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

L.A.-Area Office Building Facing Loss of Only Tenant Fetches $159Mln

Tuesday, 21 October 2014

LBA Realty has agreed to pay Transpacific Development Corp. $159 million, or about $469/sf, for Sony Pictures Plaza, a 338,695-square-foot office building in Culver City, Calif., that's expected to lose its sole tenant, Sony Pictures Entertainment, in three years.

Apartment Complex in The Bronx, N.Y., Hits Sales Market

Tuesday, 21 October 2014

Clinton Towers, a three-building apartment property in the East Tremont section of the Bronx, N.Y., has been put up for sale through Marcus & Millichap. The property, which is no longer part of the Mitchell-Lama program, could sell for nearly $70 million, translating to a capitalization rate of 4 percent.

Monday, 20 October 2014

The owner of a mixed-use property in Gahanna, Ohio, has sued special servicer LNR Partners, alleging it obstructed its access to a reserve fund. As a result of what the property's owner said was LNR's refusal to give it access to the funds, it defaulted on the loan, which was securitized only six months ago.

Baltimore-Area Apartment Property Offered for Sale

Friday, 17 October 2014

A venture of Federal Capital Partners and Angelo, Gordon & Co. is offering for sale the Fairways at Towson, an 828-unit apartment property in the Baltimore suburb of Towson, Md. The property, at 6906 Donachie Road, could sell for about $103.5 million, or $125,000/unit. It's being offered through CBRE.

Thursday, 16 October 2014

Ares Management is offering for sale Embassy Row, a 666,274-square-foot office property in Atlanta's central perimeter submarket. CBRE is marketing the complex, which could sell for about $100 million, or $150/sf.

Wall of Maturities Shrinks by 10 Percent in 9 Months; Volume Remains Formidable

Thursday, 16 October 2014

A total of 22,514 CMBS conduit loans with a balance of $278.1 billion come due in the next three years. While a seemingly massive wall of maturities, the volume has shrunk by nearly 10 percent over the past nine months. But there's a bit of natural selection going on and many of the loans that remain could face challenges getting taken out.

Santa Monica, Calif., Property Under Agreement to Sell for $113Mln

Wednesday, 15 October 2014

Hines has agreed to sell a 206,000-square-foot industrial property that it had planned to redevelop into a mixed-use complex in Santa Monica, Calif., for $113 million, or $550/sf. The property's being purchased by a venture of Lincoln Property Co. and Clarion Partners, which will likely redevelop it into creative office use.

Wednesday, 15 October 2014

Nightingale Group has struck a deal to pay roughly $100 million, or $125/sf, for 1835 Market St., a 799,994-square-foot office property in Philadelphia. The New York investor is buying the 29-story building from the California State Teachers' Retirement System in a deal arranged by JLL.

Dallas Investment Manager Seeks $300Mln for Fourth Fund

Wednesday, 15 October 2014

Thackeray Partners is seeking $300 million of commitments for its fourth investment fund. The Dallas investment manager has so far raised $204 million of its target. The fund would be a follow-up to a vehicle that raised $225 million - more than the $200 million targeted - in 2012.

Seer Capital Most-Active CMBS B-Piece Buyer During 3Q

Tuesday, 14 October 2014

Seer Capital Management, a New York investment manager that started investing in CMBS earlier this year, was the most active buyer of B-pieces during the third quarter. The company is one of two newcomers to the market this year. For the nine months, Rialto Capital Management was the most active player.

JRK Offers Portfolio of Apartment Properties with 1,028 Units

Tuesday, 14 October 2014

The Los Angeles investor has taken a first round of offers for a portfolio of three apartment properties, in Florida, Georgia and Ohio, with a total of 1,028 units. It plans to take a second round later this month. It's offering the properties, which it had acquired following the capital-markets collapse, through CBRE.

