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

Top News - Subscriber

Top News - Subscriber (9087)

Feature articles written by the CreNews staff.

Bank Files to Foreclose Against Loan on Chelsea, N.Y., Hotel

Thursday, 27 February 2020 Written by

East West Bank has filed to foreclose against the $25.6 million mortgage it had provided in 2013 against the 56-room former Hotel Americano at 516-518 West 27th St. in Manhattan. The property, now known as the Selina Chelsea NYC, was opened only last year and offers rooms or bunks in a dorm-style area, plus workspace that can be rented by the day, week or month.

Starwood Writes Down Value of Malls Backing CMBS Loan to Zero

Wednesday, 26 February 2020 Written by

Starwood Property Trust has written down to zero the value of an investment in a portfolio of four shopping malls that back $681.6 million of CMBS debt. The move makes it easier for the company, which holds a 33 percent stake in the venture that owns the four malls, to simply walk away from the properties and turn them over to their lender, Starwood Retail Property Trust, 2014-STAR.

ACRES Capital Lent $650Mln in 2019; Sees Activity Increasing At Least 30 Percent This Year

Wednesday, 26 February 2020 Written by

ACRES Capital Corp. funded $650 million of loans last year and expects its origination volume to total between $850 million and $1 billion this year. The Westbury, N.Y., alternative lender, which has funded some $1.5 billion of mortgages since its founding seven years ago, writes construction and bridge loans against middle-market properties in the country's top 20 markets. Last year, it funded 30 loans and expects to do a similar number this year.

Wells Fargo Lends $250Mln to Fund Manhattan Apartment Property Acquisition

Tuesday, 25 February 2020 Written by

Wells Fargo Bank has provided $250 million of financing to help fund Global Holdings Management Group's acquisition of the 392-unit Instrata Nomad apartment property at 10 East 29th St. in Manhattan.

Barclays Lends $41Mln to Recapitalize Austin, Texas, Office

Monday, 24 February 2020 Written by

The 10-year loan could be the final chapter in a long-running saga involving a fully leased office property that was initially financed in 2005, when it was owned by a tenant-in-common group. Its original CMBS loan got into trouble when structural issues were discovered and lenders had become leery of lending against TIC-owned properties.

Apartment Investors Wary of Broader Adoption of Rent Restrictions

Friday, 21 February 2020 Written by

Rent control laws passed last year in California, Oregon and New York have commercial real estate investors concerned that more measures will be introduced throughout the country. Onerous rules that were passed in New York last year had a substantial impact on investors' appetite in Manhattan. That wasn't quite the case in California or Oregon, where adopted rules weren't as punitive.

Arbor Realty's Private-Label Multifamily Lending Effort Gains Traction

Thursday, 20 February 2020 Written by

Arbor Realty Trust, among the country's most active providers of Fannie Mae and Freddie Mac multifamily loans, last year launched a private-label lending effort to supplement its agency activity. It's originated $400 million of loans under the program and hopes to fund up to another $300 million in the coming months. It plans to securitize them later this year.

Sabal Capital Launches First CMBS Deal Backed by Small-Balance Loans

Wednesday, 19 February 2020 Written by

Sabal Capital Partners has launched its first private-label CMBS transaction - comprised solely of loans it originated - under its own shelf. The Irvine, Calif., lender, which is best known for its activity in the agency small-balance world, has put together a $400.1 million transaction backed by 59 loans it funded against 91 properties. It will retain a 5 percent vertical risk-retention piece of the deal, SBALR Mortgage Trust, 2020-RR1.

Signature Bank Lends $105Mln Against Queens, N.Y., Apartments

Tuesday, 18 February 2020 Written by

Signature Bank has provided $105 million of financing against the 419-unit Drake apartment property at 62-60 99th St. in Queens, N.Y. The loan allowed the 16-story building's owner, a venture of Madison Realty Capital and Arel Capital, to retire debt that Benefit Street Partners Realty Trust Inc. had provided last year.

Stronghill Capital Looks to Grow Footprint in Small-Balance Loan Market

Friday, 14 February 2020 Written by

Stronghill Capital is aiming big in the small-balance lending market. The Austin, Texas, company, which funds loans of $250,000 to $3.5 million, is shooting to increase the company's loan output this year to $350 million from last year's $100 million. The ultimate goal is to fund $1 billion of loans annually.

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Data Digest

 

CMBS DELINQUENCY VOLUME

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CMBS SPECIAL SERVICING VOLUME

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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

 

RCA CPPI

 

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CMBS 2.0 Spreads

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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

 

 

 

REITCafe

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shouldn’t be a surprise as it comes while the yield from 10-year Treasury bonds, the benchmark against which most REIT’s price their bonds
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