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

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.

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.

Thursday, 07 August 2014

The Toronto investment manager is in the market to raise $1.375 billion for an investment fund that's slated to originate commercial property debt in major markets across the United States. Brookfield Real Estate Finance Fund IV is focusing mainly on mezzanine loans with floating rates.

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.

Monday, 04 August 2014

New York Life Insurance Co. has provided a $195 million loan against West End Towers, a 1,000-unit apartment complex in Manhattan's Upper West Side. The fixed-rate mortgage retires $155 million of debt that was provided in 2004.

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.

Rockpoint/MRP Venture Pays $127.2Mln for Washington, D.C., Office Building

Friday, 01 August 2014

A venture of Rockpoint Group and MRP Realty has paid $127.2 million, or about $473/sf, for 1333 H St. NW, a 269,000-square-foot office building in Washington, D.C. Miller Global Properties of Denver sold the property and was represented by HFF.

Korean Group to Buy Washington, D.C., Office for $321Mln

Thursday, 31 July 2014

A Korean investment group has struck a deal to pay $321 million, or roughly $455/sf, for Patriots Park, a 705,905-square-foot office property in the Washington, D.C., suburb of Reston, Va. The price it's paying results in a 5.2 percent capitalization rate. It is buying the property from Boston Properties Inc.

Court Nixes Proposed $300Mln Sale of Lincoln Square in Washington, D.C.

Wednesday, 30 July 2014

Delaware's Chancery Court has put the kibosh on an attempt by an investor group led by Ralph Dweck to sell Lincoln Square, a 405,978-square-foot office property in Washington, D.C., whose CMBS financing was moved to special servicing late last year. Dweck had struck a deal to sell the property for $300 million to Rockrose Development Corp., but in doing so breached an agreement it had with the property's previous owner.

Cousins Properties Seen Buying Atlanta Office Building

Tuesday, 29 July 2014

The buzz is that Cousins Properties Inc. has struck a deal to pay roughly $351.3 million, or $230/sf, for Northpark Town Center, a 1.53 million-square-foot office property in Atlanta. The Atlanta REIT is buying the property from a venture led by AEW Capital Management, which had purchased it in 2007 for $315 million.

Deutsche, SL Green Lend $150Mln Against Manhattan's 245 Fifth Ave.

Monday, 28 July 2014

Deutsche Bank and SL Green Realty Corp. have provided $150 million of financing against 245 Fifth Ave., a 303,139-square-foot office building in Manhattan's midtown south. The financing, which includes $20 million to cover the costs of upgrades and leasing commissions, was used to retire a $130 million CMBS loan that had been modified.

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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