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

Thursday, 18 December 2014

Prudential Insurance Co. of America has provided a $225 million loan against 901 New York Ave. NW, a 539,679-square foot office property in the East End submarket of Washington, D.C. The loan takes out $151.2 million of debt that was held by MetLife.

Starwood Lends $85.5Mln Against Tallest Office Building in Wilmington, Del.

Wednesday, 17 December 2014

Starwood Mortgage Capital has provided $85.5 million of financing against Chase Manhattan Centre, a 441,341-square-foot office property in downtown Wilmington, Del. The loan was used to defease, or replace with government securities, an $82.8 million CMBS loan that was securitized through Merrill Lynch Mortgage Trust, 2005-CKI1.

Recently Modified CMBS Loan Gets Paid Off

Tuesday, 16 December 2014

A $93.2 million CMBS loan against a 526,245-square-foot office property in the Las Colinas section of Irving, Texas, that's leased to NEC America Inc. has been paid off. The pay off, highlighted by Barclays Capital in a research brief yesterday, came as a surprise because the mortgage, which was securitized through JPMorgan Chase Commercial Mortgage Securities Corp., 2005-LDP5, was modified just four months earlier.

McDowell Seen Selling North Carolina Apartment Portfolio for $215Mln

Monday, 15 December 2014

McDowell Properties has struck a deal to sell a portfolio of eight apartment properties with 2,571 units in the Charlotte, N.C., area for $215 million, or about $83,625/unit. The San Francisco apartment specialist had acquired the portfolio in 2007 from Equity Residential Properties Trust for $205 million, or roughly $79,736/unit.

Monday, 15 December 2014

Prudential Real Estate Investors is seeking $500 million of equity commitments for its fifth investment fund targeting the seniors-housing market. Senior Housing Partnership Fund V is a follow-up to a vehicle that raised $568 million and so far has generated a 7.43 percent internal rate of return.

CMBS Defeasance Activity Hits Post-Recession High

Friday, 12 December 2014

Defeasance activity in the CMBS sector this year has hit a new post-market collapse high, with $16.2 billion of loans having been replaced with government securities, according to Trepp LLC. That compares with $11.8 billion for all of last year. The full-year tally could be as much as $1 billion higher when all is said and done as a few big-ticket loans get defeased in the coming weeks.

Salt Lake City Firm Seeks $750Mln for Latest Investment Fund

Thursday, 11 December 2014

Just a year after raising $600 million of equity commitments for one value-add investment fund, Bridge Investment Group Partners, a Salt Lake City investment manager, is back in the market seeking up to $750 million for another vehicle. Its recently-launched ROC Multifamily & Commercial Office Fund III will pursue value-add and opportunistic investments.

KBS to Pay $248Mln for Northern California Office Complex

Thursday, 11 December 2014

KBS REIT III Inc. has agreed to pay $248 million, or $304.30/sf, for the Towers at Emeryville, an 815,018-square-foot office complex in Emeryville, Calif., which is across the bay from San Francisco. It's buying the three-building complex from a venture of LBA Realty and Starwood Capital Group that bought it four years ago for $130 million.

$2.6Bln of Financing Against Health-Care Portfolio has Fixed-, Floating-Rate Pieces

Wednesday, 10 December 2014

The $2.6 billion of financing that Citigroup, JPMorgan Chase Bank, Barclays Bank and Column Financial have provided to facilitate NorthStar Realty Finance's acquisition of Griffin-American Healthcare REIT II Inc. includes both fixed- and floating-rate components. In addition, Credit Suisse is providing $351 million of financing under a loan denominated in Pounds Sterling.

Gramercy Property to Pay $399Mln for 2.7Mln-SF Portfolio

Tuesday, 09 December 2014

Gramercy Property Trust has struck a deal to pay $399 million for a portfolio of 12 office, industrial and data-center properties with 2.7 million square feet from Dividend Capital Diversified Property Fund Inc. It is assuming $142 million of a $173.8 million CMBS loan against the properties, which are scattered among seven states, with a concentration in California.

