The financing was a first for Mission, which is aiming to carve out a niche helping other lenders line up innovative financing instruments.

MetLife Offers for Sale Atlanta Office Complex

Thursday, 09 April 2015

MetLife, which took over Atlanta's Mansell Overlook office complex in 2012, is putting it up for sale through Cushman & Wakefield. The life-insurance company had lent $92.7 million against the property in 2009 and could generate as much as $149 million from its sale.

Some New York Developers Tap Israeli Bond Market for Low-Cost Capital

Thursday, 09 April 2015

A small number of New York-area developers have tapped the Israeli bond market to raise capital for some of their projects. Others are poised to follow. Those that so far have raised capital include Extell Development Co. and Lightstone Group. They're likely to be followed by Related Cos., GFI Capital Resources Group, Witkoff Group and Brookland Capital.

NorthStar Strikes $875Mln Deal for Seniors Properties; Seeks $656Mln of Financing

Wednesday, 08 April 2015

NorthStar Realty Finance Corp. has agreed to pay $875 million, or $219,684/unit, for a portfolio of 32 independent-living facilities with 3,983 units in 12 states from Holiday Retirement. It's made a $35 million non-refundable deposit and is looking to line up some $656 million of financing to complete its purchase.

Landesbank Lends $85Mln Against D.C.'s 1875 K St.

Tuesday, 07 April 2015

Landesbank Hessen-Thuringen Girozentrale has provided an $85 million loan against 1875 K St. NW, a 182,460-square-foot office property in downtown Washington, D.C., that has seen a drop in occupancy in recent years. The loan was used to take out an $85 million CMBS loan that was coming due.

Las Vegas Retail Property Sells for $33Mln; CMBS to Get Hit

Monday, 06 April 2015

A group led by Joseph Daneshgar of 3D Investments has paid $33 million, or roughly $99/sf, for Sahara Pavilion North, a 333,679-square-foot retail property in Las Vegas that had served as collateral for a $56.3 million CMBS loan. The property was purchased from ML-CFC Commercial Mortgage Trust, 2006-4.

Moody's Stays Atop CMBS Rating Agency Ranking

Thursday, 02 April 2015

Moody's Investors Service maintained its dominant position among CMBS rating agencies, handling 61.3 percent of the first quarter's $26.3 billion of total volume. It rated every one of the 12 conduit deals that priced during the quarter, but only two of the 17 single-borrower transactions.

Domestic CMBS Volume Jumps By One-Third in 1Q, to $26.3Bln

Wednesday, 01 April 2015

A total of $26.3 billion of domestic, private-label CMBS was issued during the first quarter, up from $19.8 billion a year ago. Volumes were driven by the 18 single-borrower transactions totaling $12.5 billion, more than triple the $3.5 billion of such deals that were issued during the same time last year. Deutsche Bank remained comfortably at the top of the bookrunner ranking.

Office Building in Boston's Back Bay Hits Sales Market; $300Mln Price Seen

Tuesday, 31 March 2015

The New England Teamsters and Industry Pension Fund is offering for sale 131 Dartmouth St., a 370,000-square-foot office and retail building in Boston's Back Bay neighborhood. JLL has been hired to sell the property, which could sell for about $300 million, or $810.81/sf. That would result in a capitalization rate of about 5 percent.

Data Digest

 

CMBS DELINQUENCY VOLUME

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CMBS SPECIAL SERVICING VOLUME

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Top Bookrunners
Private-Label CMBS - FY2014
Inv Bank #Deals Bal $mln MktShr%
Deutsche Bank 27.1  23,479.37 26.3
JPMorgan 18.6  13,752.01 15.4
Wells Fargo 17.2  13,085.05 14.6
Goldman Sachs 9.0  7,896.25 8.8
Citigroup 9.1  7,526.97 8.4

 

 

MOODY'S/RCA CPPI

 

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Top Loan Contributors
Private-Label CMBS FY2014
Lender Vol $mln MktShr%
Deutsche Bank 14,005.13 16.0
JPMorgan 11,440.63 13.0
Wells Fargo 5,849.16 6.7
CCRE 5,750.69 6.6
Citigroup 5,604.13 6.4

 

 

 

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