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

Top News - Free

Top News - Free (9626)

Children categories

Top News - Subscriber

Top News - Subscriber (9079)

Feature articles written by the CreNews staff.

View items...

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.

CBL Seeks Extension of Loan Against Minn. Mall, Giving Up on Illinois Property

Thursday, 13 February 2020 Written by

CBL & Associates Properties is in the process of negotiating a potential extension of the $64.4 million senior mortgage against the Burnsville Center shopping mall in the Minneapolis suburb of Burnsville, Minn. Meanwhile, it is giving up on its Hickory Point Mall in Forsyth, Ill., which backs a $27.4 million CMBS loan. It'll be turning the property over in a deed-in-lieu of foreclosure.

New York City Apartment Sales Decline 40 Percent to $6.9Bln in 2019

Wednesday, 12 February 2020 Written by

Multifamily investment-sales volume in New York City declined by 40 percent last year to $6.9 billion, according to Ariel Property Advisors. The New York investment-sales and research firm attributed the sharp decrease to a state law, passed last year, that put greater restrictions on the ability of landlords to increase rents at certain properties.

MAA Sells 5 Little Rock, Ark., Apartments for $149.1Mln

Tuesday, 11 February 2020 Written by

Mid-America Apartment Communities Inc., a Germantown, Tenn., REIT commonly referred to as MAA, has sold a portfolio of five properties with a combined 1,368 units in Little Rock, Ark., for $149.1 million. It noted that the sales price for the portfolio resulted in a 5.4 percent capitalization rate.

Suburban Boston Office Property Sold for $165Mln; $90Mln Loan Lined Up

Monday, 10 February 2020 Written by

LCN Capital Partners has paid $165 million, or $243/sf, for a 680,173-square-foot office property in the Boston suburb of Framingham, Mass. The New York investment manager lined up a $90 million loan for its purchase of the property, which serves as the headquarters of Staples Inc.

CMBS Special Servicing Volume Sees Largest Monthly Drop Since May 2019

Friday, 07 February 2020 Written by

The volume of CMBS loans in special servicing declined last month by $595.3 million to $13.6 billion, marking the largest decline in volume since last May, according to DBRS Morningstar. January's volume is the lowest it's been since December 2008, when it was $12.7 billion.

CMBS Special Servicer Offers for Sale Mesilla Valley Mall in Las Cruces, N.M.

Thursday, 06 February 2020 Written by

Mesilla Valley Mall, a 607,086-square-foot enclosed retail center in Las Cruces, N.M., soon will be offered for sale. The property, which was 92 percent occupied at the end of last November, is one of 13 assets remaining in the collateral pool for Credit Suisse Mortgage Securities Corp., 2007-C5, which had held a $54 million loan against it.

Mesa West Lends $220.6Mln Against Manhattan's 1180 Avenue of the Americas

Wednesday, 05 February 2020 Written by

Mesa West Capital has provided $220.6 million of financing against the 399,445-square-foot office building at 1180 Avenue of the Americas in Manhattan. The loan allowed the property's owner, Northwood Investors, to retire debt that had been provided by Royal Bank of Canada.

Electra America Raising Third Apartment Fund; Planning Follow-Up

Tuesday, 04 February 2020 Written by

Electra America has raised about $400 million of a targeted $600 million of equity commitments for its third apartment investment fund and already has set plans in place to launch a follow-up vehicle.

Page 1 of 688

Data Digest

 

CMBS DELINQUENCY VOLUME

dqdataFP1

 

CMBS SPECIAL SERVICING VOLUME

sschartfp

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

 

cppichart FP

 

 

CMBS 2.0 Spreads

AAAspreads

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

  • Challenging Retail Environment Weights on REITs
    Mixed economic news is weighing on retail markets, pushing REIT performance down in 2015. This week, the National Retail Federation announced that back-to-school spending is expected to be down 9.3% in 2015. This news came on the heels of a report from the Commerce Department stating that retail sales declined 0.3%...
     
  • US REITs Feeling Effects from Turmoil in Greece and China
    International economic forces have taken center stage this week, affecting both US stock markets and REITs. The crash in the Chinese stock market and ongoing concerns about the future of Greece in the eurozone drove markets down during the first half of the week. REITs fared better than the overall market...

  • What Does Increased Construction Mean for Apartment REITs?
    REITs so far this year have raised $17.1 billion of capital through the sale of unsecured notes, bringing the total raised over the past two and a half years to just more than $75 billion. That’s more than they raised during the previous five years. The massive volume shouldn’t be a surprise as it comes while the yield from 10-year Treasury bonds, the benchmark...
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
warehouse-backstage