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

Allianz Lends $125Mln Against Station Place II in Washington, D.C.

Friday, 24 October 2014

Allianz Real Estate of America has provided a $125 million loan against Station Place II, a 362,069-square-foot office building at 600 2nd St. NE in Washington, D.C. The loan was used to defease a $94.5 million CMBS loan that was securitized in 2006 and had carried a 6.9 percent coupon.

Torchlight Seeks $1Bln for Debt Fund

Friday, 24 October 2014

Torchlight Investors, an investment manager that operates a CMBS special servicing unit, is looking to raise $1 billion of equity commitments for a fund that would invest in commercial real estate acquire debt and CMBS. Its last fund raised $956 million of commitments last year and is still in its investing stage.

Deutsche Lends $98.2Mln Against Boston's 399 Boylston

Thursday, 23 October 2014

Deutsche Bank has provided $98.2 million of financing against 399 Boylston St., a 229,400-square-foot office building in Boston's Back Bay that was purchased last month by the Blackstone Group for $117 million, or roughly $510/sf. The building will face a substantial vacancy in 2017, but that could spell an opportunity for the investment manager.

Thursday, 23 October 2014

Federal regulators this week approved final rules regarding the retention of risk in asset-backed securities, including CMBS. The rules do not differ much from the proposed regulations that the SEC and other agencies had proposed a year ago and are expected to increase the costs to borrow via the CMBS market.

Atlanta Apartment Portfolio Offered for Sale

Wednesday, 22 October 2014

Worthing Cos. is offering for sale a portfolio of three adjacent apartment properties with 691 units in the central perimeter submarket of Atlanta. CBRE is marketing the portfolio, which could sell for around $150 million, or $217,077/unit, which would result in a capitalization rate of about 5 percent.

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.

Allianz Lends $125Mln Against Station Place II in Washington, D.C.

Friday, 24 October 2014

Allianz Real Estate of America has provided a $125 million loan against Station Place II, a 362,069-square-foot office building at 600 2nd St. NE in Washington, D.C. The loan was used to defease a $94.5 million CMBS loan that was securitized in 2006 and had carried a 6.9 percent coupon.

Torchlight Seeks $1Bln for Debt Fund

Friday, 24 October 2014

Torchlight Investors, an investment manager that operates a CMBS special servicing unit, is looking to raise $1 billion of equity commitments for a fund that would invest in commercial real estate acquire debt and CMBS. Its last fund raised $956 million of commitments last year and is still in its investing stage.

Deutsche Lends $98.2Mln Against Boston's 399 Boylston

Thursday, 23 October 2014

Deutsche Bank has provided $98.2 million of financing against 399 Boylston St., a 229,400-square-foot office building in Boston's Back Bay that was purchased last month by the Blackstone Group for $117 million, or roughly $510/sf. The building will face a substantial vacancy in 2017, but that could spell an opportunity for the investment manager.

Atlanta Apartment Portfolio Offered for Sale

Wednesday, 22 October 2014

Worthing Cos. is offering for sale a portfolio of three adjacent apartment properties with 691 units in the central perimeter submarket of Atlanta. CBRE is marketing the portfolio, which could sell for around $150 million, or $217,077/unit, which would result in a capitalization rate of about 5 percent.

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.

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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