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

Auction.com Targets Chinese Investors

Tuesday, 26 May 2015

Auction.com has formed a venture that will provide it access to some 2.6 million Chinese-speaking investors in China and elsewhere around the world. Its venture with Juwai.com, a Chinese property listing service, will allow it to market its property listings directly to investors in China.

Brandywine Hires CBRE to Market for Sale Richmond, Va., Office Portfolio

Friday, 22 May 2015

Brandywine Realty Trust has hired CBRE to market for sale a portfolio of five office properties with 734,277 square feet in the Richmond, Va., area. The portfolio, which CBRE refers to as the Northwest Quadrant Office portfolio, is projected to generate $7.7 million of net operating income next year. Brandywine, a Radnor, Pa., REIT, carries the five properties on its balance sheet at a value of $91.9 million.

Thursday, 21 May 2015

AEW Capital Management has struck a deal to pay $248 million, or a record $539/sf, for Phillips Point, a 460,290-square-foot office property in downtown West Palm Beach, Fla. The transaction would be the biggest-ticket sale in the city, which is enjoying a drop in vacancy and increase in rents. The property's being acquired from Colonnade Properties.

2 Suburban Philadelphia Apartment Properties Offered for Sale

Wednesday, 20 May 2015

Two apartment complexes that were developed on the site of a long-ago shuttered industrial property near Philadelphia are being offered for sale by their owners. Milestone Group has tapped CBRE to sell Riverview Landing, with 310 units, while O'Neill Properties Group has hired Cushman & Wakefield to sell Lofts at Valley Forge. Both are in Eagleville, Pa.

Equus Offers for Sale Madison Vinings Ridge Apartments in Atlanta

Tuesday, 19 May 2015

Equus Capital Partners Ltd. is offering for sale Madison Vinings Ridge, a 494-unit apartment property in the Vinings submarket of Atlanta that it had acquired in 2008. The property, which is owned by a fund the Philadelphia investment manager sponsors, is being offered through CBRE and could sell for as much as $80 million.

LoanCore Capital Tapping Public Markets for Equity

Monday, 18 May 2015

LoanCore Capital is going the public-markets route to raise equity that it would use to fund mortgage originations. The company, founded by Mark Finerman in 2008, will continue to be part-owned by GIC Pte. Ltd. Its public offering would give it a permanent-capital structure, and allow it to diversify its investor base.

Investment Manager Taps Crowdfunding for Fund's Equity

Friday, 15 May 2015

Investment manager Olympus Property is using an Internet crowdfunding platform to raise $18.4 million of the roughly $50 million of equity targeted for a fund that will pursue apartment properties in the Sunbelt.

Thursday, 14 May 2015

Wilkinson Real Estate Advisors Inc. is offering for sale a portfolio of four apartment properties in the Atlanta area with 1,420 units. The Atlanta company has hired CBRE to market the portfolio, which could sell for $140 million, or roughly $98,592/unit. That would result in a capitalization rate of about 6 percent.

FHFA Exceptions Seen Adding $5Bln of Lending to Each Agency's Volume

Thursday, 14 May 2015

Fannie Mae and Freddie Mac might very well be able to exceed the multifamily origination caps set by the Federal Housing Finance Agency by more than $5 billion each, thanks to exclusions the regulator put in place. The exclusions give the agencies credit for pieces of their loans tied to units that fall into the affordable category.

Boston Properties Venture Offers Trophy Washington, D.C., Office Building

Wednesday, 13 May 2015

A partnership led by Boston Properties Inc. is offering for sale 500 8th St. NW, a 325,426-square-foot office building in the East End submarket of Washington, D.C. The venture has tapped DTZ to market the eight-year-old property, which could see a sales price of $1,000/sf, or just more than $325 million.

MAA Plans $500Mln of Acquisitions This Year

Tuesday, 12 May 2015

Mid-America Apartment Communities Inc. has paid $46.5 million, or $156,040/unit, for the 298-unit Residences at Burlington Creek apartment complex in Kansas City, Mo. - the first of what the REIT expects will be up to $500 million of acquisitions this year.

