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

Thursday, 24 July 2014

Ramco-Gershenson Properties Trust plans to make up to another $350 million of shopping center acquisitions through the remainder of this year. The Farmington Hills, Mich., REIT already has invested $150 million on two acquisitions this year, and has been targeting a full-year acquisition level of up to $500 million.

Rialto Tops Private-Label CMBS B-Piece Market

Wednesday, 23 July 2014

A total of nine investors participated in the CMBS conduit B-piece market during the first half of the year, with Rialto Capital Management making investments in more than a quarter of the first-half volume. Eightfold Real Estate Capital, which by this time last year had acquired bonds from seven deals totaling 37.5 percent of the market, so far has bought into only two deals totaling 8 percent of the market.

Boston's Alcion Ventures Raises $194Mln for Latest Investment Fund

Tuesday, 22 July 2014

Alcion Ventures has raised $194 million of a planned $600 million for its third real estate investment fund. The vehicle is a follow-up to the Boston investment manager's Real Estate Fund II, which has invested or committed about 85 percent of the $500 million of equity it raised.

Tuesday, 22 July 2014

Two insurance subsidiaries of American International Group, United States Life Insurance Co. and National Union Fire Insurance Co., have provided $113 million of financing against 330 Hudson St., a 467,000-square-foot office building in lower Manhattan. A 49.3 percent stake in the property recently was sold in a deal valuing the 16-story former warehouse at $304 million.

Investment Program Eyes $320Mln of Office Acquisitions

Monday, 21 July 2014

Palisades Capital Realty Advisors, a Los Angeles investment manager, has launched a program under which it plans to make about $320 million of office-property acquisitions over the next two years. Capital for the investments it's pursuing is coming from its network of high net-worth investors in California's Silicon Valley.

CalSTRS Offers for Sale 1835 Market St. in Downtown Philadelphia

Friday, 18 July 2014

The California State Teachers' Retirement System is offering for sale 1835 Market St., a 799,994-square-foot office building in downtown Philadelphia. It could sell for roughly $108 million. JLL has the listing.

Thursday, 17 July 2014

Iron Point Partners, an investment manager backed by billionaire Robert M. Bass, so far has raised $267 million of equity commitments for its latest real estate investment fund, Iron Point Real Estate Partners III. The vehicle is a follow-up to its Fund II, which raised $750 million in marketing that ended in 2012.

JPMorgan Lending Group Provides $190Mln Against Boston Office Building

Wednesday, 16 July 2014

A group of lenders led by JPMorgan Chase Bank has provided a $190 million loan against 1 Channel Center, a 500,000-square-foot office property in south Boston. The debt replaces $170 million of construction financing that the lending group provided two years ago.

Brookfield Brings Suburban D.C. Apartment Property to Market

Tuesday, 15 July 2014

The Toronto investment manager is offering for sale Meridian at Bowie, a 348-unit apartment property in the Washington, D.C., suburb of Bowie, Md. The property could sell for roughly $90 million, or $258,621/unit. CBRE has the listing. 

Spokane, Wash., Office Complex Sells for $52.1Mln

Monday, 14 July 2014

A venture that includes Unico Properties and C-III Asset Management has acquired the Rock Pointe Corporate Center office complex in Spokane, Wash., for $52.1 million, or about $93/sf, by buying and foreclosing on a defaulted $60.8 million loan against the 558,838-square-foot property.

Monday, 14 July 2014

The Des Moines, Iowa, investment manager has paid $75 million, or roughly $344,037/unit, for the Swift, a recently completed apartment property with 218 units in Washington, D.C. Duball LLC of Reston, Va., was the seller.

Moody's Tops Private-Label CMBS Rating Agencies During 1H

Monday, 14 July 2014

Moody's Investors Service was the most-active rating agency in the CMBS sector during the first half, providing its ratings on 24 private-label transactions with a combined balance of $24.9 billion, for a 63.9 percent market share. Meanwhile, Kroll Bond Rating Service and Fitch Ratings ended the first half in a dead heat in terms of volume, with $21.2 billion each.

