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

Thursday, 31 May 2007

Buyer of Calif. Office Portfolio Seeks Big Debt Package

Cabi Developers, which is buying a large portfolio of southern California office properties from GE Real Estate, is hunting for a highly leveraged financing package and has tapped Carlton Group to assist it. The thinking is that it would line up both fixed- and floating-rate debt.

Commercial Real Estate Direct Staff Report

Cabi Developers, which has agreed to buy a 4.6 million-square-foot portfolio of office buildings from GE Real Estate, is looking for some $1.5 billion of financing.

The U.S. subsidiary of GICSA, Mexico's largest developer, purchased the portfolio for roughly $1.5 billion, but when closing costs and reserves are factored, the purchase price amounted to $1.65 billion.

The 33-property portfolio was owned by Arden Realty Inc., which GE acquired late last year in a deal valuing the Los Angeles REIT at $4.8 billion. It contains properties in Los Angeles, Orange, Ventura and San Diego counties.

To help line up financing, Cabi has tapped Carlton Group of New York. Given that many lenders have become more stringent in their underwriting practices, it might prove challenging for Cabi to line up all of its...


“The Weekly”

“The Weekly” is Commercial Real Estate Direct’s PDF newsletter, sent to subscribers every Friday morning. With over 100 news stories published on Commercial Real Estate Direct each week, “The Weekly” features the top stories in commercial real estate that industry participants need to know first. “The Weekly” also contains:

  • Breaking mortgage, CMBS, and REIT news

  • Quarterly league tables with rankings of B-piece buyers, book runners, and lenders

  • Industry moves and changes in “The Insider“

Data Digest







Top Bookrunners Domestic, Private-Label CMBS - 2017
Investment Bank #Deals Vol$mln MktShr%
Goldman Sachs 17.59 11,819.34 13.68
JPMorgan Securities 14.52 10,968.11 12.70
Citigroup 12.04 10,012.71 11.59
Wells Fargo Securities 14.02 9,936.06 11.50
Deutsche Bank 12.55 9,879.74 11.44




cppichart FP



CMBS 2.0 Spreads


Top CMBS Loan Contributors - 2017
Lender #Loans Vol$mln MktShr%
Goldman Sachs 146.89 11,719.34 13.63
JPMorgan Chase Bank 117.68 10,114.14 11.76
Deutsche Bank 198.48 9,689.97 11.27
Morgan Stanley 166.18 8,539.78 9.93
Citigroup 199.05 8,088.24 9.41





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