Pier Shops at Caesars in Atlantic City, N.J., to Sell for $3Mln

Friday, 10 October 2014

The Pier Shops at Caesars, a 303,788-square-foot retail property in Atlantic City, N.J., that had served as collateral for $135 million of financing, including $80.5 million that was securitized, is under contract to be sold for roughly $3 million. The buyer is Tower Investments Inc. of Philadelphia.

Friday, 10 October 2014

The Indianapolis REIT has tapped Cassidy Turley to market for sale a portfolio of eight office buildings in the St. Louis area. The portfolio consists of six buildings in the Maryville Centre business park in St. Louis, and Woodmills Commons, with two buildings off Highway 141 in Chesterfield, Mo.

Deutsche, Qatar Bank Lend $460Mln Against Manhattan's 1 Wall

Thursday, 09 October 2014

Deutsche Bank and Qatar National Bank have written $460 million of floating-rate financing against 1 Wall St., a 1.1 million-square-foot office property in lower Manhattan. The 50-story office building was purchased earlier this year by a venture led by Macklowe Properties for $585 million, or roughly $532/sf.

Freddie Mac Launches Effort to Fund, Securitize Small-Balance Multifamily Loans

Thursday, 09 October 2014

The housing-finance agency has launched an effort to originate, through approved lenders, small-balance multifamily loans that it will fund through the capital markets, much the same way as it funds most of its conventional apartment loans through its K-series transactions. So far three lenders have been approved to write loans for the program. Others will be added in the coming months.

L.A.-Area Office Building Facing Loss of Only Tenant Fetches $159Mln

Tuesday, 21 October 2014

LBA Realty has agreed to pay Transpacific Development Corp. $159 million, or about $469/sf, for Sony Pictures Plaza, a 338,695-square-foot office building in Culver City, Calif., that's expected to lose its sole tenant, Sony Pictures Entertainment, in three years.

Apartment Complex in The Bronx, N.Y., Hits Sales Market

Tuesday, 21 October 2014

Clinton Towers, a three-building apartment property in the East Tremont section of the Bronx, N.Y., has been put up for sale through Marcus & Millichap. The property, which is no longer part of the Mitchell-Lama program, could sell for nearly $70 million, translating to a capitalization rate of 4 percent.

Baltimore-Area Apartment Property Offered for Sale

Friday, 17 October 2014

A venture of Federal Capital Partners and Angelo, Gordon & Co. is offering for sale the Fairways at Towson, an 828-unit apartment property in the Baltimore suburb of Towson, Md. The property, at 6906 Donachie Road, could sell for about $103.5 million, or $125,000/unit. It's being offered through CBRE.

Wall of Maturities Shrinks by 10 Percent in 9 Months; Volume Remains Formidable

Thursday, 16 October 2014

A total of 22,514 CMBS conduit loans with a balance of $278.1 billion come due in the next three years. While a seemingly massive wall of maturities, the volume has shrunk by nearly 10 percent over the past nine months. But there's a bit of natural selection going on and many of the loans that remain could face challenges getting taken out.

Santa Monica, Calif., Property Under Agreement to Sell for $113Mln

Wednesday, 15 October 2014

Hines has agreed to sell a 206,000-square-foot industrial property that it had planned to redevelop into a mixed-use complex in Santa Monica, Calif., for $113 million, or $550/sf. The property's being purchased by a venture of Lincoln Property Co. and Clarion Partners, which will likely redevelop it into creative office use.

Dallas Investment Manager Seeks $300Mln for Fourth Fund

Wednesday, 15 October 2014

Thackeray Partners is seeking $300 million of commitments for its fourth investment fund. The Dallas investment manager has so far raised $204 million of its target. The fund would be a follow-up to a vehicle that raised $225 million - more than the $200 million targeted - in 2012.

Seer Capital Most-Active CMBS B-Piece Buyer During 3Q

Tuesday, 14 October 2014

Seer Capital Management, a New York investment manager that started investing in CMBS earlier this year, was the most active buyer of B-pieces during the third quarter. The company is one of two newcomers to the market this year. For the nine months, Rialto Capital Management was the most active player.