MetLife Lends $254.6Mln Against 1675 Broadway in Manhattan

Monday, 11 May 2015

Metropolitan Life Insurance Co. has provided $254.6 million of mortgage financing against 1675 Broadway, a 761,092-square-foot office property in midtown Manhattan. The loan was used to retire $170.9 million of debt, including a $146.9 million senior mortgage that was securitized in 2006.

Friday, 08 May 2015

The Meridian Group has bought back the Hyatt Regency Bethesda, a 390-room full-service hotel in suburban Washington, D.C., that had been taken by its lender in a 2012 foreclosure. The sale resolves a $140 million CMBS loan that was foreclosed against some three years ago. Meridian is said to have paid less than $106.5 million.

Kaufman Seen Shopping Manhattan Office Building

Thursday, 07 May 2015

The buzz is that the Kaufman Organization could very well be considering selling the Kaufman Arcade, a 203,000-square-foot office building in midtown Manhattan. If it pulls the trigger, the property could sell for as much as $131 million, or $650/sf, which would result in a capitalization rate of less than 5 percent.

 

USAA, Waterman Venture to Pay $120Mln for 2 Manhattan Offices

Wednesday, 06 May 2015

A venture of Waterman Interests and USAA Real Estate Co. has struck a deal to pay $120 million, or about $571/sf, for two office buildings with 210,230 square feet in Manhattan's Garment District. The buildings are being purchased from a venture of Herald Square Properties and Davis Cos.

Auction.com Targets Chinese Investors

Tuesday, 26 May 2015

Auction.com has formed a venture that will provide it access to some 2.6 million Chinese-speaking investors in China and elsewhere around the world. Its venture with Juwai.com, a Chinese property listing service, will allow it to market its property listings directly to investors in China.

Brandywine Hires CBRE to Market for Sale Richmond, Va., Office Portfolio

Friday, 22 May 2015

Brandywine Realty Trust has hired CBRE to market for sale a portfolio of five office properties with 734,277 square feet in the Richmond, Va., area. The portfolio, which CBRE refers to as the Northwest Quadrant Office portfolio, is projected to generate $7.7 million of net operating income next year. Brandywine, a Radnor, Pa., REIT, carries the five properties on its balance sheet at a value of $91.9 million.

2 Suburban Philadelphia Apartment Properties Offered for Sale

Wednesday, 20 May 2015

Two apartment complexes that were developed on the site of a long-ago shuttered industrial property near Philadelphia are being offered for sale by their owners. Milestone Group has tapped CBRE to sell Riverview Landing, with 310 units, while O'Neill Properties Group has hired Cushman & Wakefield to sell Lofts at Valley Forge. Both are in Eagleville, Pa.

Equus Offers for Sale Madison Vinings Ridge Apartments in Atlanta

Tuesday, 19 May 2015

Equus Capital Partners Ltd. is offering for sale Madison Vinings Ridge, a 494-unit apartment property in the Vinings submarket of Atlanta that it had acquired in 2008. The property, which is owned by a fund the Philadelphia investment manager sponsors, is being offered through CBRE and could sell for as much as $80 million.

LoanCore Capital Tapping Public Markets for Equity

Monday, 18 May 2015

LoanCore Capital is going the public-markets route to raise equity that it would use to fund mortgage originations. The company, founded by Mark Finerman in 2008, will continue to be part-owned by GIC Pte. Ltd. Its public offering would give it a permanent-capital structure, and allow it to diversify its investor base.

Investment Manager Taps Crowdfunding for Fund's Equity

Friday, 15 May 2015

Investment manager Olympus Property is using an Internet crowdfunding platform to raise $18.4 million of the roughly $50 million of equity targeted for a fund that will pursue apartment properties in the Sunbelt.

FHFA Exceptions Seen Adding $5Bln of Lending to Each Agency's Volume

Thursday, 14 May 2015

Fannie Mae and Freddie Mac might very well be able to exceed the multifamily origination caps set by the Federal Housing Finance Agency by more than $5 billion each, thanks to exclusions the regulator put in place. The exclusions give the agencies credit for pieces of their loans tied to units that fall into the affordable category.

