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KKR Top Buyer of CMBS Conduit B Pieces, Top Risk Retainer in 1Q

Thursday, 02 April 2020 Written by

KKR Real Estate Credit Opportunity Partners took down the three B-pieces of deals totaling $3.35 billion, or 30.7 percent of the quarter's conduit issuance, making it the most active buyer of B-pieces. It also retained the horizontal risk pieces of four deals - three conduits and a single-borrower transaction - totaling $202.2 million.

Broadshore-Led Venture Pursues Multifamily Investments in Southeast, Western U.S.

Thursday, 02 April 2020 Written by

Broadshore Capital Partners, the former Lowe Enterprises Investors, has formed a venture with an institutional investor to make up to $900 million of equity and debt investments in multifamily properties in the Southeastern and Western United States.

Solid Issuance in January, February Pushes 1Q CMBS Deal Volume to $21.55Bln

Wednesday, 01 April 2020 Written by

Thanks to the relatively hefty volume in January and February, CMBS issuance for the first quarter totaled $21.55 billion, up nearly 31 percent from last year's anemic total. Citigroup took top honors among bookrunners, while taking second place in a ranking of loan contributors. JPMorgan Chase Bank took first place in that ranking.

PGIM Lends $130Mln Against Manhattan Apartment Property

Tuesday, 31 March 2020 Written by

PGIM Real Estate Finance has provided $130 million of financing against the 387-unit Capitol apartment property in Manhattan. The loan allowed the building's owner, JPMorgan Asset Management, to retire a similar amount of debt that HSBC Bank had provided in 2012.

New York Coworking Sector Seen Taking Virus-Related Hit; Could Prosper in Recovery

Monday, 30 March 2020 Written by

The New York City coworking industry will be tested by the coronavirus outbreak as tenants decide not to renew their short-term leases, but few expect the sector's demise. The industry very well could come out of the current crisis in good shape as space users look for greater flexibility and allow more of their employees to work from home.

Ashford Hospitality, Braemar Tap Adviser to Seek Modifications of $5.1Bln of Debt

Friday, 27 March 2020 Written by

Ashford Hospitality Trust Inc. and Braemar Hotels & Resorts Inc., which own 130 hotels with 28,664 rooms, are making efforts to modify the terms of $5.1 billion of debt against their properties. The two REITs are managed by Ashford Inc. of Dallas, which also operates Lismore Capital, a debt-placement advisory unit that will handle modification requests.

Ryman Re-Assesses Proposed $275Mln Purchase of Block 21 Complex in Austin, Texas

Thursday, 26 March 2020 Written by

Ryman Hospitality Properties Inc. is re-assessing its proposed $275 million purchase of the Block 21 mixed-use complex in Austin, Texas. The property's 251-room W Austin hotel has remained open, but its 86,575-square-foot entertainment venue, Austin City Limits Live at the Moody Theater, is closed as a result of the coronavirus pandemic.

Advisory Shop Offers to Help Negotiate CMBS Loan Workouts in Bulk

Wednesday, 25 March 2020 Written by

Hart Advisors Group, which helps borrowers negotiate modifications of their troubled CMBS loans, is proactively looking to address what many expect will be a deluge of mortgage delinquencies.

Starwood Venture Pays $614.3Mln for Boston's 60 State St. Office Building

Tuesday, 24 March 2020 Written by

A venture led by Starwood Real Estate Income Trust Inc. has paid $614.3 million, or $674/sf, for the 911,394-square-foot office building at 60 State St. in Boston. It funded its purchase with $421.5 million of financing provided by MetLife and PacLife.

Market Turmoil Prompts Issuers to Yank Proposed CMBS Deals from Market

Monday, 23 March 2020 Written by

At least two CMBS transactions, each backed by loans against hotel properties, have been pulled from the market, thanks to the beating that property sector has taken over the past few weeks. Meanwhile, hotel loan delinquency rates are expected to increase.

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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

  • 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
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