JRK Offers Portfolio of Apartment Properties with 1,028 Units

Tuesday, 14 October 2014

The Los Angeles investor has taken a first round of offers for a portfolio of three apartment properties, in Florida, Georgia and Ohio, with a total of 1,028 units. It plans to take a second round later this month. It's offering the properties, which it had acquired following the capital-markets collapse, through CBRE.

Pier Shops at Caesars in Atlantic City, N.J., to Sell for $3Mln

Friday, 10 October 2014

The Pier Shops at Caesars, a 303,788-square-foot retail property in Atlantic City, N.J., that had served as collateral for $135 million of financing, including $80.5 million that was securitized, is under contract to be sold for roughly $3 million. The buyer is Tower Investments Inc. of Philadelphia.

Deutsche, Qatar Bank Lend $460Mln Against Manhattan's 1 Wall

Thursday, 09 October 2014

Deutsche Bank and Qatar National Bank have written $460 million of floating-rate financing against 1 Wall St., a 1.1 million-square-foot office property in lower Manhattan. The 50-story office building was purchased earlier this year by a venture led by Macklowe Properties for $585 million, or roughly $532/sf.

Freddie Mac Launches Effort to Fund, Securitize Small-Balance Multifamily Loans

Thursday, 09 October 2014

The housing-finance agency has launched an effort to originate, through approved lenders, small-balance multifamily loans that it will fund through the capital markets, much the same way as it funds most of its conventional apartment loans through its K-series transactions. So far three lenders have been approved to write loans for the program. Others will be added in the coming months.

NorthStar Lends $144Mln Against Long Island, N.Y., Portfolio

Wednesday, 08 October 2014

The New York REIT has provided financing against a portfolio of office properties in Woodbury, N.Y., allowing for the refinancing of a pair of modified CMBS loans whose A-notes totaled $128.7 million. The portfolio is owned by RXR Realty, which previously had held mezzanine debt against it.

Angelo Gordon Launches Another Core-Plus Fund

Wednesday, 08 October 2014

Angelo, Gordon & Co. is in the market raising equity for another investment fund that will be targeting under-performing properties. The New York investment manager is likely looking to raise more than $1 billion through the vehicle, AG Core Plus Realty Fund IV. Among its investors is Pennsylvania's Public School Employees' Retirement System.

Deutsche Lends $425Mln Against Manhattan Apartment Buildings

Monday, 06 October 2014

A group of lenders led by Deutsche Bank has provided $425 million of senior and mezzanine financing against the Yorkshire Towers and Lexington Towers, two apartment buildings with 844 units in Manhattan's Upper East Side. The properties recently were purchased for $485 million by a venture of Chetrit Group and Stellar Management.

3Q Sees Surge of CMBS Issuance, Deutsche Tops Bookrunners

Thursday, 02 October 2014

A total of $27.3 billion of domestic, private-label CMBS was issued during the latest quarter, up from $15.3 billion during the same period a year ago and marking the busiest three-month period since the last quarter of 2007. Deutsche Bank absolutely dominated all bookrunners, managing a total of more than 25 percent of the quarter's issuance.

Data Digest

 

CMBS DELINQUENCY VOLUME

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CMBS SPECIAL SERVICING VOLUME

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Top Bookrunners
Private-Label CMBS - 9Mos2014
Inv Bank #Deals Bal $mln MktShr%
Deutsche Bank 26.0 19,675.34 29.5
JPMorgan 12.1 8,678.41 13.0
Wells Fargo 15.1 8,504.57 12.8
Goldman Sachs 7.0 5,740.15 8.6
Citigroup 9.3 5,337.91 8.0

 

 

MOODY'S/RCA CPPI

 

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Top Loan Contributors
Private-Label CMBS 9Mos2014
Lender Vol $mln MktShr%
Deutsche Bank 11,647.54 17.75
JPMorgan 7,496.78 11.42
Wells Fargo 4,540.31 6.92
CCRE 4,474.33 6.82
Morgan Stanley 4,312.62 6.57

 

 

 

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