Boston Properties Venture Offers Trophy Washington, D.C., Office Building

Wednesday, 13 May 2015

A partnership led by Boston Properties Inc. is offering for sale 500 8th St. NW, a 325,426-square-foot office building in the East End submarket of Washington, D.C. The venture has tapped DTZ to market the eight-year-old property, which could see a sales price of $1,000/sf, or just more than $325 million.

MAA Plans $500Mln of Acquisitions This Year

Tuesday, 12 May 2015

Mid-America Apartment Communities Inc. has paid $46.5 million, or $156,040/unit, for the 298-unit Residences at Burlington Creek apartment complex in Kansas City, Mo. - the first of what the REIT expects will be up to $500 million of acquisitions this year.

MetLife Lends $254.6Mln Against 1675 Broadway in Manhattan

Monday, 11 May 2015

Metropolitan Life Insurance Co. has provided $254.6 million of mortgage financing against 1675 Broadway, a 761,092-square-foot office property in midtown Manhattan. The loan was used to retire $170.9 million of debt, including a $146.9 million senior mortgage that was securitized in 2006.

Kaufman Seen Shopping Manhattan Office Building

Thursday, 07 May 2015

The buzz is that the Kaufman Organization could very well be considering selling the Kaufman Arcade, a 203,000-square-foot office building in midtown Manhattan. If it pulls the trigger, the property could sell for as much as $131 million, or $650/sf, which would result in a capitalization rate of less than 5 percent.

 

USAA, Waterman Venture to Pay $120Mln for 2 Manhattan Offices

Wednesday, 06 May 2015

A venture of Waterman Interests and USAA Real Estate Co. has struck a deal to pay $120 million, or about $571/sf, for two office buildings with 210,230 square feet in Manhattan's Garment District. The buildings are being purchased from a venture of Herald Square Properties and Davis Cos.

BofA Lending Group Provides $388.1Mln Loan Against Atlanta Offices

Tuesday, 05 May 2015

A group of lenders led by Bank of America has provided $338.1 million of senior financing, while Invesco Mortgage Capital Inc. has provided $50 million of mezzanine financing against the Concourse Corporate Center, a 2.2 million-square-foot office complex in Atlanta that recently was purchased by Building and Land Technology Corp.

MetLife Lends $310Mln Against Boston's Fleet Center

Friday, 01 May 2015

Metropolitan Life Insurance Co. has provided $310 million of mortgage financing against the Fleet Center, a 1.1 million-square-foot office and retail building at 75 State St. in downtown Boston. The financing was part of a broader recapitalization of the property, which involved the sale of a 49 percent stake to AustralianSuper.

Point at Alexandria Apartment Property in Va. Offered for Sale

Friday, 01 May 2015

A venture of Pantzer Properties and Dune Capital Management has listed for sale the Point at Alexandria, a 532-unit apartment property in the Washington, D.C., suburb of Alexandria, Va. JLL has the listing, which should fetch $130 million, or $244,361/unit, resulting in a cap rate in the mid-5s.

Data Digest

 

CMBS DELINQUENCY VOLUME

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CMBS SPECIAL SERVICING VOLUME

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Top Bookrunners
Private-Label CMBS - FY2014
Inv Bank #Deals Bal $mln MktShr%
Deutsche Bank 27.1  23,479.37 26.3
JPMorgan 18.6  13,752.01 15.4
Wells Fargo 17.2  13,085.05 14.6
Goldman Sachs 9.0  7,896.25 8.8
Citigroup 9.1  7,526.97 8.4

 

 

MOODY'S/RCA CPPI

 

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Top Loan Contributors
Private-Label CMBS FY2014
Lender Vol $mln MktShr%
Deutsche Bank 14,005.13 16.0
JPMorgan 11,440.63 13.0
Wells Fargo 5,849.16 6.7
CCRE 5,750.69 6.6
Citigroup 5,604.13 6.4

 

 

 

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