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

KSL Launches Latest Investment Fund

Thursday, 20 November 2014

KSL Capital Partners, an investment manager focused on hotels and related businesses, is in the market raising equity for its first property investment fund since 2011. The Denver company thus far has raised $33 million of commitments for its KSL Capital Partners IV fund. It's separately raising capital for a debt-investment fund.

TIAA Pays $295Mln for D.C.'s Flats 130 Apartments

Wednesday, 19 November 2014

TIAA-CREF has paid $295 million for the Flats 130 at Constitution Square, an apartment property with 643 units in Washington, D.C. It bought the fully-occupied property, with 52,708 square feet of retail space, from a venture of StonebridgeCarras and Walton Street Capital in a deal brokered by HFF.

JPMorgan, Goldman Lend $725Mln Against Four Malls Bought by Starwood

Wednesday, 19 November 2014

JPMorgan Chase Bank and Goldman Sachs have provided $725 million of financing against four regional shopping malls that recently were purchased by Starwood Capital Group. The two lenders have each provided $362.5 million of the financing, which resulted in the defeasance of three CMBS loans.

Tuesday, 18 November 2014

A team led by Jack Taylor, the head of Prudential Real Estate Investors' global debt unit, has joined Pine River Capital Management to oversee a commercial real estate investment program that will be seeded with $500 million of equity. He's been named global head of commercial real estate at Pine River. Stephen Alpart and Steven Plust were named managing directors.

Crow Holdings Pays $113Mln for Northern Maryland Shopping Center

Monday, 17 November 2014

Crow Holdings Capital Partners has paid $113 million, or roughly $258/sf, for the Festival at Bel Air, a 437,227-square-foot shopping center in the Baltimore suburb of Bel Air, Md. The Dallas investment manager bought the property on behalf of a fund from JBG Rosenfeld Retail.

Oaktree Venture in Deal to Buy Large L.A.-Area Biomedical Park

Friday, 14 November 2014

A venture led by Oaktree Capital Management has struck a deal to buy the 119.5-acre Alfred Mann Biomedical Park in Valencia, Calif. The property has 431,000 square feet of space leased primarily to bio-science or medical research-related companies and is entitled for another 900,000 sf of development. It's being sold by Alfred Mann, a Los Angeles entrepreneur.

Lincoln Square Prepayment Waiver Raises Ire Among Some Investors

Thursday, 13 November 2014

LNR Partners' decision to waive the prepayment penalty on the $225 million of CMBS debt against Lincoln Square in Washington, D.C., which subsequently was sold for $300 million, was likely a solid decision, according to a number of bond investors. But they're furious that the office property's former owner, a group led by Ralph Dweck, which owned a $65 million B-note, was made whole on that investment.

Ogden Pays $106.5Mln for Washington, D.C., Apartment Property

Thursday, 13 November 2014

Ogden Cap Properties has paid $106.5 million for the m.flats Mt. Vernon Triangle, a recently-completed apartment property with 233 units and 6,500 square feet of retail space in downtown Washington, D.C. The New York company acquired the property, at 450 K St. NW, from Kettler Inc. of McLean, Va., which was represented by HFF.

Wednesday, 12 November 2014

Atlanta investment manager Brookdale Group is in the market seeking to raise about $600 million of equity commitments for its first fund since 2010. Its Brookdale Group Seven fund attracted its first commitments last month and has thus far raised $60 million.

Credit Suisse Lends $200Mln Against Manhattan's 500 Fifth

Wednesday, 12 November 2014

Credit Suisse has provided a $200 million loan against 500 Fifth Ave., a 687,565-square-foot office building in midtown Manhattan. The mortgage replaces a loan with a $105.5 million balance that was provided by New York Life Insurance Co. in 2005. The building is 97 percent occupied, with asking rents of $68/sf.

Prima Lends $108.4Mln Against Boston Office Property

Monday, 10 November 2014

Prima Mortgage Investment Trust has provided $108.4 million of fixed-rate financing against Seaport Center, a 463,212-square-foot office property in Boston. A venture of Meritage Properties and Commonwealth Ventures acquired the property, at 70 Fargo St., this month for $169.75 million.

JPMorgan Fund Offers San Mateo, Calif., Buildings for Sale

Friday, 07 November 2014

An investment fund managed by JPMorgan Asset Management is in the market to sell 700-900 Concar Drive in San Mateo, Calif., with about 219,000 square feet of office and retail space. The property is in a market that has seen strong demand from investors. Recent deals have valued properties at as much as $420/sf.

CMBS Tied to American Realty Assets Unscathed by News of Accounting Error

Friday, 07 November 2014

American Realty Capital Properties Inc., which last week announced that it had discovered an accounting irregularity in an earlier earnings filing that sent its stock price reeling, owns properties that secure at least $3.1 billion of securitized commercial mortgages, according to research by Nomura Securities. But CMBS deals with substantial exposures to the REIT were relatively unscathed by the news.

Thursday, 06 November 2014

Accesso Partners, which is in the market raising what could be $100 million for its latest investment fund, expects to make up to $700 million of property investments in the coming year. The company pursues office properties in the Southeast, Texas, Colorado, Chicago and Minneapolis and recently planted its flag in Philadelphia. It's also looking in northern Virginia.

Werner-Led Group Pays $285Mln for Land Under Manhattan's Carnegie House

Thursday, 06 November 2014

A group that includes David Werner has paid $285 million for the land beneath the Carnegie House, a 325-unit cooperative apartment property in midtown Manhattan. It was acquired from the estate of Peter Jay Sharp. The group, meanwhile, has lined up $180 million of financing from Natixis Real Estate Capital.