REIT Considers Conveying 936,320-SF Office Portfolio to CMBS Trust

Monday, 14 July 2014

Investors Real Estate Trust is considering turning over to its lender a portfolio of 936,320 square feet of office space in the Midwest that backs a $122.6 million CMBS loan. The loan is securitized through Citigroup Commercial Mortgage Securities Trust, 2006-C5. Its collateral generates only as much cash flow as needed to service its loan, which comes due in 2016.

Friday, 11 July 2014

The Brandolini Cos. is offering for sale the Concordville Town Centre, a retail property in the Philadelphia suburb of Glen Mills, Pa. The Berwyn, Pa., company is offering the property through CBRE Group, which is said to have drawn offers of some $100 million in a best-and-final stage of bidding.

New York Community Lends $102Mln Against Suburban Phila. Apartments

Friday, 11 July 2014

New York Community Bank has provided $102 million of financing against Lynnewood Gardens, a 1,798-unit apartment property at 2047 Mather Way in the Philadelphia suburb of Elkins Park, Pa. The loan allowed the property's owner to retire a CMBS loan that had been modified three years ago.

Rialto Tops Private-Label CMBS B-Piece Market

Wednesday, 23 July 2014

A total of nine investors participated in the CMBS conduit B-piece market during the first half of the year, with Rialto Capital Management making investments in more than a quarter of the first-half volume. Eightfold Real Estate Capital, which by this time last year had acquired bonds from seven deals totaling 37.5 percent of the market, so far has bought into only two deals totaling 8 percent of the market.

Boston's Alcion Ventures Raises $194Mln for Latest Investment Fund

Tuesday, 22 July 2014

Alcion Ventures has raised $194 million of a planned $600 million for its third real estate investment fund. The vehicle is a follow-up to the Boston investment manager's Real Estate Fund II, which has invested or committed about 85 percent of the $500 million of equity it raised.

Investment Program Eyes $320Mln of Office Acquisitions

Monday, 21 July 2014

Palisades Capital Realty Advisors, a Los Angeles investment manager, has launched a program under which it plans to make about $320 million of office-property acquisitions over the next two years. Capital for the investments it's pursuing is coming from its network of high net-worth investors in California's Silicon Valley.

CalSTRS Offers for Sale 1835 Market St. in Downtown Philadelphia

Friday, 18 July 2014

The California State Teachers' Retirement System is offering for sale 1835 Market St., a 799,994-square-foot office building in downtown Philadelphia. It could sell for roughly $108 million. JLL has the listing.

JPMorgan Lending Group Provides $190Mln Against Boston Office Building

Wednesday, 16 July 2014

A group of lenders led by JPMorgan Chase Bank has provided a $190 million loan against 1 Channel Center, a 500,000-square-foot office property in south Boston. The debt replaces $170 million of construction financing that the lending group provided two years ago.

Brookfield Brings Suburban D.C. Apartment Property to Market

Tuesday, 15 July 2014

The Toronto investment manager is offering for sale Meridian at Bowie, a 348-unit apartment property in the Washington, D.C., suburb of Bowie, Md. The property could sell for roughly $90 million, or $258,621/unit. CBRE has the listing. 

Spokane, Wash., Office Complex Sells for $52.1Mln

Monday, 14 July 2014

A venture that includes Unico Properties and C-III Asset Management has acquired the Rock Pointe Corporate Center office complex in Spokane, Wash., for $52.1 million, or about $93/sf, by buying and foreclosing on a defaulted $60.8 million loan against the 558,838-square-foot property.

Moody's Tops Private-Label CMBS Rating Agencies During 1H

Monday, 14 July 2014

Moody's Investors Service was the most-active rating agency in the CMBS sector during the first half, providing its ratings on 24 private-label transactions with a combined balance of $24.9 billion, for a 63.9 percent market share. Meanwhile, Kroll Bond Rating Service and Fitch Ratings ended the first half in a dead heat in terms of volume, with $21.2 billion each.