Venture Seen Testing Sales Market for Office Property Near Manhattan's Bryant Park

Tuesday, 09 December 2014

A venture of Tribeca Associates and Meadow Partners is considering offering for sale its leasehold interest in the Bush Tower, a 250,578-square-foot office property at 130 West 42nd St. in midtown Manhattan.

Monday, 08 December 2014

Starwood Capital Group has provided $89 million of floating-rate financing against 1835 Market St., a 799,994-square-foot office property in downtown Philadelphia that was purchased by a venture of Carlton Associates Inc. and the Nightingale Group for $100 million. Starwood is said to have beat out lenders that include Citigroup, UBS and Deutsche Bank for the lending assignment.

Subleasehold Interest in Manhattan Office Property Offered for Sale

Saturday, 06 December 2014

Lightstone Group is offering for sale the subleasehold interest it owns in 1407 Broadway, a 1.1 million-square-foot office property in midtown Manhattan. The company's interest is leased from Webb & Knapp, which in turn leases the ground on which the building sits. 

Compromise on Terrorism Insurance Backstop Reached

Friday, 05 December 2014

Congressional leaders have reached a compromise on how to extend the federal government's terrorism insurance backstop program. The proposed extension is likely to be approved before the program's Dec. 31 expiration date. Under the compromise, the government would pay the tab, up to 85 percent, for damages that exceed a certain amount and are caused by acts of terrorism.

Walker & Dunlop Writes $211.4Mln Fannie Loan Against Apartment Portfolio

Thursday, 04 December 2014

Walker & Dunlop has written $211.4 million of financing against a portfolio of 14 apartment properties with 3,205 units in Texas, Florida, Georgia, North Carolina and South Carolina. The portfolio is owned by Starwood Capital Group, which had purchased it from Berkshire Property Advisors of Boston.

Starwood Lends $85.5Mln Against Tallest Office Building in Wilmington, Del.

Wednesday, 17 December 2014

Starwood Mortgage Capital has provided $85.5 million of financing against Chase Manhattan Centre, a 441,341-square-foot office property in downtown Wilmington, Del. The loan was used to defease, or replace with government securities, an $82.8 million CMBS loan that was securitized through Merrill Lynch Mortgage Trust, 2005-CKI1.

Recently Modified CMBS Loan Gets Paid Off

Tuesday, 16 December 2014

A $93.2 million CMBS loan against a 526,245-square-foot office property in the Las Colinas section of Irving, Texas, that's leased to NEC America Inc. has been paid off. The pay off, highlighted by Barclays Capital in a research brief yesterday, came as a surprise because the mortgage, which was securitized through JPMorgan Chase Commercial Mortgage Securities Corp., 2005-LDP5, was modified just four months earlier.

McDowell Seen Selling North Carolina Apartment Portfolio for $215Mln

Monday, 15 December 2014

McDowell Properties has struck a deal to sell a portfolio of eight apartment properties with 2,571 units in the Charlotte, N.C., area for $215 million, or about $83,625/unit. The San Francisco apartment specialist had acquired the portfolio in 2007 from Equity Residential Properties Trust for $205 million, or roughly $79,736/unit.

CMBS Defeasance Activity Hits Post-Recession High

Friday, 12 December 2014

Defeasance activity in the CMBS sector this year has hit a new post-market collapse high, with $16.2 billion of loans having been replaced with government securities, according to Trepp LLC. That compares with $11.8 billion for all of last year. The full-year tally could be as much as $1 billion higher when all is said and done as a few big-ticket loans get defeased in the coming weeks.

KBS to Pay $248Mln for Northern California Office Complex

Thursday, 11 December 2014

KBS REIT III Inc. has agreed to pay $248 million, or $304.30/sf, for the Towers at Emeryville, an 815,018-square-foot office complex in Emeryville, Calif., which is across the bay from San Francisco. It's buying the three-building complex from a venture of LBA Realty and Starwood Capital Group that bought it four years ago for $130 million.