KSL Launches Latest Investment Fund

Thursday, 20 November 2014

KSL Capital Partners, an investment manager focused on hotels and related businesses, is in the market raising equity for its first property investment fund since 2011. The Denver company thus far has raised $33 million of commitments for its KSL Capital Partners IV fund. It's separately raising capital for a debt-investment fund.

TIAA Pays $295Mln for D.C.'s Flats 130 Apartments

Wednesday, 19 November 2014

TIAA-CREF has paid $295 million for the Flats 130 at Constitution Square, an apartment property with 643 units in Washington, D.C. It bought the fully-occupied property, with 52,708 square feet of retail space, from a venture of StonebridgeCarras and Walton Street Capital in a deal brokered by HFF.

JPMorgan, Goldman Lend $725Mln Against Four Malls Bought by Starwood

Wednesday, 19 November 2014

JPMorgan Chase Bank and Goldman Sachs have provided $725 million of financing against four regional shopping malls that recently were purchased by Starwood Capital Group. The two lenders have each provided $362.5 million of the financing, which resulted in the defeasance of three CMBS loans.

Crow Holdings Pays $113Mln for Northern Maryland Shopping Center

Monday, 17 November 2014

Crow Holdings Capital Partners has paid $113 million, or roughly $258/sf, for the Festival at Bel Air, a 437,227-square-foot shopping center in the Baltimore suburb of Bel Air, Md. The Dallas investment manager bought the property on behalf of a fund from JBG Rosenfeld Retail.

Oaktree Venture in Deal to Buy Large L.A.-Area Biomedical Park

Friday, 14 November 2014

A venture led by Oaktree Capital Management has struck a deal to buy the 119.5-acre Alfred Mann Biomedical Park in Valencia, Calif. The property has 431,000 square feet of space leased primarily to bio-science or medical research-related companies and is entitled for another 900,000 sf of development. It's being sold by Alfred Mann, a Los Angeles entrepreneur.

Lincoln Square Prepayment Waiver Raises Ire Among Some Investors

Thursday, 13 November 2014

LNR Partners' decision to waive the prepayment penalty on the $225 million of CMBS debt against Lincoln Square in Washington, D.C., which subsequently was sold for $300 million, was likely a solid decision, according to a number of bond investors. But they're furious that the office property's former owner, a group led by Ralph Dweck, which owned a $65 million B-note, was made whole on that investment.

Ogden Pays $106.5Mln for Washington, D.C., Apartment Property

Thursday, 13 November 2014

Ogden Cap Properties has paid $106.5 million for the m.flats Mt. Vernon Triangle, a recently-completed apartment property with 233 units and 6,500 square feet of retail space in downtown Washington, D.C. The New York company acquired the property, at 450 K St. NW, from Kettler Inc. of McLean, Va., which was represented by HFF.

Credit Suisse Lends $200Mln Against Manhattan's 500 Fifth

Wednesday, 12 November 2014

Credit Suisse has provided a $200 million loan against 500 Fifth Ave., a 687,565-square-foot office building in midtown Manhattan. The mortgage replaces a loan with a $105.5 million balance that was provided by New York Life Insurance Co. in 2005. The building is 97 percent occupied, with asking rents of $68/sf.

Prima Lends $108.4Mln Against Boston Office Property

Monday, 10 November 2014

Prima Mortgage Investment Trust has provided $108.4 million of fixed-rate financing against Seaport Center, a 463,212-square-foot office property in Boston. A venture of Meritage Properties and Commonwealth Ventures acquired the property, at 70 Fargo St., this month for $169.75 million.

JPMorgan Fund Offers San Mateo, Calif., Buildings for Sale

Friday, 07 November 2014

An investment fund managed by JPMorgan Asset Management is in the market to sell 700-900 Concar Drive in San Mateo, Calif., with about 219,000 square feet of office and retail space. The property is in a market that has seen strong demand from investors. Recent deals have valued properties at as much as $420/sf.

CMBS Tied to American Realty Assets Unscathed by News of Accounting Error

Friday, 07 November 2014

American Realty Capital Properties Inc., which last week announced that it had discovered an accounting irregularity in an earlier earnings filing that sent its stock price reeling, owns properties that secure at least $3.1 billion of securitized commercial mortgages, according to research by Nomura Securities. But CMBS deals with substantial exposures to the REIT were relatively unscathed by the news.

Werner-Led Group Pays $285Mln for Land Under Manhattan's Carnegie House

Thursday, 06 November 2014

A group that includes David Werner has paid $285 million for the land beneath the Carnegie House, a 325-unit cooperative apartment property in midtown Manhattan. It was acquired from the estate of Peter Jay Sharp. The group, meanwhile, has lined up $180 million of financing from Natixis Real Estate Capital.

Rockpoint Seeks $2.5Bln for Latest Opportunistic Fund

Wednesday, 05 November 2014

The investment manager is in the market to raise up to $2.5 billion of equity commitments for its latest opportunistic fund. It's lined up its first commitment. The fund is being launched as Rockpoint completes capital-raising for its inaugural core-plus vehicle, which raised $950 million of equity commitments.

Accesso Partners Buys Phila.'s 1515 Market St.

Wednesday, 05 November 2014

Accesso Partners LLC is buying the 502,000-square-foot office building at 1515 Market St. in Philadelphia. The property is being sold by a venture of Winthrop Realty Trust Inc. and Stockton Real Estate Advisors for $85.3 million, or roughly $170/sf. JLL represents the seller.

NAI Houston Expands into Principal Investments

Tuesday, 04 November 2014

NAI Houston, which specializes in managing, leasing and brokering the sale of commercial properties, is looking to become a property investor. It is aiming to raise $100 million for a fund that would pursue office and industrial properties in certain Texas markets. It would leverage that capital by co-investing with other investors.

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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