REIT Considers Conveying 936,320-SF Office Portfolio to CMBS Trust

Monday, 14 July 2014

Investors Real Estate Trust is considering turning over to its lender a portfolio of 936,320 square feet of office space in the Midwest that backs a $122.6 million CMBS loan. The loan is securitized through Citigroup Commercial Mortgage Securities Trust, 2006-C5. Its collateral generates only as much cash flow as needed to service its loan, which comes due in 2016.

New York Community Lends $102Mln Against Suburban Phila. Apartments

Friday, 11 July 2014

New York Community Bank has provided $102 million of financing against Lynnewood Gardens, a 1,798-unit apartment property at 2047 Mather Way in the Philadelphia suburb of Elkins Park, Pa. The loan allowed the property's owner to retire a CMBS loan that had been modified three years ago.

Ladder Capital Lends $146Mln Against NYC Apartment Portfolio

Thursday, 10 July 2014

Ladder Capital Finance has provided $146 million of financing against a portfolio of 42 apartment properties with 1,646 apartment and 30 commercial units in New York City. The floating-rate loan took out a $133 million troubled CMBS loan and allowed the properties' owner to stave off a foreclosure attempt.

$110Mln Loan by N.Y. Bank Against D.C. Office Allows CMBS Loan to Get Paid Off

Wednesday, 09 July 2014

New York Community Bank has provided a $110 million loan against 2001 K St. NW, a 235,311-square-foot office building in downtown Washington, D.C. The loan allowed the property's owner, Spitzer Enterprises, to retire $58 million of CMBS debt that was securitized through Banc of America Commercial Mortgage Inc., 2005-6, and wasn't slated to mature until January 2016.

Drexel Hamilton Tapped as Manager on One-Third of 1H CMBS Issuance

Tuesday, 08 July 2014

Deutsche Bank absolutely dominated a first-half ranking of CMBS managers that gives equal credit to every participant in a deal. But the big story was Drexel Hamilton, which nabbed assignments on nearly one-third of the half's issuance. It got into the CMBS sector only two years ago.

Asian Group Lends $258.6Mln Against D.C. Office Building

Monday, 07 July 2014

Korea Exchange Bank and Sumitomo Mitsui Banking Corp. have provided $160 million of senior financing, while a fund sponsored by Samsung Life Insurance Co. has provided $98.6 million against Portals III, a 509,716-square-foot office building in Washington, D.C.

Deutsche Lends $340Mln Against Manhattan Retail, Office Building

Thursday, 03 July 2014

Deutsche Bank has provided $340 million of financing against 685 Fifth Ave., a 134,215-square-foot office building in midtown Manhattan that was purchased last month by a venture of Thor Equities and General Growth Properties Inc. for $460 million, or about $3,427/sf.

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

 

 

 

REITCafe

  • Non-traded REITs Contribute to Listed REIT Expansion
    Non-traded REITs, especially those focused on healthcare, lodging, and retail, have been very popular in recent years and have become a notable source of expansion for the listed REIT market. Collectively, they raised $8.8 billion during the first half of 2014 and sales are in line to reach $20 billion by year end...
     
  • Leasing for Fall Student Housing Moves Forward
    Long term growth in college enrollment means good news for REITs that invest in student housing. Although full time enrollment slipped in 2011 and 2012, the Department of Education’s National Center for Education Statistics reports that total enrollment in postsecondary degree-granting institutions is projected to grow 14%...

  • Timber and Lodging Lead REITs in June
    As of mid-year 2014, REITs are outperforming other investment sectors. Year-to-date, the FTSE NAREIT All Equity REIT total return was 16.25%, which compares favorably to the S&P 500 (7.14%), DJIA (1.51%), Russell 2000 ( 3.19%), and NASDAQ (5.54%). While year-to-date performance is very strong, the FTSE NAREIT All Equity REIT...

half-page-ad

warehouse-backstage