$2.6Bln of Financing Against Health-Care Portfolio has Fixed-, Floating-Rate Pieces

Wednesday, 10 December 2014

The $2.6 billion of financing that Citigroup, JPMorgan Chase Bank, Barclays Bank and Column Financial have provided to facilitate NorthStar Realty Finance's acquisition of Griffin-American Healthcare REIT II Inc. includes both fixed- and floating-rate components. In addition, Credit Suisse is providing $351 million of financing under a loan denominated in Pounds Sterling.

Gramercy Property to Pay $399Mln for 2.7Mln-SF Portfolio

Tuesday, 09 December 2014

Gramercy Property Trust has struck a deal to pay $399 million for a portfolio of 12 office, industrial and data-center properties with 2.7 million square feet from Dividend Capital Diversified Property Fund Inc. It is assuming $142 million of a $173.8 million CMBS loan against the properties, which are scattered among seven states, with a concentration in California.

Venture Seen Testing Sales Market for Office Property Near Manhattan's Bryant Park

Tuesday, 09 December 2014

A venture of Tribeca Associates and Meadow Partners is considering offering for sale its leasehold interest in the Bush Tower, a 250,578-square-foot office property at 130 West 42nd St. in midtown Manhattan.

Subleasehold Interest in Manhattan Office Property Offered for Sale

Saturday, 06 December 2014

Lightstone Group is offering for sale the subleasehold interest it owns in 1407 Broadway, a 1.1 million-square-foot office property in midtown Manhattan. The company's interest is leased from Webb & Knapp, which in turn leases the ground on which the building sits. 

Compromise on Terrorism Insurance Backstop Reached

Friday, 05 December 2014

Congressional leaders have reached a compromise on how to extend the federal government's terrorism insurance backstop program. The proposed extension is likely to be approved before the program's Dec. 31 expiration date. Under the compromise, the government would pay the tab, up to 85 percent, for damages that exceed a certain amount and are caused by acts of terrorism.

Walker & Dunlop Writes $211.4Mln Fannie Loan Against Apartment Portfolio

Thursday, 04 December 2014

Walker & Dunlop has written $211.4 million of financing against a portfolio of 14 apartment properties with 3,205 units in Texas, Florida, Georgia, North Carolina and South Carolina. The portfolio is owned by Starwood Capital Group, which had purchased it from Berkshire Property Advisors of Boston.

Steeprock Shifts Focus to Mezzanine Lending

Wednesday, 03 December 2014

After cutting its teeth on buying distressed debt, New York investment manager Steeprock Capital has shifted its focus to high-yield lending and expects to originate $400 million of mezzanine loans over the next two years. Its lending activity has been boosted by an investment from one large institutional investor.

Brookdale to Pay $216.7Mln for a Pair of Atlanta Office Properties

Wednesday, 03 December 2014

The Brookdale Group has struck a deal to pay TIAA-CREF about $216.7 million for two adjacent office properties with 706,143 square feet in Atlanta's Buckhead submarket. The buildings, on Peachtree Road, are the 427,000-sf Pinnacle and the 279,143-sf Two Live Oak.

Five Mile Venture Offers Red Roof Inn Portfolio

Tuesday, 02 December 2014

The venture led by Five Mile Capital that three years ago took title to a large portfolio of Red Roof Inn hotels, after acquiring distressed debt against it, has placed 92 of the hotels up for sale. The expectation is that the portfolio, which has a total of 11,120 rooms, will sell for $625 million to $640 million. That would result in a capitalization rate of up to 8 percent, based on this year's expected financial performance.

Deutsche Lends $86.8Mln Against Washington, D.C., Office Building

Monday, 01 December 2014

Deutsche Bank has provided $86.8 million of financing against 601 New Jersey Ave. NW, a 258,685-square-foot office building in Washington, D.C., that became nearly vacant earlier this year. The floating-rate debt replaces a $37.1 million CMBS loan that was slated to mature this month.

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

 

cppichart FP

 

 

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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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